# ASC 855-10: Subsequent Events — Overall Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/855/10/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T02:04:25.213Z to 2026-09-10T02:05:09.116Z Record version: sha256:5dd13b9293dbe67ec4c56e376637d2788fd24a2f7f6a4c665888e6edad6d32bf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10: Subsequent Events — Overall ### Machine-generated study aids ```json { "summary": "ASC 855-10 governs how entities account for and disclose events that occur after the balance sheet date but before the financial statements are issued or available to be issued. Events providing additional evidence about conditions that existed at the balance sheet date are \"recognized subsequent events\" and must be reflected in the financial statements (855-10-25-1); events reflecting conditions arising only after the balance sheet date are \"nonrecognized\" and are only disclosed if needed to keep the statements from being misleading (855-10-25-3; 855-10-50-2). It applies to all entities but yields to any other Codification Topic that addresses the same post-balance-sheet event (855-10-15-4).", "key_points": [ "An entity shall recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including estimates inherent in preparing the statements (855-10-25-1).", "An entity shall not recognize subsequent events evidencing conditions that did not exist at the balance sheet date but arose afterward (855-10-25-3); examples include post-balance-sheet debt or stock issuances, business combinations, fires, and changes in fair value or FX rates (855-10-55-2).", "SEC filers and conduit bond obligors for publicly traded conduit debt evaluate subsequent events through the date the financial statements are issued (855-10-25-1A); all other entities evaluate through the date the statements are available to be issued (855-10-25-2).", "A non-SEC-filer must disclose the date through which subsequent events were evaluated and whether that date is the issuance date or the available-to-be-issued date (855-10-50-1), including in revised (reissued) financial statements for both the original and revised statements (855-10-50-4).", "For nonrecognized subsequent events that must be disclosed to keep the statements from being misleading, disclose the nature of the event and an estimate of its financial effect or a statement that such an estimate cannot be made (855-10-50-2); pro forma data, sometimes columnar on the face of the historical statements, should be considered (855-10-50-3; 855-10-45-1).", "In reissued financial statements, an entity shall not recognize events occurring after the statements were originally issued or available to be issued unless the adjustment is required by GAAP or regulatory requirements (855-10-25-4).", "The Topic applies to all entities and only to subsequent events not addressed elsewhere; other Topics govern where applicable, e.g., 740-10-25-15 (tax positions), 260-10-55-12 (stock splits/dividends and EPS), and 450-30-25-1 (gain contingencies) (855-10-15-2 through 15-5)." ], "categories": [ "Recognition", "Disclosure", "Presentation", "Financial statement presentation" ], "audience_level": "introductory", "student_note": "Exams love the recognized vs. nonrecognized distinction: the test is whether the underlying condition existed at the balance sheet date (litigation settled after year-end for events occurring before year-end is recognized; litigation from a post-year-end event is not). A common misunderstanding is that all significant post-year-end events get booked — most only get disclosed, and SEC filers are exempt from disclosing the evaluation date.", "related_topics": [ "450-30", "260-10", "740-10", "805", "360-10" ], "key_concepts": [ "subsequent events", "recognized subsequent event", "nonrecognized subsequent event", "date financial statements are issued", "available to be issued", "sec filer", "conduit bond obligor", "reissued financial statements" ] } ``` Source downloaded (UTC): 2026-09-10T02:04:25.213Z to 2026-09-10T02:04:25.213Z Record version: sha256:f250cd80bc507ec8478c98622359d68ea22d78d025b262718f08b8e412666ed8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/855/10/#00-status) SEC content: no ##### [855-10-00-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:25.213Z to 2026-09-10T02:04:25.213Z Record version: sha256:4fea16165271f732992e01a3c0ec26aa6392d9e2b202be373f3a5a8341363363 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Conduit Debt SecuritiesAddedAccounting Standards Update No. 2014-0603/14/2014
Public EntitySupersededAccounting Standards Update No. 2010-0902/24/2010
Revised Financial StatementsAddedAccounting Standards Update No. 2010-0902/24/2010
Securities and Exchange Commission (SEC) FilerAddedAccounting Standards Update No. 2010-0902/24/2010
855-10-25-1AAmendedAccounting Standards Update No. 2014-0603/14/2014
855-10-25-1AAddedAccounting Standards Update No. 2010-0902/24/2010
855-10-25-1AAmendedAccounting Standards Update No. 2010-0902/24/2010
855-10-25-2AmendedAccounting Standards Update No. 2010-0902/24/2010
855-10-50-1AmendedAccounting Standards Update No. 2010-0902/24/2010
855-10-50-4AmendedAccounting Standards Update No. 2010-0902/24/2010
855-10-50-5AddedAccounting Standards Update No. 2010-0902/24/2010
