InternationalAccountingStandard10EventsaftertheBalanceSheetDate

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1、International Accounting Standard 10 Events after the Balance Sheet DateIAS 10International Accounting Standard 10Events after the Balance Sheet DateThis version includes amendments resulting from new and amended IFRSs issued up to31December20051.? IASCF819IAS 10CONTENTSparagraphsINTRODUCTIONIN1IN4I

2、NTERNATIONAL ACCOUNTING STANDARD 10EVENTS AFTER THE BALANCE SHEET DATEOBJECTIVE1SCOPE2DEFINITIONS37RECOGNITION AND MEASUREMENT813Adjusting events after the balance sheet date89Non-adjusting events after the balance sheet date1011Dividends1213GOING CONCERN1416DISCLOSURE1722Date of authorisation for i

3、ssue1718Updating disclosure about conditions at the balance sheet date1920Non-adjusting events after the balance sheet date2122EFFECTIVE DATE23WITHDRAWAL OF IAS10 (REVISED 1999)24APPENDIXAmendments to other pronouncementsAPPROVAL OF IAS10 BY THE BOARDBASIS FOR CONCLUSIONS?820 IASCFIAS 10Internationa

4、l Accounting Standard 10 Events after the Balance Sheet Date (IAS 10) is set outin paragraphs 124 and the Appendix. All the paragraphs have equal authority butretain the IASC format of the Standard when it was adopted by the IASB. IAS10 shouldbe read in the context of its objective and the Basis for

5、 Conclusions, the Preface toInternational Financial Reporting Standards and the Framework for the Preparation andPresentation of Financial Statements. IAS 8 Accounting Policies, Changes in Accounting Estimatesand Errors provides a basis for selecting and applying accounting policies in the absenceof

6、 explicit guidance. ? IASCF821IAS 10IntroductionIN1International Accounting Standard 10 Events after the Balance Sheet Date (IAS10)replaces IAS10 Events After the Balance Sheet Date (revised in 1999) and should beapplied for annual periods beginning on or after 1 January 2005. Earlierapplication is

7、encouraged.Reasons for revising IAS10IN2The International Accounting Standards Board developed this revised IAS10 aspart of its project on Improvements to International Accounting Standards.Theproject was undertaken in the light of queries and criticisms raised inrelation to the Standards by securit

8、ies regulators, professional accountants andother interested parties. The objectives of the project were to reduce or eliminatealternatives, redundancies and conflicts within the Standards, to deal with someconvergence issues and to make other improvements. IN3For IAS10 the Boards main objective was

9、 a limited clarification of the accountingfor dividends declared after the balance sheet date. The Board did not reconsiderthe fundamental approach to the accounting for events after the balance sheetdate contained in IAS10.The main changesIN4The main change from the previous version of IAS10 was a

10、limited clarificationof paragraphs 12 and 13 (paragraphs 11 and 12 of the previous version of IAS10).Asrevised, those paragraphs state that if an entity declares dividends after thebalance sheet date, the entity shall not recognise those dividends as a liability atthe balance sheet date. ?822 IASCFI

11、AS 10International Accounting Standard 10Events after the Balance Sheet DateObjective1The objective of this Standard is to prescribe: (a)when an entity should adjust its financial statements for events after thebalance sheet date; and(b)the disclosures that an entity should give about the date when

12、thefinancial statements were authorised for issue and about events after thebalance sheet date.The Standard also requires that an entity should not prepare its financialstatements on a going concern basis if events after the balance sheet date indicatethat the going concern assumption is not appropr

13、iate.Scope2This Standard shall be applied in the accounting for, and disclosure of, eventsafter the balance sheet date.Definitions3The following terms are used in this Standard with the meanings specified: Events after the balance sheet date are those events, favourable and unfavourable,that occur b

14、etween the balance sheet date and the date when the financialstatements are authorised for issue. Two types of events can be identified: (a)those that provide evidence of conditions that existed at the balance sheetdate (adjusting events after the balance sheet date); and(b)those that are indicative

