Disclosure Requirements For Subsequent Events
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How to fill out General Disclosures Required By The Federal Truth In Lending Act - Retail Installment Contract - Closed End Disclosures?
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FAQ
Examples of adjusting events include: ? events that indicate that the going concern assumption in relation to the whole or part of the entity is not appropriate; ? settlements after reporting date of court cases that confirm the entity had a present obligation at reporting date; ? receipt of information after reporting ...
Disclosing Subsequent Events Subsequent event disclosures should include 1) a description of the nature of the event, and 2) an estimate of the financial effect (or, if not practical, a statement that an estimate can't be made).
However, a subsequent event footnote disclosure should be made so that investors know the event occurred. For example: A labor strike that could potentially threaten the company into bankruptcy should be disclosed in the financial statements.
Recognized or type 1 subsequent events are typically events that occurred at the financial statement date. But that may have concluded after the year end. The financial statements must then be altered to include this event because it would be misleading not to list the event.
For example: If the company faced a lawsuit before the balance sheet date and the lawsuit is settled during the subsequent-events period, the company would adjust the contingent loss amount to match the actual settlement loss.