Subsequent Events under ASC 855 and IAS 10 1.5 CPE

This course discusses the events or transactions that occur after the balance sheet date but before the financial statements are issued or are available to be issued, and explains how to recognize those events and disclose them in the financial statements.

This course helps the audience easily differentiate between the two types of subsequent events, which are the ‘recognized subsequent events’ and the ‘non-recognized subsequent events’.

This course provides practical examples and timeline diagrams that simplify the theory behind the FASB Accounting Standards Codification (ASC) Topic 855, Subsequent Events and International Accounting Standard (IAS) 10, Events after the Reporting Period.

Course Key Concepts:

ASC topic 855, IAS 10, Subsequent Events, Events after the Reporting Period, recognized subsequent events, non-recognized subsequent events, adjusting events, non-adjusting events, going concern, re-issuance of financial statements.

Prerequisites

No advanced preparation or prerequisites are required for this course

Learning Objective

• Explore the events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued.
• Recognize the differences between the recognized subsequent events and the non-recognized subsequent events.
• Discover the similarities and dissimilarities between the standard of the subsequent event under US GAAP & IFRS.

Last updated/reviewed: March 14, 2024