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Proposed dividend as 4 or schedule iii

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

I seek clarification about adjustment or disclosure of proposed dividend in the financial statements. As per the Study Material of Audit (Jan 15) Page No. 6.60, Para No 6.18.7. It concludes that, in compliance with schedule III of the Com Act 2013, now the proposed dividend is non adjusting event, thus only disclosure is required. However its overriding to the AS - 4, which stat that its an adjusting event. On the other hand of study material, page no 6.42 para no. 6.16.5. Sub head, some of the features of Schedule III talks about supremacy of AS over the Schedule III in case of conflict. Keeping this in view, my query is whether AS - 4 will supersede to the Schedule III or vise a versa.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hi Friend, As per provision of AS 4 the adjusting and non adjusting event are as follows 1. For any event to be an adjusting event - It must have a condition that exist at the balance sheet date 2. On the other hand an non adjusting event - is such that for which no condition is existed at the balance sheet date. However AS 4 provides an exception to the above rule for proposed dividend. The proposed dividend is normally declared in AGM so question of condition at the balance sheet date does not arise. Even though its effects of proposed dividend are given in the accounts as an exception to AS 4.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

In case of any conflict, Accounting Standards will prevail over Schedule III. . Read Schedule III, General Instructions 1 & 2: . 1. Where compliance with the requirements of the Act including Accounting Standards as applicable to the companies require any change in treatment or disclosure including addition, amendment, substitution or deletion in the head or sub-head or any changes, inter se, in the financial statements or statements forming part thereof, the same shall be made and the requirements of this Schedule shall stand modified accordingly. . 2. The disclosure requirements specified in this Schedule are in addition to and not in substitution of the disclosure requirements specified in the Accounting Standards prescribed under the Companies Act, 2013*. Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of additional statement unless required to be disclosed on the face of the Financial Statements. Similarly, all other disclosures as required by the Companies Act shall be made in the notes to accounts in addition to the requirements set out in this Schedule. . [* The standards of accounting as specified under the Companies Act, 1956, shall be deemed to be the accounting standards until accounting standards are specified by the Central Government u/s 133 - Rule 7 of the Companies (Accounts) Rules, 2014.]

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