New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 27 Events after the end of the reporting period

1 Introduction

2 Comparison between Section 32, previous UK GAAP and IFRS

3 Requirements of Section 32 for events after the end of the reporting period

   3.1 Date when financial statements are authorised for issue

   3.2 Recognition and measurement of events occurring after the end of the reporting period

       3.2.1 Adjusting events

       3.2.2 Non-adjusting events

   3.3 Going concern

   3.4 Dividends

   3.5 Disclosures

       3.5.1 Date when financial statements are authorised for issue

       3.5.2 Non-adjusting events

       3.5.3 Breach of a long-term loan covenant and its subsequent rectification

       3.5.4 Additional Companies Act 2006 disclosure requirements in respect of reserves and dividends

4. Practical implementation issues

   4.1 Valuation of inventory

   4.2 Percentage of completion estimates

   4.3 Insolvency of a debtor

   4.4 Valuation of investment property at fair value and tenant insolvency

   4.5 Discovery of fraud after the end of the reporting period

List of Examples

   Example 27.1: Release of financial information before date of authorisation for issue

Chapter 27 Events after the end of the reporting period

1 Introduction

Section 32 – Events after the End of the Reporting Period – defines events after the end of the reporting period and sets out principles for recognising, measuring and disclosing those events that occur between the end of the reporting period and the date when the financial ...