CPA FAR - Subsequent Events
Terms in this set (4)
What are the two categories of subsequent events?
Existed at the balance sheet date and did not exist at the balance sheet date.
A subsequent event existing at the Balance Sheet date requires what kind of disclosure?
Recognition in the financial statements.
A subsequent event that did not exist at the Balance Sheet date requires what kind of disclosure?
When can refinancing current debt be classified as noncurrent?
The following are issued
1. Issue stock to extinguish the debt;
2. Refinance the current liability with a noncurrent liability;
3. Enter into an irrevocable agreement to refinance the current liability with a noncurrent liability.
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