Non-Adjusting Events - Ind AS - Indian Accounting Standards - Companies Law

Non-Adjusting Events Non-adjusting events after the reporting period No condition exists on the Balance Sheet date. An entity shall not adjust the amounts recognised in its financial statements to reflect non-adjusting events after the reporting period. Subsequent events don t affect the financial statements. So NO need to account for as on balance sheet date. Examples of a non-adjusting event after the reporting period Decline in Fair Value of Investments. A major Business Combination after the reporting period Discontinue of Operation Purchase of Assets Destruction by fire. Entering into significant commitments or contingent liabilities, for ex by issuing significant guarantees; and Commencing major litigation arising solely out of events that occurred after the reporting period. Treatment of Non-Adjusting Events Not Adjust the amount in financial statements. For each material non-adjusting events, disclose the following Nature of Event; and Estimate of its financial effect, or statement that estimate cannot be made.