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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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32.9 Non-adjusting events after the end of the reporting period
32.9.1 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.
32.9.2 OmniPro comment
See the disclosure section in each part of the standard in the website for all adjusting events as the disclosure requirements as stated in section 32.10 of FRS 102 are dealt with by each standard.
Example 8: Extracts for some non-adjusting post balance sheet events.
Extract from notes to the financial statements
Events after the balance sheet date
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:
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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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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