adjusting events

Term of the Day
For Monday, August 18, 2008
adjusting events
Definition
Material events that occur between the date of preparation of financial
statements and the date of their approval by the management. Such events
must be reflected in the financial statements of a firm, to comply with the
requirement of giving a 'true and fair view' of its financial position. A
non-material (non adjusting) but significant event may be disclosed in the
notes (footnotes) to the financial statements. Also called post balance
sheet events.
adjusting events is in the Accounting & Auditing, Banking, Commerce &
Finance and Corporate, Commercial, & General Law subjects.
adjusting events appears in the definition of the following term: post
balance sheet events.
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SATBIR SINGH
PRESIDENT
MEMBER JAB WE MET CA
REDEFINING PROFESSIONALISM……