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Editorial Board on Accounts and Audit

    by CHANDRA on Friday, July 26, 2019 at 05:10 PM

    Dear Sir, We have received a credit note after the end of financial year 31.03.2019 but before the balance sheet date. Please note that we knew that such type of credit note will come to us so kindly clarify as per IND AS, we should book provision for the original amount or original amount net of credit note on dated 31.03.2019 and such credit note will be treated as adjustment events after the reporting period ??

    Replied byEditorial Board Saturday, August 03, 2019 at 05:00 PM

    Adjusting events are those events that provide evidence of conditions that existed at the date of balance sheet. An entity shall give effects of such events occurring after the balance sheet date by adjusting the amounts recognised in its financial statements.

    In your case, the evidence was there on the balance sheet date for receipt of credit note, the amounts related to the credit note must be adjusted to reflect its effect on the financial statements.

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