Objective & Scope - Ind AS - Indian Accounting Standards - Companies Law

Objective Scope The objective of this Standard is to prescribe: When an entity should adjust its financial statements for events after the reporting period; and the disclosures that an entity should give about the date when the financial statements were approved for issue and about events after the reporting period. The Standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting period indicate that the going concern assumption is not appropriate. Note Date of Approval of Financial Statement In case of Company, when Board of Directors approves. Depending on the management structure of the entity, the approved Financial Statements are issued either to shareholders or a supervisory board. In case of other entity, approved by corresponding relevant approving authority. Note Even if Financial Statement for interim Period has been published before the date of approval of complete financial year financials, then also events after reporting period for complete financial year will be between end of reporting period date when FS are approved. Concept of Event after reporting period also applies to Interim period FS. Scope - This Standard shall be applied in the accounting for, and disclosure of, events after the reporting period.