SSAP 9

Question 1

Define “subsequent events”

Answer 1

Events that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements

Question 2

2 categories of subsequent events

Answer 2

Type 1: “Recognized subsequent events”: provide “additional evidence with respect to conditions that existed at the date of the balance sheet”
Type 2: “Nonrecognized subsequent events”: provide “evidence with respect to conditions that did not exist at the date of the balance sheet”

Question 3

Which events should already be reflected in the financial statements?

Answer 3

Type 1

Question 4

Disclosures about type 2 events in the financial statements

Answer 4

• Nature of the event

- Estimate of its financial impact, or a statement that the estimate can not be made