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What are "subsequent events"? |
In T2 schedule 141 (notes checklist), part 4 asks "are subsequent events mentioned in the notes?" What does "subsequent events" refer to? If you have notes of financial statments prepared, you may see a headings "Subsequent Events". If you see this heading, then place a check mark on the question as stated on schedule 141. In general, there are two types of subsequent events : (a) those which provide further evidence of conditions which existed at the financial statement date; and (b) those which are indicative of conditions which arose subsequent to the financial statement date. The extent to which, and the manner in which, the effect of a subsequent event is reflected in the financial statements will depend on its type. So basically any material events happens after the financial statment date are classified as subsequent events and needed to be disclosed on the notes of the financial statements. A subsequent event is a action that was precipitated by another action. Such as...I lost my temper and punched a guy there were SUBSEQUENT EVENTS that lead me to do this. |
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