TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>AS 4: Handling Contingencies & Post-Balance Sheet Events in Financial Statements; Recognize Probable Losses, Disclose Key Details</h1> The Accounting Standard (AS) 4 addresses the treatment of contingencies and events occurring after the balance sheet date in financial statements. It excludes certain liabilities like insurance and retirement benefits. A contingency is a situation with uncertain outcomes affecting financial statements, determined by future events. Contingent losses are recognized if probable and estimable, while contingent gains are not recognized. Events after the balance sheet date that affect existing conditions require adjustments, while others may need disclosure. Disclosure should include the nature, uncertainties, and financial effects of contingencies or post-balance sheet events, unless the possibility of a loss is remote.
TaxTMI 
TaxTMI 
