The GASB has issued an Exposure Draft to provide additional guidance and modify the definitions of certain terms related to subsequent event reporting.

The Exposure Draft defines subsequent events as transactions or other events that occur after the date of the financial statements but before the date the financial statements are available to be issued.

The Exposure Draft further defines the date the financial statements are available to be issued as the date at which the financial statements are both complete in a form and format that complies with generally accepted accounting principles and all approvals necessary for issuance have been obtained.

The Exposure Draft would be effective for fiscal years beginning after June 15, 2026, and all reporting periods thereafter. Earlier application is encouraged.

The full text of the Exposure Draft is available here.

Published: 01/06/2025

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