Wiley GAAP 2016

58ASC 855 Subsequent Events

1. Perspective and Issues
   1. Subtopic
   2. Scope and Scope Exceptions
   3. Overview
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Types of Subsequent Events
      1. Examples of Subsequent Events

Perspective and Issues

Subtopic

ASC 855, Subsequent Events, consists of one Subtopic:

• ASC 855-10, Overall, which provides guidance for events or transactions occurring after the balance sheet date.

Scope and Scope Exceptions

ASC 855 applies to all entities and all transactions except for those covered in other Codification Topics.

Overview

ASC 855 describes the circumstances under which an entity should recognize events or transactions in its financial statements that occur subsequent to the balance sheet date, but before the financial statements are available to be issued. This can have a potentially significant impact on loss contingencies.

Definitions of Terms

Source: ASC 855-20. See Appendix A, Defintions of Terms, for other terms related to this topic: Conduit Debt Secutiries, Financial Statements are Available to be Issued, Financial Statements are Issued, and Securities and Exchange Commission (SEC) Filers.

Revised Financial Statements. Financial statements revised only for either of the following conditions:

1. Correction of an error
2. Retrospective application of U.S. GAAP.

Subsequent Events. Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent ...