24 June 2016
According to SA 560 that subsequent events are those that occur after balance sheet date but before the date of signing the Balance Sheet by BOD.This is what my coaching sir taught me.I have a doubt that -Is the date of signing of Balance Sheet same as the date of approval of F.Statement by BOD or date of signing of Balance sheet same as the date of issue of F.Statement to outsiders,bcoz in SA its written subsequent events are those between balance sheet date but before date of issue of F.Statement to outsiders(3rd parties).
27 June 2016
If you read SA 560 carefully, subsequent events are the events between the date of financial statement (generally 31.03.20XX) and the date of auditor's report OR facts which came to auditor's notice after the issue of auditor's report. Since this is mentioned in the Auditing standard, it is imperative that it has to be concerned with Auditor's report and not the date when the accounts were adopted in the BOD meeting. The auditor generally do not play any role in adoption of the financial statement by the BOD.
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