FASB Issues Subsequent Events Proposal


FASB issued a Proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements.

The proposal stems from questions about whether the requirements to disclose the date that the financial statements are issued could conflict with some SEC guidance, according to FASB.

FASB has proposed amendments that would remove the requirement for an entity that files or furnishes financial statements with the SEC to disclose a date in both the originally issued and restated financial statements.

The board also has clarified that if the financial statements have been restated, then an entity that does not file financial statements with the SEC would disclose both the original date the financial statements were issued or available to be issued and the date the restated financial statements were issued or available to be issued.

Those proposed changes would remove potential conflicts with the SEC literature, FASB says in the exposure draft.

Comments on the proposal are due Jan. 28.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.