U.S. GAAP Codification Accounting Standards, ASC

Financial Accounting Review

Principles of AccountingAccounting by Topic Accounting Terms Dictionary

Section 2800: Subsequent Events

[U.S. GAAP Codification Topic]
855 Subsequent events
855-10 Overall

[U.S. GAAP before the Codification]
SFAS 165, May 2009, Subsequent events
AICPA, Codification of Statements on Auditing Standards, AU Section 850, Subsequent Events

1. 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

2. Financial statements are issued
--> widely distributed for general use

3. Available to be issued
--> all necessary approvals were obtained to be issued

4. Two types of subsequent events
Type 1: recognized subsequent events
Type 2: nonrecognized subsequent events

5. Recognized subsequent events
--> provide evidence about conditions existed at the balance sheet date

6. Nonrecognized subsequent events
--> provide evidence about conditions that did not exist at the balance sheet date

7. Recognition
(1) The effects of recognized subsequent events
--> recognized in the financial statements

(2) The effects of nonrecognized subsequent events
--> not recognized in the financial statements

8. Disclosures
(1) 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

(2) 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

Index of U.S. GAAP Financial Accounting Review

U.S. GAAP by Codification Topics 
 105  GAAP Hierarchy 
 105  GAAP History 

 205  Presentation of Financial Statements 
 205-20 Discontinued Operations 
 210  Balance Sheet 
 210-20 Offsetting 
 220  Comprehensive Income 
 225  Income Statement 
 225-20 Extraordinary and Unusual Items 
 230  Statement of Cash Flows 
 250  Accounting Changes and Error Corrections 
 260  Earnings per Share 
 270  Interim Reporting
 310  Impairment of a Loan
 320  Investment Securities 
 320  Other-Than-Temporary Impairments, FSP FAS 115-2 
 320-10-05 Overview of Investments in Other Entities 
 320-10-35 Reclassification of Investments in Securities
 323-10 Equity Method Investments
 323-30 Investments in Partnerships and Joint Ventures 
 325-20 Cost Method Investments 
 330  Inventory

 340-20 Capitalized Advertising Costs 
 350-20 Goodwill 
 350-30 Intangibles Other than Goodwill 
 350-40 Internal-Use Software 
 350-50 Website Development Costs 
 360  Property, Plant and Equipment
 360-20 Real Estate Sales

 410  Asset Retirement and Environmental Obligations 
 420  Exit or Disposal Cost Obligations 
 450  Contingencies 
 450-20 Loss Contingencies 
 450-30 Gain Contingencies
 480  Redeemable Financial Instruments 

 505-20 Stock Dividends, Stock Splits 
 505-30 Treasury Stock 

 605  SEC Staff Accounting Bulletin, Topic 13 
 605-25 Revenue Recognition - Multiple Element Arrangements 
 715-30 Defined Benefit Plans - Pension
 718  Share-Based Payment 
 730  Research and Development 
 730-20 Research and Development Arrangements 

 805  Business Combinations  
 810  Consolidation 
 810  Noncontrolling Interests 
 810  Consolidation of Variable Interest Entities, SFAS 167 
 815  Derivatives and Hedging Overview 

 820  Fair Value Measurements  
 820  Fair value when the markets are not active, FSP FAS 157-4
 825  Fair Value Option 

 830  Foreign Currency Matters 
 830-20 Foreign Currency Transactions 
 830-30 Translation of Financial Statements 
 835  Interest 
 835-20 Capitalization of Interest 
 835-30 Imputation of Interest 

 840  Leases 
 840-20 Operating Leases 
 840-30 Capital Leases 
 840-40 Sale-Leaseback Transactions
 845  Nonmonetary Transactions 

 855  Subsequent Events 
 860-20 Sale of Financial Assets, SFAS 166 
 860-50 Servicing Assets and Liabilities, SFAS 156 

 985-20 Costs of software to be sold  

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