SSAP 9 Flashcards

1
Q

Define “subsequent events”

A

Events that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements

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2
Q

2 categories of subsequent events

A
  • Type 1; “Recognized Subsequent Events”: provide “additional evidence with respect to conditions that existed at the date of the balance sheet”
  • Type 2; “Nonrecognized Subsequent Events”: provide “evidence with respect to conditions that did not exist at the date of the balance sheet”
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3
Q

Which events should already be reflected in the financial statements

A

Type 1

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4
Q

Disclosures about Type 2 events in the financial statements

A
  • Nature of the event
  • Estimate of its financial impact, or a statement that the estimate can not be made
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