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Issue 1, Paper 1 July 17, 2023 Board Meeting To: From: c: Date: Re: Att:Board Members and Alan Skelton Emily Paul, Joe Wicklund, Elizabeth Green, and Jordyn Jackson GASB Technical Staff and Meeting
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What is subsequent events research memorandum?
A subsequent events research memorandum is a document used to disclose events that occur after the balance sheet date but before the financial statements are issued, which may have a significant impact on the financial position or results of operations.
Who is required to file subsequent events research memorandum?
Entities that are preparing financial statements in accordance with accounting standards and that are subjected to audits, as well as public companies, are required to file a subsequent events research memorandum.
How to fill out subsequent events research memorandum?
To fill out a subsequent events research memorandum, one must identify and evaluate events occurring between the balance sheet date and the issuance of financial statements, assess their impact, and document the findings in the memorandum format as specified by applicable accounting regulations.
What is the purpose of subsequent events research memorandum?
The purpose of a subsequent events research memorandum is to provide transparency regarding events that could influence the decision-making of users of the financial statements and to ensure that the financial statements comply with relevant accounting standards.
What information must be reported on subsequent events research memorandum?
The memorandum must report the nature of the subsequent event, the date of the event, and any potential financial statement effects, along with disclosures required by relevant accounting frameworks.
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