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FASB ASC Guide > FASB ASC 855

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 855 (ASC 855) to address subsequent events as they relate to the company financial statements.  A subsequent event is something happens after the balance sheet date but before the financial statements are issued.  Two types of subsequent events, (1) more evidence about events that existed (2) events that did not exist at the balance sheet date.  Depending on the type of event that happened, the company may be required to revise financial statements for issuance.

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