FAR 2.2 - Subsequnt Events

Question 1

Recognized subsequent events provide additional information about conditions that

Answer 1

Existed at the balance sheet date

Question 2

Non recognized subsequent events are conditions that:

Answer 2

Did not exist at the balance sheet date

Question 3

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

Answer 3

Recognized: JE and disclosure
Non-recognized: Disclosure only

Question 4

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

Answer 4

Data that the financial statements are issued

Question 5

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

Answer 5

The date hat the financials statements are available to be issued

Question 6

Financial statements are considered to be issues when they have:

Answer 6

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

Question 7

Financial statements are aaavailaableto be issues when:

Answer 7

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

Question 8

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

Answer 8

No