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Dividends
Extract from FRS102: Section 32.8
32.8 If an entity declares dividends to holders of its equity instruments after the end of the reporting period, the entity shall not recognise those dividends as a liability at the end of the reporting period because no obligation exists at that time. The amount of the dividend may be presented as a segregated component of retained earnings at the end of the reporting period.
OmniPro comment
It is clear that dividends declared after year end are a non-adjusting event; instead they should be disclosed. Dividends which are approved by the directors prior to year end and therefore accrued should be disclosed in the financial statements.
Company law requires the disclosure of dividend declared after year end but before the issue of the financial statements.
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