Reminder for reviewing quarterly reports on Form 10-Q: FASB Statement No. 165--Subsequent Events

News Brief

By Nancy Wojtas

While reviewing quarterly reports for the quarter ended June 30, 2009, please remember that FASB Statement No. 165 (Subsequent Events), which is effective for interim or annual financial periods ending after June 15, 2009, requires that entities 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. The accountants no doubt are on top of this but just in caseā€¦...

This new statement can look as follows:

We have evaluated subsequent events for recognition or disclosure through the time of filing these consolidated financial statements on Form 10-Q with the U.S. Securities and Exchange Commission on July 29, 2009.

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Nancy Wojtas Partner, Palo Alto
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