U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification IFRS International Standards Accounting Standards, ASC

U.S. GAAP Accounting Standards
Codification Topic 855:   Subsequent Events


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IFRS,  IFRS Dictionary IFRS U.S. GAAP Comparison IFRS Texbook
Securities Law Library,  Accounting by Topic Accounting Terms Dictionary


   Codification Topic 855
   Subsequent Events

Subsequent Events
 
   Statement of Financial Accounting Standards No. 165, May 2009
   "Subsequent Events"
  
   Events occurred after (a), before (b)
   (a) balance sheet date
   (b) date of financial statements are issued: public entities
         date of financial statements become available to be issued: nonpublic entities
 
   Financial statements are issued
   --> widely distributed for general use
 
   Available to be issued
   --> all necessary approvals were obtained to be issued  

Two types of subsequent events 
 
   Type 1: recognized subsequent events
   Type 2: nonrecognized subsequent events
 
   Recognized subsequent events
   --> provide evidence about conditions existed at the balance sheet date
 
   Nonrecognized subsequent events
   --> provide evidence about conditions that did not exist at the balance sheet date

Recognition
 
   The effects of recognized subsequent events
   --> recognized in the financial statements
 
   The effects of nonrecognized subsequent events
   --> not recognized in the financial statements 

Disclosures
 
   Two dates are disclosed
   date 1: up to this date, subsequent events have been evaluated
   date 2: on this date, financial statements are issued or available to be issued
 
   Nature and the extent of its financial effects are disclosed
   for the following events:
   --> nonrecognized subsequent events
   --> that should be disclosed to avoid misleading information

International Financial Reporting Standards (IFRS)
 
    IAS 10: Events after the reporting period
    IAS 10 Technical Notes


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   Codification Topic 855
   Subsequent Events
 
Subtopics of Codification Topic 855
 
   855-10 Overall
 
Accounting Terms of Codification Topic 855-10
 
   Financial statements are available to be issued
   Financial statements are issued
   Public entity
   Subsequent events
 

 

   Other Topics at the Codification 800 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 805: Business Combinations
ASC Codification Topic 808: Collaborative Arrangements
 
ASC Codification Topic 810: Consolidation
ASC Codification Topic 815: Derivatives and Hedging
 
ASC Codification Topic 820: Fair Value Measurements and Disclosures
ASC Codification Topic 825: Financial Instruments
 
ASC Codification Topic 830: Foreign Currency Matters
ASC Codification Topic 835: Interest
 
ASC Codification Topic 840: Leases
ASC Codification Topic 845: Nonmonetary Transactions
 
ASC Codification Topic 850: Related Party Disclosures
ASC Codification Topic 852: Reorganizations
ASC Codification Topic 855: Subsequent Events
 
ASC Codification Topic 860: Transfers and Servicing


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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