Sep 15, 2017 · The waiver must be for more than one year (i.e., at least “12 months plus one day”) after the balance sheet date. It cannot be probable that a debt covenant within the same debt arrangement will be violated within one year of the balance sheet date.
Oct 16, 2017 · #AS4 #CA #IPCC #Inter #Final Accounting Standard 4 on contingencies and events occurring after the balance sheet date. In this video, we have discussed about events occurring after the balance ... Jul 05, 2011 · Adjusting events are events after the reporting period (also known as events after balance sheet date) that result in adjustment to the financial statements because they provide additional information related to conditions that exist at the date of financial statements.
Certain specific procedures are applied to transactions occurring after the balance-sheet date such as (a) the examination of data to assure that proper cutoffs have been made and (b) the examination of data which provide information to aid the auditor in his evaluation of the assets and liabilities as of the balance-sheet date.
Events occurring after the balance sheet date indicate that an asset may have been impaired or that a liability may have existed at the balance sheet date are therefore taken into account in identifying contingencies and in determining the amounts at which such contingencies are included in financial statements. reporting date (adjusting events after the reporting date); and (b) Those that are indicative of conditions that arose after the reporting date (non-adjusting events after the reporting date). Reporting date means the date of the last day of the reporting period to which the financial statements relate. Events After the Balance Sheet Date is an important term used in financial accounting and refers to those significant activities or events that happen after the balance sheet date but before the date of authorization for the issuance of financial statements.