This course provides an overview of the reporting and disclosure requirements related to subsequent events and includes information on how to distinguish between recognized subsequent events and nonrecognized subsequent events. With respect to going concern, prior to 2014 there was no explicit guidance in U.S. GAAP related to management's responsibility to evaluate whether there was substantial doubt about an entity's ability to continue as a going concern. However, the Financial Accounting Standards Board (FASB) provided guidance through ASU 2014-15 which set out requirements for public companies starting in 2017. This course will address the key assessments that must be performed along with any disclosure requirements that may be applicable in certain situations.

Upon completion of this course, students will be able to:

• recognize the different types of subsequent events
• differentiate between recognized and nonrecognized subsequent events
• identify the assessment period for an entity's going concern evaluation
• recognize conditions that may cause doubt about an entity's ability to continue as a going concern
• identify the frequency with which going concern considerations should be evaluated