AS 4 / CONTINGENCIES & EVENTS OCCURRING AFTER BALANCESHEET DATE / CA INTER / AS REVISION / AS /

1. Contingencies : Contingency is a condition or situation, the ultimate outcome of which, gain or loss, will be known or determined only on the occurrence, or non-occurrence, of one or more uncertain future events.
2. Events Occurring after the Balance Sheet Date : Events occurring after the balance sheet
date are those significant events, both favorable and unfavorable, that occur between the
balance sheet date and the date on which the financial statements are approved by the Board of Directors in the case of a company, and, by the corresponding approving authority in the case of any other entity.

This video will further deal with Adjusting event and Non Adjusting Events and also learn about exemption to the rule.

AS 4 is helpfull for students doing CA / CS / ICWA and also students doing accounts from various universities

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