Legal Judgment Impact on Financial Statements – Adjusting vs Non-Adjusting Events
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- By Taxmann
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- Last Updated on 25 November, 2024
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This document delves into the recognition and treatment of legal judgement issued after the reporting period, but before approval of the financial statements. It covers the guidelines outlined in AS-4 and Ind AS 10, focusing on whether the event will be adjusting event or non- adjusting in accordance with the relevant accounting standards.
The case study explains the recognition of provision and contingent asset at the end of reporting period, because of the events that occurs after the reporting period but before approval of the financial statements, under AS and Ind AS framework. It also provides insights into the necessary journal entries to ensure accurate financial reporting, ensuring that businesses adhere to applicable accounting standards while reflecting their true financial performance.
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