Reminder about FASB Statement No. 165, Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement No. 165, Subsequent Events. CPAs are reminded that Statement No. 165 is effective for interim or annual financial periods ending after June 15, 2009. In many respects, Statement No. 165 does not result in significant changes in subsequent events that an entity reports (either through recognition or disclosure). It does, however, require the entity to disclose the date through which subsequent events have been evaluated, as well as whether that date is the date the financial statements were issued or the date the financial statements were available to be issued. See the Statement.