Dating reissued financial statements

Nonrecognized subsequent events aren’t recognized, but may need to be disclosed to prevent financial statements from being misleading.

ASC 855 provides several examples to demonstrate the difference between the two.

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This report supplements our independent auditor’s report on the results of our audit of HUD’s principal financial statements for the fiscal years ending September 30, 20 (Restated) related to HUD’s internal controls and compliance with applicable laws, regulations, and governmentwide policy requirements and provisions of contracts and grant agreements.We issued a disclaimer of opinion on HUD’s consolidated financial statements for fiscal years 20 (restated) due to HUD’s inability to deliver principal financial statements for the fiscal years ending September 30, 20 (Restated) and accompanying notes in a timely manner.To comply with the rule: Form 12b-25 can be tricky because it is not just a “notice” filing.On February 24, 2010, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2010-09, Subsequent Events — Amendments to Certain Recognition and Disclosure Requirements.The ASU clarifies the requirements that apply to SEC filers, conduit debt obligors and other entities in relation to evaluating events or transactions that occur after the balance-sheet date but before financial statements are issued or available to be issued.

Among other things, the ASU removes the requirement that SEC filers disclose on their financial statements the date through which they’ve evaluated subsequent events.

In May 2009, FASB issued Statement of Financial Accounting Standards (FAS) No.

165, