Subsequent Events

Question 1

Subsequent events

Answer 1

These are events that occur after the balance sheet date, but before the financial statements are issued.

Question 2

Recognized subsequent events - Existed at Balance Sheet Date

Answer 2

Conditions that existed at the balance sheet date require recognition in the financial statements.

Question 3

Unrecognized Subsequent Events- Did not exist at balance sheet date

Answer 3

Conditions that did not exist at the balance sheet date require disclosure in the footnotes