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Flashcards in Subsequent Events Deck (7)
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1

What is a subsequent event?

Events that occur after the balance sheet date but before the financial statements are issued

2

Conditions that existed at the balance sheet date require _____ in the financial statements?

recognition

3

Conditions that did not exist at the balance sheet date require ________ in the footnotes.

disclosure

4

All subsequent events are either recognized or disclosed depending on their timing. TF

True

5

The main difference between GAAP and IFRS in regards to subsequent events is....

The cut off date. With IFRS the cut off date is the date for which financial statment are authorized for issuance

6

IFRS requires adjustments for subsequent share splits. TF

False, GAAP does

7

Subsequent refinancing, amendments, and waivers are considered in determining the classification of debt as current or non current under ______.

GAAP, not IFRS