855-10-55-1AmendedAccounting Standards Update No. 2016-1306/16/2016
855-10-55-2AmendedAccounting Standards Update No. 2016-1306/16/2016
855-10-60-3SupersededAccounting Standards Update No. 2012-0710/24/2012
855-10-60-4SupersededAccounting Standards Update No. 2014-0905/28/2014
855-10-65-1AddedAccounting Standards Update No. 2010-0902/24/2010
Source downloaded (UTC): 2026-09-10T02:04:27.113Z to 2026-09-10T02:04:27.113Z Record version: sha256:4715329b8c32c22deeb9f9fb30f021f0a34ed0f0818db50e59d1e8aac9ff9ac1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/855/10/#05-overview-and-background) SEC content: no ##### [855-10-05-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:27.113Z to 2026-09-10T02:04:27.113Z Record version: sha256:0102be44629cfb5c76a10b1450e230471fe5049642cf73455b41f5a9a2b7882f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Topic provides guidance on principles and requirements for [subsequent events](https://asc.understandingaccounting.org/glossary/s/#subsequent-events "Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events: The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events). The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events)."). ##### [855-10-05-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:27.113Z to 2026-09-10T02:04:27.113Z Record version: sha256:80eab17728d859c29091022ae9a0995fd2879a7299cb228b2e118b6c129d44ec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph not used](https://asc.understandingaccounting.org/updates/page-1833002/). ##### [855-10-05-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-05-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:27.113Z to 2026-09-10T02:04:27.113Z Record version: sha256:9ac19835f18dd077fd006bbaf9228ffa73cc0cfe225bf236384d2a0467843696 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph not used](https://asc.understandingaccounting.org/updates/page-1833002/). ##### [855-10-05-4](https://asc.understandingaccounting.org/asc/855/10/#855-10-05-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:27.113Z to 2026-09-10T02:04:27.113Z Record version: sha256:caf435d2639684c4e6002e07ca50f08a0ffbd9e1bd69b2c619bbcc06e24b33d3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph not used](https://asc.understandingaccounting.org/updates/page-1833002/). ##### [855-10-05-5](https://asc.understandingaccounting.org/asc/855/10/#855-10-05-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:27.113Z to 2026-09-10T02:04:27.113Z Record version: sha256:57826033198d609b733f188b5282a2e608164105b2bae8fedcc5890570692577 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph not used](https://asc.understandingaccounting.org/updates/page-1833002/). Source downloaded (UTC): 2026-09-10T02:04:29.647Z to 2026-09-10T02:04:29.647Z Record version: sha256:a412a99db04844ab8fd13ec14dd960a0fa7b46ff13c1f71c208512c3d18d20aa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/855/10/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [855-10-15-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:29.647Z to 2026-09-10T02:04:29.647Z Record version: sha256:7158f571a0bb7e1f079a506c66256fe1e85c8e69a41d28021afc82e91f845b9c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Scope Section of the Overall Subtopic establishes the pervasive scope for the Subsequent Events Topic. #### Entities ##### [855-10-15-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:29.647Z to 2026-09-10T02:04:29.647Z Record version: sha256:a426d4c7d2b4b8d7d22757ba5977d1c195d6cbd6d5f36430a877b7b4fd749633 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the Subsequent Events Topic applies to all entities. #### Transactions ##### [855-10-15-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-15-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:29.647Z to 2026-09-10T02:04:29.647Z Record version: sha256:ebd587f51129c5d417e461fb1154a0be07edf2dd62a97d4884001c0e01afa43e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the Subsequent Events Topic shall be applied in the accounting for, and disclosure of, [subsequent events](https://asc.understandingaccounting.org/glossary/s/#subsequent-events "Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events: The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events). The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events).") not addressed in other Topics of the Codification. ##### [855-10-15-4](https://asc.understandingaccounting.org/asc/855/10/#855-10-15-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:29.647Z to 2026-09-10T02:04:29.647Z Record version: sha256:98ce7552e0dc86b8c8fa5d053f087ec004796fa94a9db5ced81985cfb7ead55b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Other Topics may address the accounting treatment of events or transactions that occur after the balance sheet date. If an event or transaction is within the scope of another Topic, then an entity shall follow the guidance in that Topic, rather than the guidance in this Topic. ##### [855-10-15-5](https://asc.understandingaccounting.org/asc/855/10/#855-10-15-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:29.647Z to 2026-09-10T02:04:29.647Z Record version: sha256:04518ce2c1b13b78fe3238635fce68b62c37f66987a6471a5590dc7b85a08ec2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following are examples (not collectively exhaustive) of other subsequent events guidance that is not consistent with the principles in this Topic for the recognition and disclosure of events or transactions that occur after the balance sheet date. 1. a Income Taxes—See paragraph [740-10-25-15](https://asc.understandingaccounting.org/asc/740/10/#740-10-25-15) for guidance on changes in judgment after the balance sheet date that results in subsequent recognition, derecognition, or change in measurement of a tax position taken in a prior annual period. 