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As per this AS whether alll non adjusting events are required to be diclosed? Treatment of contigent liability happening after balancesheet date.


Sajan Gangadharan

Sajan Gangadharan

CA Final

4K+

28-Nov-20 19:55

31

Answers (9)

Best Answer

Thread Starter

Sajan Gangadharan

Suit filed against the companies advertisement after b.s date. Is it a contigent liability or not? This has been explained differently in rtp of may 2020 and pm

It is a contingent liability. Since suit is file after balance sheet, there is no existence of condition on balance sheet date. Hence no disclosure required.


Suraj Lakhotia

Suraj Lakhotia

Admin

29-Nov-20 17:55

Material non adjusting events.


Suraj Lakhotia

Suraj Lakhotia

Admin

29-Nov-20 07:43

The second part of your pist is not clear. Is it a question or a sentence?


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

29-Nov-20 10:43

Kumarjit Dey

The second part of your pist is not clear. Is it a question or a sentence?

Its a question.whether we need to disclose contgent liability occuring after b.s date.


Thread Starter

Sajan Gangadharan

Sajan Gangadharan

CA Final

4K+

29-Nov-20 12:57

Suit filed against the companies advertisement after b.s date. Is it a contigent liability or not? This has been explained differently in rtp of may 2020 and pm


Thread Starter

Sajan Gangadharan

Sajan Gangadharan

CA Final

4K+

29-Nov-20 13:02

Suraj Lakhotia Admin

Material non adjusting events.

It means only those non adjusting events which are material need to be disclosed . Is this interpretation correct sir.


Thread Starter

Sajan Gangadharan

Sajan Gangadharan

CA Final

4K+

29-Nov-20 13:04

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