F2M2

Question 1

Subsequent event

Answer 1

event or transaction that occurs after the balance sheet date, but before financial statements are issues

Question 2

Two categories of subsequent events

Answer 2

1. recognized subsequent events

2. non recognized subsequent events

Question 3

Recognized subsequent event

Answer 3

existed at the date of the balance sheet

disclosure and JE

Question 4

Non Recognized subsequent event

Answer 4

events that happened after the balance sheet date that DID NOT EXIST at balance sheet date

Disclosure only

Question 5

T/F disclose with estimated financial impact

Answer 5

T

Question 6

When do Non SEC filers versus SEC filers recognize subsequent events

Answer 6

Non SEC filers - when financial statements are ready

SEC filer - when financial statements are issue

Question 7

Are SEC filers required to disclose their subsequent event date?

Answer 7

No

Question 8

Reissueance of financial statement subsequent event recognition

Answer 8

do not recognize subsequent events that happened between original financial statement date and reissuance date

DO NOT RECOGNIZE

Question 9

Revised financial statement subsequent event recognitions

Answer 9

Revised financial statements are considered reissued

DO NOT RECOGNIZE