Professional Documents
Culture Documents
FRS 110
This Standard contains material in which the International Accounting
Standards Committee Foundation (IASCF) holds copyright and which
has been reproduced in this Standard with the permission of IASCF.
Copyright in the International Financial Reporting Standards (including
Interpretations), International Accounting Standards Board (IASB)
Exposure Drafts, and other IASB publications belong to IASCF.
All rights are reserved. No part of this publication may be reproduced,
stored in a retrieval system or transmitted in any form or by any means
without the prior permission in writing to MASB or as may be expressly
permitted by law or under terms agreed with the appropriate
reprographics rights organisation. No part of the materials incorporated
in this publication, the copyright of which is held by IASCF, may be
reproduced, stored in a retrieval system or transmitted in any form or by
any means without the prior permission in writing to IASCF or as may
be expressly permitted by law or under terms agreed with the appropriate
reprographics rights organisation.
FRS 110 Events after the Reporting Period is issued by the MASB in
respect of its application in Malaysia.
FRS 110
CONTENTS
paragraphs
INTRODUCTION
IN1IN4
SCOPE
DEFINITIONS
37
813
89
1011
Dividends
1213
GOING CONCERN
1416
DISCLOSURE
1722
1718
1920
2122
EFFECTIVE DATE
23
24
IASCF
FRS 110
Style
Additions to IFRSs are clearly identified and would be made in a manner that
preserves the format and structure of the IFRSs.
If a new paragraph is added, that paragraph would be labelled with the preceding
paragraph number followed by capitalised alphabets and the word added is
included at the right side of the paragraph. If a paragraph is deleted, the text would
be marked as deleted text by the inclusion of the word deleted at the right side of
the paragraph and the reason for the deletion is explained at the end of the
paragraph. [New paragraph or deleted paragraph without the indication of
added or deleted at the right side of the paragraph is amendments made by the
IASB.]
Additions or deletions made within the paragraph in IFRSs would be shaded and
underlined or struck through respectively. [Those additions and deletions which are
underlined or struck through without shading are amendments made by the IASB.]
Other than the bare FRS which uses MASB nomenclature, the bases for
conclusions, illustrative examples, guidance notes or any other additional
explanatory material which does not expressly state it is an integral part of the
FRS uses nomenclature of the IASB ie IFRS, IAS, IFRIC or SIC.
FRS 110
Financial Reporting Standard 110 Events after the Reporting Period
(FRS 110) is set out in paragraphs 124. All the paragraphs have equal
authority. FRS 110 should be read in the context of its objective and the
Basis for Conclusions, the Foreword to Financial Reporting Standards
and the Framework for the Preparation and Presentation of Financial
Statements. FRS 108 Accounting Policies, Changes in Accounting
Estimates and Errors provides a basis for selecting and applying
accounting policies in the absence of explicit guidance.
IASCF
FRS 110
Introduction
IN1
IN3
In September 2009 the Board amended the title of FRS 110 from Events after
the Balance Sheet Date to Events after the Reporting Period as a consequence
of the revision of FRS 101 Presentation of Financial Statements in 2009.
IASCF
FRS 110
(b)
The Standard also requires that an entity should not prepare its
financial statements on a going concern basis if events after the
reporting period indicate that the going concern assumption is not
appropriate.
Scope
2
Definitions
3
(b)
IASCF
FRS 110
4
IASCF
FRS 110
Example
On 18 March 20X2, the management of an entity authorises
financial statements for issue to its supervisory board. The
supervisory board is made up solely of non-executives and may
include representatives of employees and other outside interests.
The supervisory board approves the financial statements on 26
March 20X2. The financial statements are made available to
shareholders and others on 1 April 20X2. The shareholders
approve the financial statements at their annual meeting on 15
May 20X2 and the financial statements are then filed with a
regulatory body on 17 May 20X2.
The financial statements are authorised for issue on 18 March
20X2 (date of management authorisation for issue to the
supervisory board).
7
Events after the reporting period include all events up to the date
when the financial statements are authorised for issue, even if
those events occur after the public announcement of profit or of
other selected financial information.
IASCF
FRS 110
contingent liability because the settlement provides
additional evidence that would be considered in
accordance with paragraph 16 of FRS 137.
(b)
(ii)
(c)
(d)
(e)
11
10
IASCF
FRS 110
normally relate to the condition of the investments at the end of
the reporting period, but reflects circumstances that have arisen
subsequently. Therefore, an entity does not adjust the amounts
recognised in its financial statements for the investments.
Similarly, the entity does not update the amounts disclosed for the
investments as at the end of the reporting period, although it may
need to give additional disclosure under paragraph 21.
Dividends
12
13
Going concern
14
15
16
11
IASCF
FRS 110
(b)
Disclosure
Date of authorisation for issue
17
18
20
12
IASCF
FRS 110
22
(b)
(b)
(c)
(d)
(e)
(f)
(g)
13
IASCF
FRS 110
(h)
(i)
(j)
Effective date
23
14
IASCF