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Category: UK Tax
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Experience:  Chartered Accountant >20 years + Qualified IFA
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Material event after audited (Cyprus company)

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What accounting/audit standard/law (please refer to particular wording and clause) prescribe that changes in balance that occur before signature date of audit report shall be reflected in report, regardless the fact that event, which influencing balance, happened after audited period?


Eg. company acquired shares on February 1, 2012. Shall audited report for the period January 2011 –December 2011 include this acquisition if audited report is finalized in August 2012?

Hi. Thanks for your question.

Should you find the answer below incomplete or you are not fully answered, please drop a reply before rating.

It all depends with which accounting policies you are following. However most generally accepted accounting policies required disclosure of post balance sheets events. See a link here on HRMC website but this relates to UK GAAP : http://www.hmrc.gov.uk/manuals/bimmanual/bim31040.htm. Every other GAAP that i know of has similar laws including IFRS which is shown here:http://www.iasplus.com/en/standards/ias/ias10

Regards
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