Mission: Accountable » subsequent events http://www.missionaccountable.com a blog for tax-exempt organizaitons serving the needs of Ft Worth and surrounding communities Thu, 15 Sep 2011 22:31:37 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Financial Report Changes Related to Subsequent Events http://www.missionaccountable.com/2009/12/12/financial-report-changes-related-to-subsequent-events/ http://www.missionaccountable.com/2009/12/12/financial-report-changes-related-to-subsequent-events/#comments Sat, 12 Dec 2009 09:44:28 +0000 Christina Brinker http://www.missionaccountable.com/?p=1606 Preparers of financial statements for nongovernmental entities are rquired to follow the accounting guidance contained in FASB Accounting Standards Codification 855, Subsequent Events (FASB ASC 855) and the accounting guidance contained in AU section 560 would no longer be applicable to audits of nongovernmental or state and local governmental entities. 

FASB ASC 855 requires that the auditor’s report date should not be earlier than the date on which the auditor obtained sufficient appropriate audit evidence to support their opinion (i.e. the date to which subsequent events were evaluated). Therefore, the auditor’s report date cannot be earlier than management’s subsequent event footnote date.

In summation: the specific management representations relating to information concerning subsequent events should be made as of the date of the auditor’s report.

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