07-03-2006, 07:57 PM
yes again u r rite
4th schedule is infact part of company law
and IAS 1 requires F.S to be drafted as per local laws ,in our case,companies ordinance ,if they r in conflict with any IAS,isn't it so..
as far as company law is concerned i have't read it ,so in that regard i only know what our teacher has told us.however i have read IAs
and since the question required to be attempted in accordance with IAS a better treatment wud hav been as commented by the examiner
however a person doing it otherwise wud also hav been following IAS1,so as per IAS again..bt preferred wud be 1st 1
leave everything else;
now onwards
circular by ICAP has now very clearly stated the treatment of proposed dividend
proposed dividend after B/S date are always to be a non adjusting event
now only dividend paid are to be adjusted by retained earnings
and dividend paid in a yr = interim dividend paid+proposed dividend of last yr paid in current yr
now watz ur opinion ,do u agree or not?just for now onwards treatment..leave 4 past ..as gone is forgone