Dating reissued financial statements
As a result, several Committee members suggested the discussion should centre on the relevant discussion in paragraphs 17 and 18 of IAS 10 – that being, the date of authorisation relates to the financial statements as whole, which incorporates the notes, and therefore, there can be only one date that applies.Introducing events on a piecemeal basis through dual dating contradicts the objective of IAS 10 which is to indicate to users ‘when the financial statements were authorised for issue because the financial statements do not reflect events after this date’.The staff noted that two views exist in practice; namely that dual dating is not permitted under IAS 10 and dual dating is permitted under IAS 10.In presenting their recommendation to the Committee, the staff took into consideration the scope of IAS 10 and that implicit in IAS 10 is that the financial statements can have only one date of authorisation for issue.
Instead, it appeared to implicitly suggest that since dual dating is outside the scope of IFRSs, an entity may apply a policy decision as to whether dual dating is permitted.
However, a few other Committee members expressed concern with this conclusion stemming from the broad discussion of the topic at the November 2012 meeting.
They were concerned that reaching a definitive conclusion on dual dating may conflict with national laws and regulations, although several countered that the Committee is not responsible for dictating the allowability of reissuance.
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At its November 2012 meeting, the Committee considered a request to clarify the accounting implications of applying IAS 10 Events After the Reporting Period when previously issued financial statements are reissued in connection with an offering document.
While not specifically stated in the planned agenda decision, it would then be left to securities regulators to decide if they would require reissued financial statements not in compliance with IFRSs for a specific set of statements.