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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
| Principles of Accounting, Intermediate Financial Accounting, U.S. GAAP Textbook |
| Accounting by Topic, Accounting Terms Dictionary |
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U.S. GAAP Accounting Standards |
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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 |
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Codification Topic 855 Subsequent Events |
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Subtopics of Codification Topic 855 855-10 Overall |
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Accounting Terms of Codification Topic 855-10 Financial statements are available to be issued Financial statements are issued Public entity Subsequent events |
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