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Section 32 – Introduction
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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Section Downloads
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Contents
32.2 Events after the end of the reporting period defined.
32.2.1 Extract from FRS102: Section 32.2- 32.3.
32.3 Recognition and measurement – Adjusting events after the end of the reporting period.
32.3.1 Extract from FRS102: Section 32.4-32.5.
32.3.2.2 Examples of adjusting post balance sheet events.
32.3.2.2.1 Further worked examples of adjusting post balance sheet events.
32.4 Recognition and measurement – Non-adjusting events after the end of the reporting period.
32.4.1 Extract from FRS102: Section 32.6-32.7.
32.4.2.2 Example of non-adjusting post balance sheet date events.
32.5.1 Extract from FRS102: Section 32.7-32.7B.
32.6.1 Extract from FRS102: Section 32.8.
32.7.1 Extract from FRS102: Section 32.9.
32.8 Adjusting events after the end of the reporting period.
32.9 Non-adjusting events after the end of the reporting period.
32.9.1 Extract from FRS102: Section 32.10.
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Downloads
Section 32 Events After the End of the Reporting Period Quick Guide (PDF) (72 downloads )
Summary
Section 32 deals with the treatment of events after the balance sheet date and whether they are considered an adjusting or non-adjusting post balance sheet event.
What is new or different?
Section 32 is the very same as old GAAP so there is nothing new or different.
What are the key points?
Events after the end of the reporting period are divided into two types:
- Adjusting events – these provide evidence of conditions that existed at the end of the reporting period; or
- Non-adjusting events – these relate to conditions that arose after the end of the reporting
Non adjusting events are required to be disclosed in the financial statements.
Examples of adjusting events include:
- the settlement of a court case that retrospectively confirms the existence of a year-end obligation;
- the determination of the value of profit-sharing or bonus payments; and
- the receipt of information indicating that an asset was impaired as at the year
Examples of non-adjusting events include a decline in the market value of investments and a favourable decision on a court case that had been in progress at the year end. If dividends are declared after the year end they are not included as a liability.
The going concern basis of preparation may not be used if management determines after the balance sheet date that it either intends to liquidate or cease trading, or has no realistic alternative but to do so.
Section 32.11 gives further examples of non-adjusting events.
What do accountants need to do?
Given that there are no differences from old GAAP, accountants need to be aware of sections to refer to when doing up detailed technical papers.
What do Companies need to do?
Recognise that there are no differences on transition from old GAAP.
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Example 2: Recoverability of trade debtor balances.
Example 3: Indicators of impairment of PPE/land etc.
Example 4: Profit on sale of plant after year end following decision to close.
Example 5: Closing office and relocating.
Example 6: Other than Going concern disclosure.
Example 7: Extract for the approval of the financial statements.
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Section 32 Events after the End of the Reporting Period Detailed Guide (PDF) (100 downloads )
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Downloads
FRS 102 35 Part Differences Quick Guide (859 downloads )
FRS 102 35 Part Differences Guide (581 downloads )
FRS 102 Differences on Transition Checklist (1119 downloads )
FRS 102 Differences on Transition Examples Appendix (1092 downloads )
Fillable Differences on Transition Checklist (866 downloads )
Website Links
Difference Guide – Events After the End of the Reporting Period
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