Fraud After Year End

Source: Ind AS 10 (summary)

The discovery of a fraud or an error after the reporting period, which shows that the financial statements were incorrect, is an adjusting event. The entity corrects the amounts already recognised, because the fraud relates to conditions that existed at the end of the reporting period.

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About Accounting

Accounting principles in short, plain-language summaries: double entry, accrual, going concern and prudence, then Ind AS topics such as inventories, cash flows, events after the reporting period, income taxes, property, plant and equipment, employee benefits, government grants and foreign currency.

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