15、 of conditions that arose after the balance sheetdate (non-adjusting events after the balance sheet date).4The process involved in authorising the financial statements for issue will varydepending upon the management structure, statutory requirements andprocedures followed in preparing and finalisin

16、g the financial statements.? IASCF823IAS 105In some cases, an entity is required to submit its financial statements to itsshareholders for approval after the financial statements have been issued. In suchcases, the financial statements are authorised for issue on the date of issue, notthe date when

17、shareholders approve the financial statements. ExampleThe management of an entity completes draft financial statements for the year to 31December 20X1 on 28 February 20X2. On 18 March 20X2, the board of directors reviews the financial statements and authorises them for issue. Theentity announces its

18、 profit and selected other financial information on 19March 20X2. Thefinancial statements are made available to shareholders and others on 1April20X2. The shareholders approve the financial statements at their annual meeting on 15 May 20X2 and the approved financial statements are then filed with a

19、regulatory body on 17May 20X2.The financial statements are authorised for issue on 18 March 20X2 (date of board authorisation for issue).6In some cases, the management of an entity is required to issue its financialstatements to a supervisory board (made up solely of non-executives) for approval.In

20、such cases, the financial statements are authorised for issue when themanagement authorises them for issue to the supervisory board. ExampleOn 18 March 20X2, the management of an entity authorises financial statements for issue to its supervisory board. The supervisory board is made up solely of non

21、-executives and may include representatives of employees and other outside interests. The supervisory board approves the financial statements on 26March 20X2. The financial statements are made available to shareholders and others on 1April 20X2. The shareholders approve the financial statements at t

22、heir annual meeting on 15 May 20X2 and the financial statements are then filed with a regulatory body on 17May 20X2.The financial statements are authorised for issue on 18 March 20X2 (date of management authorisation for issue to the supervisory board).7Events after the balance sheet date include al

23、l events up to the date when thefinancial statements are authorised for issue, even if those events occur after thepublic announcement of profit or of other selected financial information.Recognition and measurementAdjusting events after the balance sheet date8An entity shall adjust the amounts reco

24、gnised in its financial statements to reflectadjusting events after the balance sheet date. ?824 IASCFIAS 109The following are examples of adjusting events after the balance sheet date thatrequire an entity to adjust the amounts recognised in its financial statements, orto recognise items that were

25、not previously recognised: (a)the settlement after the balance sheet date of a court case that confirmsthat the entity had a present obligation at the balance sheet date.Theentity adjusts any previously recognised provision related to this courtcase in accordance with IAS37 Provisions, Contingent Li

26、abilities and ContingentAssets or recognises a new provision. The entity does not merely disclose acontingent liability because the settlement provides additional evidencethat would be considered in accordance with paragraph 16 of IAS37.(b)the receipt of information after the balance sheet date indi

27、cating that anasset was impaired at the balance sheet date, or that the amount of apreviously recognised impairment loss for that asset needs to be adjusted.Forexample:(i)the bankruptcy of a customer that occurs after the balance sheet dateusually confirms that a loss existed at the balance sheet da

28、te on atrade receivable and that the entity needs to adjust the carryingamount of the trade receivable; and(ii)the sale of inventories after the balance sheet date may give evidenceabout their net realisable value at the balance sheet date.(c)the determination after the balance sheet date of the cos

29、t of assetspurchased, or the proceeds from assets sold, before the balance sheet date.(d)the determination after the balance sheet date of the amount ofprofit-sharing or bonus payments, if the entity had a present legal orconstructive obligation at the balance sheet date to make such payments asa re

30、sult of events before that date (see IAS19 Employee Benefits). (e)the discovery of fraud or errors that show that the financial statements areincorrect.Non-adjusting events after the balance sheet date10An entity shall not adjust the amounts recognised in its financial statements toreflect non-adjus

31、ting events after the balance sheet date.11An example of a non-adjusting event after the balance sheet date is a decline inmarket value of investments between the balance sheet date and the date whenthe financial statements are authorised for issue. The decline in market valuedoes not normally relat

