The AGM of ABC Ltd for the year ended 31 st March, 20X2 was held on 10 th July, 20X2 and Board Meeting has been conducted on 15 th May, 20X2.…
CA Final · Financial Reporting · MTP · May 2024
The AGM of ABC Ltd for the year ended 31 st March, 20X2 was held on 10 th July, 20X2 and Board Meeting has been conducted on 15 th May, 20X2. Meanwhile, the company had to disclose certain financial information pertaining to the year ended 31 st March, 20X2 to SEBI as per SEBI regulations on 20 th April, 20X2. Since, certain financial information pertaining to the year ended 31 st March, 20X2 is submitted to SEBI before approval of financial statements by the Board, the management is suggesting that 20 th April 20X2 shall be considered as 'after the reporting period’. Whether the management view is correct in accordance with the guidance given in Ind AS 10?
Suggested Answer and Working Notes:
As per Ind AS 10, even if partial information has already been published, the reporting period will be considered as the period between the end of the reporting period and the date of approval of financial statements. In the above case, the financial statements for the year 20X1-20X2 were approved on 15 th May, 20X2. Therefore, for the purposes of Ind AS 10, 'after the reporting period' would be the period between 31 st March, 20X2 and 15 th May, 20X2.
Topics: Ind AS 10, Ind AS 8
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