2. b Earnings per Share—See paragraph [260-10-55-12](https://asc.understandingaccounting.org/asc/260/10/#260-10-55-12) for guidance on the effect on earnings per share of changes in the number of common shares as a result of a stock dividend or stock split that occurs after the balance sheet date but before the financial statements are issued or are available to be issued. 3. c Gain Contingencies—See paragraph [450-30-25-1](https://asc.understandingaccounting.org/asc/450/30/#450-30-25-1) for guidance on gain contingencies that are rarely recognized after the balance sheet date but before the financial statements are issued or are available to be issued. Source downloaded (UTC): 2026-09-10T02:04:35.335Z to 2026-09-10T02:04:35.335Z Record version: sha256:bcb30193798117d27721f9305391200cc43df6f69eeb4ff6d4cded641103334e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/855/10/#25-recognition) SEC content: no #### Recognized Subsequent Events ##### [855-10-25-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:35.335Z to 2026-09-10T02:04:35.335Z Record version: sha256:283053bd51da0e4d846a665975b172423016a71f0a3189e34b48d6c307154ce4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity shall recognize in the financial statements the effects of all [subsequent events](https://asc.understandingaccounting.org/glossary/s/#subsequent-events "Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events: The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events). The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events).") that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. See paragraph [855-10-55-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-55-1) for examples of recognized subsequent events. ##### [855-10-25-1A](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-1A) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:35.335Z to 2026-09-10T02:04:35.335Z Record version: sha256:7ddbacff82afdb80daf872be88f390463fdafe02f368042f6ba73a9245bb6bd8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity that meets either of the following criteria shall evaluate subsequent events through the date the financial statements are issued: 1. a It is an [SEC filer](https://asc.understandingaccounting.org/glossary/s/#securities-and-exchange-commission-sec-filer "An entity that is required to file or furnish its financial statements with either of the following: The Securities and Exchange Commission (SEC) With respect to an entity subject to Section 12(i) of the Securities Exchange Act of 1934, as amended, the appropriate agency under that Section. Financial statements for other entities that are not otherwise SEC filers whose financial statements are included in a submission by another SEC filer are not included within this definition."). 2. b It is a conduit bond obligor for [conduit debt securities](https://asc.understandingaccounting.org/glossary/c/#conduit-debt-securities "Certain limited-obligation revenue bonds, certificates of participation, or similar debt instruments issued by a state or local governmental entity for the express purpose of providing financing for a specific third party (the conduit bond obligor) that is not a part of the state or local government's financial reporting entity. Although conduit debt securities bear the name of the governmental entity that issues them, the governmental entity often has no obligation for such debt beyond the resources provided by a lease or loan agreement with the third party on whose behalf the securities are issued. Further, the conduit bond obligor is responsible for any future financial reporting requirements.") that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets). ##### [855-10-25-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:35.335Z to 2026-09-10T02:04:35.335Z Record version: sha256:558f5a12cac9f8c0556da6d06acf101b05c58d5ebdfe3373bf16568677f526d7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity that meets neither criteria in the preceding paragraph shall evaluate subsequent events through the date that the financial statements are available to be issued. #### Nonrecognized Subsequent Events ##### [855-10-25-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:35.335Z to 2026-09-10T02:04:35.335Z Record version: sha256:d08df2f5e159e72ee51733ee0701e62c48df160426bfbf0e4486ec253758c249 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity shall not recognize subsequent events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after the balance sheet date but before [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."). See paragraph [855-10-55-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-55-2) for examples of