32、e to the condition of the investments at the balance sheetdate, but reflects circumstances that have arisen subsequently. Therefore, anentity does not adjust the amounts recognised in its financial statements for theinvestments. Similarly, the entity does not update the amounts disclosed for theinve

33、stments as at the balance sheet date, although it may need to give additionaldisclosure under paragraph 21.? IASCF825IAS 10Dividends12If an entity declares dividends to holders of equity instruments (as defined inIAS32 Financial Instruments: Presentation) after the balance sheet date, the entityshal

34、l not recognise those dividends as a liability at the balance sheet date. 13If dividends are declared (ie the dividends are appropriately authorised and nolonger at the discretion of the entity) after the balance sheet date but before thefinancial statements are authorised for issue, the dividends a

35、re not recognised asa liability at the balance sheet date because they do not meet the criteria of apresent obligation in IAS37. Such dividends are disclosed in the notes inaccordance with IAS1 Presentation of Financial Statements. Going concern14An entity shall not prepare its financial statements

36、on a going concern basis ifmanagement determines after the balance sheet date either that it intends toliquidate the entity or to cease trading, or that it has no realistic alternative butto do so. 15Deterioration in operating results and financial position after the balance sheetdate may indicate a

37、 need to consider whether the going concern assumption isstill appropriate. If the going concern assumption is no longer appropriate, theeffect is so pervasive that this Standard requires a fundamental change in thebasis of accounting, rather than an adjustment to the amounts recognised withinthe or

38、iginal basis of accounting.16IAS1 specifies required disclosures if: (a)the financial statements are not prepared on a going concern basis; or(b)management is aware of material uncertainties related to events orconditions that may cast significant doubt upon the entitys ability tocontinue as a going

39、 concern. The events or conditions requiring disclosuremay arise after the balance sheet date.DisclosureDate of authorisation for issue17An entity shall disclose the date when the financial statements were authorisedfor issue and who gave that authorisation. If the entitys owners or others havethe p

40、ower to amend the financial statements after issue, the entity shall disclosethat fact. 18It is important for users to know when the financial statements were authorisedfor issue, because the financial statements do not reflect events after this date.?826 IASCFIAS 10Updating disclosure about conditi

41、ons at the balance sheet date19If an entity receives information after the balance sheet date about conditionsthat existed at the balance sheet date, it shall update disclosures that relate tothose conditions, in the light of the new information. 20In some cases, an entity needs to update the disclo

42、sures in its financial statementsto reflect information received after the balance sheet date, even when theinformation does not affect the amounts that it recognises in its financialstatements. One example of the need to update disclosures is when evidencebecomes available after the balance sheet d

43、ate about a contingent liability thatexisted at the balance sheet date. In addition to considering whether it shouldrecognise or change a provision under IAS37 Provisions, Contingent Liabilities andContingent Assets, an entity updates its disclosures about the contingent liability inthe light of tha

44、t evidence.Non-adjusting events after the balance sheet date21If non-adjusting events after the balance sheet date are material, non-disclosurecould influence the economic decisions of users taken on the basis of the financialstatements. Accordingly, an entity shall disclose the following for each m

45、aterialcategory of non-adjusting event after the balance sheet date: (a)the nature of the event; and(b)an estimate of its financial effect, or a statement that such an estimatecannot be made.22The following are examples of non-adjusting events after the balance sheet datethat would generally result

46、in disclosure: (a)a major business combination after the balance sheet date (IFRS3 BusinessCombinations requires specific disclosures in such cases) or disposing of amajor subsidiary; (b)announcing a plan to discontinue an operation;(c)major purchases of assets, classification of assets as held for

47、sale inaccordance with IFRS 5 Non-current Assets Held for Sale and DiscontinuedOperations, other disposals of assets, or expropriation of major assets bygovernment;(d)the destruction of a major production plant by a fire after the balance sheetdate;(e)announcing, or commencing the implementation of,

