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MASB19 Events After the Balance Sheet Date pg1

LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA
MALAYSIAN ACCOUNTING STANDARDS BOARD

Events After the Balance Sheet Date

Introduction

FRS 110₂₀₀₄, Events After the Balance Sheet Date, supersedes the parts of MASB Approved Accounting Standard IAS 10, Contingencies and Events Occurring After the Balance Sheet Date, that deal with events after the balance sheet date. The differences between this Standard and the relevant parts of IAS 10 are as follows:

1. new disclosures about the date of the authorisation of the financial statements for issue;

2. deletion of the option to recognise a liability for dividends that are stated to be in respect of the period covered by the financial statements and are proposed or declared after the balance sheet date but before the financial statements are authorised for issue. An enterprise may give the required disclosure of such dividends either on the face of the balance sheet as a separate component of equity or in the notes to the financial statements;

3. confirmation that an enterprise should update disclosures that relate to conditions that existed at the balance sheet date in the light of any new information that it receives after the balance sheet date about those conditions;

4. deletion of the requirement to adjust the financial statements where an event after the balance sheet date indicates that the going concern assumption is not appropriate for part of the enterprise. Under FRS 101₂₀₀₄, Presentation of Financial Statements, the going concern assumption applies to an enterprise as a whole;

5. certain refinements to the examples of adjusting and non-adjusting events; and

6. various drafting improvements.

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