The Financial Accounting Standards Board has issued a proposed accounting standards update on its subsequent events standards, amending certain recognition and disclosure requirements to avoid a conflict with the SEC.
FASB issued the proposed changes because some of its constituents had informed the board that the current requirements to disclose the date that financial statements are issued potentially conflict with the SECs guidance.
The proposed amendments would remove the requirement for an entity that files or furnishes financial statements with the SEC to disclose a date in both its originally issued and reissued financial statements. In addition, FASB clarified that if the financial statements have been restated, then an entity that does not file with the SEC would disclose both the original date that the financial statements were issued or available to be issued, and the date the restated financial statements were issued or available to be issued.
The amendments in the proposed update will be effective when the final update is issued. FASB is requesting that comments on the proposed update be sent by Jan. 28, 2010. For more information, visit www.fasb.org.
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