48、 a major restructuring(see IAS37);(7f)major ordinary share transactions and potential ordinary sharetransactions after the balance sheet date (IAS33 Earnings per Share requiresan entity to disclose a description of such transactions, other than whensuch transactions involve capitalisation or bonus i

49、ssues, share splits orreverse share splits all of which are required to be adjusted under IAS 33);? IASCF827IAS 10(g)abnormally large changes after the balance sheet date in asset prices orforeign exchange rates;(h)changes in tax rates or tax laws enacted or announced after the balancesheet date tha

50、t have a significant effect on current and deferred tax assetsand liabilities (see IAS12 Income Taxes);(i)entering into significant commitments or contingent liabilities, forexample, by issuing significant guarantees; and(j)commencing major litigation arising solely out of events that occurredafter

51、the balance sheet date.Effective date23An entity shall apply this Standard for annual periods beginning on or after1January 2005. Earlier application is encouraged. If an entity applies thisStandard for a period beginning before 1 January 2005, it shall disclose that fact.Withdrawal of IAS10 (revise

52、d 1999)24This Standard supersedes IAS10 Events After the Balance Sheet Date (revised in 1999).?828 IASCFIAS 10AppendixAmendments to other pronouncementsThe amendments in this appendix shall be applied for annual periods beginning on or after1January2005. If an entity applies this Standard for an ear

53、lier period, these amendments shall beapplied for that earlier period.* * * * *The amendments contained in this appendix when this Standard was revised in 2003 have beenincorporated into the relevant pronouncements published in this volume. ? IASCF829IAS 10Approval of IAS10 by the BoardInternational

54、 Accounting Standard 10 Events after the Balance Sheet Date was approved forissue by the fourteen members of the International Accounting Standards Board.Sir David TweedieChairmanThomas E JonesVice-ChairmanMary E BarthHans-Georg BrunsAnthony T CopeRobert P GarnettGilbert GlardJames J LeisenringWarre

55、n J McGregorPatricia L OMalleyHarry K SchmidJohn T SmithGeoffrey WhittingtonTatsumi Yamada?830 IASCFIAS 10 BCBasis for ConclusionsIAS 10 Events after the Balance Sheet DateThis Basis for Conclusions accompanies, but is not part of, IAS 10.IntroductionBC1This Basis for Conclusions summarises the Inte

56、rnational Accounting StandardsBoards considerations in reaching its conclusions on revising IAS10 Events Afterthe Balance Sheet Date in 2003. Individual Board members gave greater weight tosome factors than to others.BC2In July 2001 the Board announced that, as part of its initial agenda of technica

57、lprojects, it would undertake a project to improve a number of Standards,including IAS10. The project was undertaken in the light of queries andcriticisms raised in relation to the Standards by securities regulators, professionalaccountants and other interested parties. The objectives of the Improve

58、mentsproject were to reduce or eliminate alternatives, redundancies and conflictswithin Standards, to deal with some convergence issues and to make otherimprovements. In May 2002 the Board published its proposals in an ExposureDraft of Improvements to International Accounting Standards, with a comme

59、nt deadlineof 16September2002. The Board received over 160 comment letters on theExposure Draft.BC3Because the Boards intention was not to reconsider the fundamental approach tothe accounting for events after the balance sheet date established by IAS10, thisBasis for Conclusions does not discuss req

60、uirements in IAS10 that the Board hasnot reconsidered.Limited clarificationBC4For this limited clarification of IAS10 the main change made is in paragraphs 12and 13 (paragraphs 11 and 12 of the previous version of IAS10). As revised, thoseparagraphs state that if dividends are declared after the bal

61、ance sheet date, anentity shall not recognise those dividends as a liability at the balance sheet date.This is because undeclared dividends do not meet the criteria of a presentobligation in IAS37 Provisions, Contingent Liabilities and Contingent Assets. The Boarddiscussed whether or not an entitys past practice of paying dividends could beconsidered a constructive obligation. The Board concluded that such practices donot give rise to a liability to pay dividends.? IASCF831