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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.

Learning Objectives

  • 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: November 23, 2019

1 Review (15 ratings)Reviews

4
Member's Profile
Good coverage of material and clear questions to test the knowledge obtained.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:02Introduction to Subsequent Events under ASC 855 and IAS 10
  8:51The Objectives
  6:24Recognized Subsequent Events
  13:59Examples for Adjusting Events after The Reporting Period
  7:38Non-Recognized Subsequent Events
  6:44Examples for Non-Adjusting Events after The Reporting Period
  9:04Disclosure
  3:43Reissuance
  6:13Going Concern
Continuous Play
  1:04:38Subsequent events under ASC 855 and IAS 10
Supporting Materials
  PDFSlides: Subsequent Events under ASC 855 and IAS 10
  PDFSubsequent Events under ASC 855 and IAS 10 Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM