Indian Accounting Standard (Ind AS) 10 Summary
Indian Accounting Standard (Ind AS) 10, Events after the Reporting Perioddeals with events that occur after the end of the reporting period but before the financial statements are authorised for issue.
The financial statements are adjusted to reflect events that occur after the end of the reporting period, but before the financial statements are authorised for issue by management, if those events provide evidence of conditions that existed at the end of the reporting period.
Financial statements are not adjusted for events that are a result of conditions that arose after the reporting period, except when the going concern assumption is no longer appropriate.
It is necessary to determine the underlying clauses of an event and its timing to determine whether the event is adjusting or non-adjusting.
The classification of liabilities as current or non-current is based generally on circumstances at the reporting date.
Earnings per share is restated to include the effect on the number of shares of certain share transactions that happen after the reporting date.
If management determines that the entity is not a going concern after the reporting date but before the financial statements are authorised for issue, then the financial statements are not prepared on a going concern basis. (Also refer to checklist on Ind AS 1, Presentation of Financial Statements).