# ASC 855-10-60: Subsequent Events — Overall — 60 Relationships

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/855/10/#60-relationships)

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## ASC 855-10-60: 60 Relationships

[Read section](https://asc.understandingaccounting.org/asc/855/10/#60-relationships)

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#### Property, Plant, and Equipment

##### [855-10-60-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-60-1)

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For guidance on the classification of a long-lived asset to be sold when held-for-sale criteria are met after the balance sheet date but before the [financial statements are issued](https://asc.understandingaccounting.org/glossary/f/#financial-statements-are-issued "Financial statements are considered issued when they are widely distributed to shareholders and other financial statement users for general use and reliance in a form and format that complies with GAAP. (U.S. Securities and Exchange Commission [SEC] registrants also are required to consider the guidance in paragraph 855-10-S99-2.)") or are [available to be issued](https://asc.understandingaccounting.org/glossary/f/#financial-statements-are-available-to-be-issued "Financial statements are considered available to be issued when they are complete in a form and format that complies with GAAP and all approvals necessary for issuance have been obtained, for example, from management, the board of directors, and/or significant shareholders. The process involved in creating and distributing the financial statements will vary depending on an entity's management and corporate governance structure as well as statutory and regulatory requirements.") (as discussed in Section 855-10-25), see paragraph [360-10-45-13](https://asc.understandingaccounting.org/asc/360/10/#360-10-45-13).

#### Income Taxes

##### [855-10-60-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-60-2)

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For guidance on accounting and disclosure when an election to change an entity's tax status is approved by the tax authority (or filed, if approval is not necessary) early in Year 2 and before the financial statements for Year 1 are issued or are available to be issued (as discussed in Section 855-10-25), see paragraphs [740-10-25-34](https://asc.understandingaccounting.org/asc/740/10/#740-10-25-34), [740-10-50-4](https://asc.understandingaccounting.org/asc/740/10/#740-10-50-4), and [740-10-55-48](https://asc.understandingaccounting.org/asc/740/10/#740-10-55-48).

##### [855-10-60-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-60-3)

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[Paragraph superseded by Accounting Standards Update No. 2012-07](https://asc.understandingaccounting.org/updates/asu-2012-07/).

##### [855-10-60-4](https://asc.understandingaccounting.org/asc/855/10/#855-10-60-4)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).