FASB releases draft standard on Subsequent Events

BVWireIssue #88-1
January 6, 2010

In one of its last official acts of 2009, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements. “Questions have arisen in practice about Topic 855, Subsequent Events,” the Board says.

Specifically, constituents have informed the Board that the requirements to disclose the date that the financial statements are issued potentially conflict with some of the Securities and Exchange’s (SEC) guidance. This proposed Update addresses both the interaction of the requirements of this Topic with the SEC’s registration requirements and the intended breadth of the reissuance disclosures provision related to subsequent events…

The Board requests comments on the exposure draft by January 28, 2010.

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