nonrecognized subsequent events. ##### [855-10-25-4](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:35.335Z to 2026-09-10T02:04:35.335Z Record version: sha256:35001892cce401e5ed5197021b1e033520b38e87c069f84e0d2a1bc68fc4fd03 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity may need to reissue financial statements, for example, in reports filed with the SEC or other regulatory agencies. After the original issuance of the financial statements, events or transactions may have occurred that require disclosure in the reissued financial statements to keep them from being misleading. An entity shall not recognize events occurring between the time the financial statements were issued or were available to be issued and the time the financial statements were reissued unless the adjustment is required by GAAP or regulatory requirements. Similarly, an entity shall not recognize events or transactions occurring after the financial statements were issued or were available to be issued in financial statements that are later reissued in comparative form along with financial statements of subsequent periods unless the adjustment meets the criteria stated in this paragraph. Source downloaded (UTC): 2026-09-10T02:04:37.907Z to 2026-09-10T02:04:37.907Z Record version: sha256:849a6a92fff38d0eb4b27ccd818aca358addb23f47f35fbdcbd8c1e1875c924d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/855/10/#45-other-presentation-matters) SEC content: no #### Nonrecognized Subsequent Events ##### [855-10-45-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-45-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:37.907Z to 2026-09-10T02:04:37.907Z Record version: sha256:6e0862ba91ff842c89ae24cb6ff1b25e3414261995cf6f96b7a4366b7d4449b8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. As indicated in paragraph [855-10-50-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-50-3), in some situations, an entity also shall consider presenting pro forma statements, usually a balance sheet only, in columnar form on the face of the historical statements. Source downloaded (UTC): 2026-09-10T02:04:41.540Z to 2026-09-10T02:04:41.540Z Record version: sha256:44e81bc5bc6f984b5eda80881ee45f1b59dad49c7913e63aa1283d990451f111 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/855/10/#50-disclosure) SEC content: no #### Date Through Which Subsequent Events Have Been Evaluated ##### [855-10-50-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:41.540Z to 2026-09-10T02:04:41.540Z Record version: sha256:6b5a9a0bd18da1f7f3e0f9d2412074cba46fac403bf5d04b2d6ebe9795a4a172 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If an entity is not an [SEC filer](https://asc.understandingaccounting.org/glossary/s/#securities-and-exchange-commission-sec-filer "An entity that is required to file or furnish its financial statements with either of the following: The Securities and Exchange Commission (SEC) With respect to an entity subject to Section 12(i) of the Securities Exchange Act of 1934, as amended, the appropriate agency under that Section. Financial statements for other entities that are not otherwise SEC filers whose financial statements are included in a submission by another SEC filer are not included within this definition."), then the entity shall disclose both of the following: 1. a The date through which [subsequent events](https://asc.understandingaccounting.org/glossary/s/#subsequent-events "Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events: The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events). The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events).") have been evaluated 2. b Whether that date is either of the following: 1. 1 The date the [financial statements were 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.)") 2. 2 The date the [financial statements were 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."). #### Nonrecognized Subsequent Events ##### [855-10-50-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-50-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:41.540Z to 2026-09-10T02:04:41.540Z Record version: sha256:711d5f8645f9564d3575cf7b5c895d6a0df42f8e6400a87c707302433f833e42 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Some nonrecognized subsequent events may be of such a nature that they must be disclosed to keep the financial statements from being misleading. For such events, an entity shall disclose the following: 1. a The nature of the event 2. b An estimate of its financial effect, or a statement that such an estimate cannot be made. ##### [855-10-50-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-50-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:41.540Z to 2026-09-10T02:04:41.540Z Record version: sha256:029ca36b584cf145e73e5a6e83236d46617580039d8e1d89628fb9df50ea1e1d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity also shall consider supplementing the historical financial statements with pro forma financial data. Occasionally, a nonrecognized subsequent event may be so significant that disclosure can best be made by means of pro forma financial data. Such data shall give effect to the event as if it had occurred on the balance sheet date. In some situations, an entity also shall consider