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Disclosure
Extract from FRS102: Section 32.9
Date of authorisation for issue
32.9 An entity shall disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the entity’s owners or others have the power to amend the financial statements after issue, the entity shall disclose that fact.
Adjusting events after the end of the reporting period
Any of these events will be recognised in the financial statements so disclosure where required will be provided in line with the relevant Section of FRS 102.
Example 7: Extract for the approval of the financial statements
The financial statements were approved by the Board of Directors on (Insert date) and authorised for issue on (insert date). They were signed on its behalf by
Mr A Director Ms B Director
Director Director
DATE: __________________ DATE: __________________
Non-adjusting events after the end of the reporting period
Extract from FRS102: Section 32.10
32.10 An entity shall disclose the following for each category of non-adjusting event after the end of the reporting period:
(a) the nature of the event; and
(b) an estimate of its financial effect or a statement that such an estimate cannot be made.
OnmiPro comments
See the disclosure section in each part of the standard in the website for all adjusting events as the disclosure requirements are dealt with by each standard.
Example 8: Extracts for some non-adjusting post balance sheet events.
Extract from notes to the financial statements
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Events after the balance sheet date |
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On 1 February XXX the company acquired intangible assets for a consideration of CUXX. OR |
Subsequent to the year end the directors decided to cease trading. All assets of the company have been disposed of to another group company for CUXXXX.
OR
On 31 December XXX, the shareholders of XXXX Limited (formerly XXXX Limited) (a company controlled by the directors of this company) decided to separate the company’s investment activities from its trading activities. As a result the company transferred the trade assets and liabilities to XXXXX by way of a distribution in specie in return for shares in this company being issued to the company’s shareholders. As part of the reorganisation the name of the company was also changed to XXXX Limited. The following assets and liabilities were transferred to XXXX Limited as part of the re-organisation:
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CU |
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Tangible fixed assets |
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XXXX |
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Stock |
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XXXX |
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Debtors |
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XXXX |
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Cash |
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XXXX |
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Payables |
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(XXXX) |
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XXXXX |
OR
The company succeeded in its claim against XXXXX which arose as a result of the loss of earnings due to restrictions imposed on the company. A Court Appeal hearing after year end made an award of CUXXXXX plus costs. This has not been recognised in the financial statements at 31 December 2015 on the basis that at the balance sheet date the outcome of the case was not certain.
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