The Financial Accounting Standards Board has released FASB Statement No. 165, “Subsequent Events,” setting standards for the disclosure of events that occur after the balance-sheet date, but before financial statements are issued or are available to be issued.

FAS 165 introduces the concept of financial statements being “available to be issued.” It requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date—that is, whether that date represents the date the financial statements were issued or were available to be issued. The disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. 

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