FAR 2.2 - Subsequnt Events Flashcards

1
Q

Recognized subsequent events provide additional information about conditions that

A

Existed at the balance sheet date

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2
Q

Non recognized subsequent events are conditions that:

A

Did not exist at the balance sheet date

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3
Q

Do recognized subsequent events require a disclosure, JE, or both?
Do non-recognized subsequent events require a disclosure, JE, or both?

A

Recognized: JE and disclosure
Non-recognized: Disclosure only

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4
Q

An entity that files financials statements with the SEC (Pub co), must evaluate subsequent events through what date?

A

Data that the financial statements are issued

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5
Q

An entity that does not file with the SEC (Private Co), must evaluate subsequent events through what date?

A

The date hat the financials statements are available to be issued

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6
Q

Financial statements are considered to be issues when they have:

A

Been widely distributed to financial statement users in a form and format that complies with GAAP

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7
Q

Financial statements are aaavailaableto be issues when:

A

They are in a form and format a that complies with GAAP and all approvals for issuance have been obtained

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8
Q

When an entity reissues its financials statements, should they recognize events that occurred between the date the original financial statements were issued?

A

No

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