(i)
In
Ind AS 10, material non-adjusting events are required to be disclosed in the
financial statements, whereas the existing AS 4 requires the same to be
disclosed in the report of approving authority.
(ii)
As per Ind AS 10 dividend proposed or declared
after the reporting period, can not be recognised as a liability in the
financial statements because it dose not meet the criteria of a present
obligation as per Ind AS 37. Such dividend is required to be
disclosed in the notes in the financial
statements as per Ind AS 1,whereas as per the existing AS 4 the same is required to
be adjusted in financial statements because of the requirements prescribed in
the Schedule VI to the Companies Act, 1956.
(iii)
If after the reporting date, it is determined
that the fundamental accounting assumption of going concern is no longer
appropriate, Ind AS 10 requires a fundamental change in the basis of
accounting. Whereas existing AS 4 requires assets and liabilities to be
adjusted for events occurring after the balance sheet date that indicate that
the fundamental accounting assumption of going concern is not appropriate.
In this
regard, Ind AS 10 refers to Ind AS 1, which requires an entity to make the
following disclosures:
> disclose
the fact that the financial statements are not prepared on a going concern
basis together with the basis on which the financial statements are prepared
> state
the reason why the entity is not regarded as a going concern.
Existing AS
4 does not require any such disclosure, However, existing AS 1 requires the
disclosure of the fact in case going concern assumption is not followed.
(iv)
Ind
AS 10 includes an Appendix Distribution of Non-cash Assets to Owners which
deals , inter alia, with when to recognise dividends payable to its
owners.