presenting pro forma statements, usually a balance sheet only, in columnar form on the face of the historical statements. #### Revised Financial Statements ##### [855-10-50-4](https://asc.understandingaccounting.org/asc/855/10/#855-10-50-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:41.540Z to 2026-09-10T02:04:41.540Z Record version: sha256:5f0337cb23bc5e8865357c29458cdea56020d0fff113b7bbec583d57bb0bbc27 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Unless the entity is an SEC filer, an entity shall disclose in the [revised financial statements](https://asc.understandingaccounting.org/glossary/r/#revised-financial-statements "Financial statements revised only for either of the following conditions: Correction of an error Retrospective application of U.S. GAAP.") the dates through which subsequent events have been evaluated in both of the following: 1. a The issued or available-to-be-issued financial statements 2. b The revised financial statements. ##### [855-10-50-5](https://asc.understandingaccounting.org/asc/855/10/#855-10-50-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:41.540Z to 2026-09-10T02:04:41.540Z Record version: sha256:18df294d5c50c3060e768b7386e45801199173921180fc2499cb67f964495fec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Revised financial statements are considered reissued financial statements. For guidance on the recognition of subsequent events in reissued financial statements, see paragraph [855-10-25-4](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-4). Source downloaded (UTC): 2026-09-10T02:04:44.592Z to 2026-09-10T02:04:44.592Z Record version: sha256:a15596fe6882e833fefc1cd0d263fe7e2e2c172fc49fd3e766c2fd7f863485ec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-55: 55 Implementation Guidance and Illustrations [Read section](https://asc.understandingaccounting.org/asc/855/10/#55-implementation-guidance-and-illustrations) SEC content: no #### Implementation Guidance ##### [855-10-55-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-55-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:44.592Z to 2026-09-10T02:04:44.592Z Record version: sha256:13c8296a8147e2f50da16e471f25c0ceefda1da55e862649524145d70d957e83 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following are examples of recognized [subsequent events](https://asc.understandingaccounting.org/glossary/s/#subsequent-events "Events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. There are two types of subsequent events: The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events). The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events).") addressed in paragraph [855-10-25-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-1): 1. a If the events that gave rise to litigation had taken place before the balance sheet date and that litigation is settled 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."), for an amount different from the liability recorded in the accounts, then the settlement amount should be considered in estimating the amount of liability recognized in the financial statements at the balance sheet date. 2. b Subsequent events affecting the realization of assets, such as inventories, or the settlement of estimated liabilities, should be recognized in the financial statements when those events represent the culmination of conditions that existed over a relatively long period of time. ##### [855-10-55-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-55-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:44.592Z to 2026-09-10T02:04:44.592Z Record version: sha256:76b345ae9cda5b1a7201907ee3cde5b43abf82fe8810cd368b24cf98907617cb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following are examples of nonrecognized subsequent events addressed in paragraph [855-10-25-3](https://asc.understandingaccounting.org/asc/855/10/#855-10-25-3): 1. a Sale of a bond or capital stock issued after the balance sheet date but before financial statements are issued or are available to be issued 2. b A business combination that occurs after the balance sheet date but before financial statements are issued or are available to be issued (Topic 805 requires specific disclosures in such cases.) 3. c Settlement of litigation when the event giving rise to the claim took place after the balance sheet date but before financial statements are issued or are available to be issued 4. d Loss of plant or inventories as a result of fire or natural disaster that occurred after the balance sheet date but before financial statements are issued or are available to be issued 5. e Changes in estimated credit losses on receivables arising after the balance sheet date but before financial statements are issued or are available to be issued 6. f Changes in the fair value of assets or liabilities (financial or nonfinancial) or foreign exchange rates after the balance sheet date but before financial statements are issued or are available to be issued 7. g Entering into significant commitments or contingent liabilities, for example, by issuing significant guarantees after the balance sheet date but before financial statements are issued or are available to be issued. Source downloaded (UTC): 2026-09-10T02:04:46.974Z to 2026-09-10T02:04:46.974Z