FASB Seeks Comment on Changes to Accounting for Subsequent Events

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NORWALK, Conn.--The Financial Accounting Standards Board Dec. 29 said it is seeking comments by Jan. 28 on amendments that would address questions that have arisen in practice about accounting for subsequent events.

FASB is seeking comments on a proposed Accounting Standards Update, Subsequent Events (Topic 855), Amendments to Certain Recognition and Disclosure Requirements.

Constituents have said a proposed requirement to disclose the date that the financial statements are issued potentially conflicts with some Securities and Exchange Commission guidance, FASB said. Thus, the proposed ASU seeks to address both the interaction of the requirement of subsequent events with the SEC's registration requirements and the intended breadth of the reissuance disclosures provision related to subsequent events, FASB said.