CPA | FAR | Subsequent events
Channel: LetsLearn Global
Date: 02/01/2023

A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. Depending on the situation, such events may or may not require disclosure in an organization's financial statements. The two types of subsequent events are noted below.

Adjusting events. An event that provides additional information about pre-existing conditions that existed on the balance sheet date.

Non-adjusting events. A subsequent event that provides new information about a condition that did not exist on the balance sheet date.

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