Record version: sha256:5b98980879f2a1e2f60c7066cc481efbabe0c719bc9182506e77c215fe4340e8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-60: 60 Relationships [Read section](https://asc.understandingaccounting.org/asc/855/10/#60-relationships) SEC content: no #### Property, Plant, and Equipment ##### [855-10-60-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-60-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:46.974Z to 2026-09-10T02:04:46.974Z Record version: sha256:5d35c5da195327c75fd2ac8b85c456310650de91bf9b3b890f82ca0bd0890783 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:46.974Z to 2026-09-10T02:04:46.974Z Record version: sha256:cbce19f550831bb7744712a1c6e6c45c7343092ef50cd2cd9957d79d7e9a404e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:46.974Z to 2026-09-10T02:04:46.974Z Record version: sha256:9e348160d0eaccb4d4f170aa1c64f2a2fd782df1098055e9ffa390cd7b8e6187 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [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) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:46.974Z to 2026-09-10T02:04:46.974Z Record version: sha256:294962499c03cfbfc0dd3d8923953cb066f321cc6385f256e09306edf3c33cd4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T02:04:50.359Z to 2026-09-10T02:04:50.359Z Record version: sha256:93c5d118560bedc591691fdd5afabd8e91e4566ad82c21bd8604284382a48f35 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-65: 65 Transition and Open Effective Date Information [Read section](https://asc.understandingaccounting.org/asc/855/10/#65-transition-and-open-effective-date-information) SEC content: no ##### [855-10-65-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-65-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:50.359Z to 2026-09-10T02:04:50.359Z Record version: sha256:8608230d81461b72b76de2b2613ab54f3ac4ff4ad6fde63f52d2055254fd88a7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph superseded on 12/15/2010 after the end of the transition period stated in Accounting Standards Update No. 2010-09, _Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements_. Source downloaded (UTC): 2026-09-10T02:04:57.096Z to 2026-09-10T02:04:57.096Z Record version: sha256:73ac4b50457031f9b8c3cdc56253cdee08b243bc26a57b674020f868f48f80b1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/855/10/#sec-00-status) SEC content: yes ##### [855-10-S00-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-S00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:04:57.096Z to 2026-09-10T02:04:57.096Z Record version: sha256:6bec570e0f144a143a103d3cd56bde8d75a329329e8347c7d9ebaed411363bdf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
855-10-S99-2AmendedAccounting Standards Update No. 2010-0401/15/2010
Source downloaded (UTC): 2026-09-10T02:05:01.355Z to 2026-09-10T02:05:01.355Z Record version: sha256:3e54b725c2f3abbef48c8669313460dafd4f6accb533a9fe980e5761dcf8e6bb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-S25: SEC 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/855/10/#sec-25-recognition) SEC content: yes #### Type I Subsequent Events ##### [855-10-S25-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-S25-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:05:01.355Z to 2026-09-10T02:05:01.355Z Record version: sha256:0413aab739d08e088b8a709886b8cadb0009be810b8afcea3731686b82e67734 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [855-10-S99-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-S99-2), SEC Staff Announcement: [Issuance of Financial Statements](https://asc.understandingaccounting.org/glossary/i/#issuance-of-financial-statements "See paragraph 855-10-S99-2, SEC Staff Announcement: Issuance of Financial Statements, for SEC Staff views on when financial statements are deemed to be issued."), for SEC Staff views on the accounting for Type I subsequent events. #### Dividends Declared by the Subsidiary after the Balance Sheet Date ##### [855-10-S25-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-S25-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:05:01.355Z to 2026-09-10T02:05:01.355Z Record version: sha256:09d4506b8da92bf56a8c5f84fe5d17cfc491d85e380a9350d12c2a2392748e54 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [855-10-S99-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-S99-1), SAB Topic 1.B.3, for SEC Staff views on the recognition of dividends declared after the balance sheet date. Source downloaded (UTC): 2026-09-10T02:05:04.481Z to 2026-09-10T02:05:04.481Z Record version: sha256:f0a23083a8503fae5caaa15e6f37649fffa14ead6df10dab9975edccaac73a9a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/855/10/#sec-50-disclosure) SEC content: yes #### Dividends Declared by a Subsidiary After the Balance Sheet Date ##### [855-10-S50-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-S50-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:05:04.481Z to 2026-09-10T02:05:04.481Z Record version: sha256:6293da1d90ee467ef8dca83a88afc298c00f65740b68a63304475b505f96612c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [855-10-S99-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-S99-1), SAB Topic 1.B.3, for SEC Staff views on disclosure of dividends declared after the balance sheet date. Source downloaded (UTC): 