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Flashcards in SSAP 9 Deck (4)
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1

Define "subsequent events"

Events that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements

2

2 categories of subsequent events

Type 1: "Recognized subsequent events": provide "additional evidence with respect to conditions that existed at the date of the balance sheet"
Type 2: "Nonrecognized subsequent events": provide "evidence with respect to conditions that did not exist at the date of the balance sheet"

3

Which events should already be reflected in the financial statements?

Type 1

4

Disclosures about type 2 events in the financial statements

-Nature of the event
-Estimate of its financial impact, or a statement that the estimate can not be made