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existed at the end of the reporting period. This is an “adjusting event.”
2. IAS 33, Earnings Per Share, requires a disclosure of transactions as “stock splits” or “rights issue,” which are of significant importance after the
reporting period. This is a nonadjusting event, and only disclosure is needed.
3. This is an adjusting event because it relates to an asset that was recognized at the end of the reporting period. However, as the insurance company’s
liability is zero, ABC Inc. must adjust its receivable on the claim to zero.
DIVIDENDS PROPOSED OR DECLARED AFTER THE BALANCE SHEET DATE
Dividends on equity shares proposed or declared after the reporting period should not be recognized as a liability at the end of the reporting period. Such declaration
is a nonadjusting subsequent event and footnote disclosure is required, unless immaterial.
GOING CONCERN CONSIDERATIONS
Deterioration in an entity’s financial position after the reporting period could cast substantial doubts about an entity’s ability to continue as a going concern. IAS 10
requires that an entity should not prepare its financial statements on a going concern basis if management determines after the reporting period either that it intends to
liquidate the entity or cease trading, or that it has no realistic alternative but to do so. IAS 10 notes that disclosures prescribed by IAS 1 under such circumstances
should also be complied with.
DISCLOSURE REQUIREMENTS
IAS 10 requires these three disclosures:
1. The date when the financial statements were authorized for issue and who gave that authorization. If the entity’s owners have the power to amend the financial
statements after issuance, this fact should be disclosed.
2. If information is received after the reporting period about conditions that existed at the end of the reporting period, disclosures that relate to those conditions
should be updated in light of the new information.
3. Where nonadjusting events after the reporting period are of such significance that nondisclosure would affect the ability of the users of financial statements to
make proper evaluations and decisions, disclosure should be made for each such significant category of nonadjusting event regarding the nature of the event
and an estimate of its financial effect or a statement that such an estimate cannot be made.
EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS BARLOWORLD
Notes to the Consolidated Annual Financial Statements for the Year Ended September 30 28. Dividends
On November 16, 2009, the directors declared dividend No. 162 of 70 cents per share.
An estimated dividend liability of R157 million and an estimated STC liability of R11 million have not been included in these financial statements.
In compliance with the requirements of the JSE Limited, the following dates are applicable:
Date declared Monday November 16, 2009
Last day to trade cum dividend Friday January 8, 2010
Shares trade ex dividend Monday January 11, 2010
Record date Friday January 15, 2010
Payment date Monday January 18, 2010