Are liabilities arising due to revision of law with retrospective effect, passed after balance sheet date but before approval of accounts by the Board adjusting events under AS 4
1 Replies
Harish
(CA Student)
(568 Points)
Replied 16 January 2013
I don't think it is an adjusting event accordint to AS 4. Because there was no such information as on balance sheet date about new law which was enforced after balance sheet date. In the absence of condition or situation or intimation with respect to an event as on reporting date, then it can be said as "Adjusting Event".
Anyway wait for experts opinion.
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