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of <h1>Accounting Standard AS 4: Managing Contingencies and Post-Balance Sheet Events in Financial Statements</h1> This Accounting Standard (AS) 4 addresses the treatment of contingencies and events occurring after the balance sheet date in financial statements. Contingencies refer to uncertain conditions whose outcomes depend on future events, while post-balance sheet events are significant occurrences between the balance sheet date and the approval of financial statements. The standard excludes certain liabilities like insurance obligations and retirement plans. Contingent losses should be recognized if probable and estimable, while contingent gains are not recognized unless virtually certain. Events after the balance sheet date may necessitate adjustments or disclosures, especially if they impact the going concern assumption or involve material changes. Disclosure of contingencies and post-balance sheet events should include their nature, uncertainties, and potential financial effects.
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