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Contingencies & Events after B/S date Video Lecture | Advanced Accounting for CA Intermediate
FAQs on Contingencies & Events after B/S date Video Lecture - Advanced Accounting for CA Intermediate
| 1. What are contingencies in accounting? |  |
Ans. Contingencies in accounting refer to events that may occur in the future, the outcome of which is uncertain. These events can affect a company's financial position and are disclosed in the financial statements to inform users of potential risks.
| 2. How are contingencies handled in financial reporting? | |
Ans. Contingencies are classified as either probable, reasonably possible, or remote. Probable contingencies are recognized and disclosed in the financial statements, while reasonably possible contingencies are disclosed in the footnotes. Remote contingencies are not recognized or disclosed.
| 3. Can events occurring after the balance sheet date impact financial statements? | |
Ans. Yes, events occurring after the balance sheet date but before the financial statements are issued can have an impact on the financial position of a company. These events are called post-balance sheet events and may require adjustments to the financial statements.
| 4. How are post-balance sheet events disclosed in financial statements? | |
Ans. Post-balance sheet events that provide additional evidence about conditions that existed at the balance sheet date are adjusted in the financial statements. Events that are non-adjusting are disclosed in the footnotes to the financial statements.
| 5. Why is it important to disclose contingencies and post-balance sheet events in financial statements? | |
Ans. Disclosing contingencies and post-balance sheet events in financial statements is important because it provides users with relevant information about potential risks and uncertainties that may impact the financial position of a company. Transparency in financial reporting helps users make informed decisions.
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