2026-09-10T02:05:09.116Z to 2026-09-10T02:05:09.116Z Record version: sha256:49b999670429b5c383339fcd28eac6541e1db587bbc2a838c3942c558f815ac4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 855-10-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/855/10/#sec-99-sec-materials) SEC content: yes #### SEC Staff Guidance ##### [855-10-S99-1](https://asc.understandingaccounting.org/asc/855/10/#855-10-S99-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:05:09.116Z to 2026-09-10T02:05:09.116Z Record version: sha256:377a2d01d9cb4cd223c9125810a266be8b27ce941d97a77729bdf2f54d0a23e8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of SAB Topic 1.B.3, Other Matters. - Question: What is the staff's position with respect to dividends declared by the subsidiary subsequent to the balance sheet date? - Interpretive Response: The staff believes that such dividends either be given retroactive effect in the balance sheet with appropriate footnote disclosure, or reflected in a pro forma balance sheet. In addition, when the dividends are to be paid from the proceeds of the offering, the staff believes it is appropriate to include pro forma per share data (for the latest year and interim period only) giving effect to the number of shares whose proceeds were to be used to pay the dividend. A similar presentation is appropriate when dividends exceed earnings in the current year, even though the stated use of proceeds is other than for the payment of dividends. In these situations, pro forma per share data should give effect to the increase in the number of shares which, when multiplied by the offering price, would be sufficient to replace the capital in excess of earnings being withdrawn. ##### [855-10-S99-2](https://asc.understandingaccounting.org/asc/855/10/#855-10-S99-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:05:09.116Z to 2026-09-10T02:05:09.116Z Record version: sha256:971192237d87ff9ca8b2e60ded9e7d15715f234b6e51840df6ad80aa46026bb4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of SEC Staff Announcement: [Issuance of Financial Statements](https://asc.understandingaccounting.org/glossary/i/#issuance-of-financial-statements "See paragraph 855-10-S99-2, SEC Staff Announcement: Issuance of Financial Statements, for SEC Staff views on when financial statements are deemed to be issued."). - In considering when financial statements have been issued, the SEC staff observed that Rules 10b-5 and 12b-20 under the Securities Exchange Act of 1934 and General Instruction C(3) to Form 10-K specify that financial statements must not be misleading as of the date they are filed with the Commission. For example, assume that a registrant widely distributes its financial statements but, before filing them with the Commission, the registrant or its auditor becomes aware of an event or transaction that existed at the date of the financial statements that causes those financial statements to be materially misleading. If a registrant does not amend those financial statements so that they are free of material misstatement or omissions when they are filed with the Commission, the registrant will be knowingly filing a false and misleading document. In addition, registrants are reminded of their responsibility to, at a minimum, disclose subsequent events, FN1 while independent auditors are reminded of their responsibility to assess subsequent events FN2 and evaluate the impact of the events or transactions on their audit report. FN3 - FN1 See AU Section 560, Subsequent Events, paragraphs 5 and 8 and Section 855-10-50. - FN2 See AU 560 and AU Section 561, Subsequent Discovery of Facts Existing at Date of the Auditor's Report. - FN3 See AU Section 530, Dating of the Independent Auditor's Report, and AU 560, paragraph 9. - A registrant and its independent auditor have responsibilities with regard to post-balance-sheet-date subsequent events, as well as the application of authoritative literature applicable to such events. See Topic 855 and AU 560, Subsequent Events, paragraph 3. - Generally, the staff believes that financial statements are "issued" as of the date they are distributed for general use and reliance in a form and format that complies with generally accepted accounting principles (GAAP) and, in the case of annual financial statements, that contain an audit report that indicates that the auditors have complied with generally accepted auditing standards (GAAS) in completing their audit. Issuance of financial statements then would generally be the earlier of when the annual or quarterly financial statements are widely distributed to all shareholders and other financial statement users FN4 or filed with the Commission. Furthermore, the issuance of an earnings release does not constitute issuance of financial statements because the earnings release would not be in a form and format that complies with GAAP and GAAS. - FN4 Posting financial statements to a registrant's web site would be considered wide distribution to all shareholders and other financial statement users if the registrant uses its web site to disclose information to the public in a manner consistent with the requirements of Regulation FD. See the Commission's interpretive guidance in Exchange Act Release No. 58288 (Aug. 7, 2008).