FAR 2.2 - Subsequnt Events Flashcards
Recognized subsequent events provide additional information about conditions that
Existed at the balance sheet date
Non recognized subsequent events are conditions that:
Did not exist at the balance sheet date
Do recognized subsequent events require a disclosure, JE, or both?
Do non-recognized subsequent events require a disclosure, JE, or both?
Recognized: JE and disclosure
Non-recognized: Disclosure only
An entity that files financials statements with the SEC (Pub co), must evaluate subsequent events through what date?
Data that the financial statements are issued
An entity that does not file with the SEC (Private Co), must evaluate subsequent events through what date?
The date hat the financials statements are available to be issued
Financial statements are considered to be issues when they have:
Been widely distributed to financial statement users in a form and format that complies with GAAP
Financial statements are aaavailaableto be issues when:
They are in a form and format a that complies with GAAP and all approvals for issuance have been obtained
When an entity reissues its financials statements, should they recognize events that occurred between the date the original financial statements were issued?
No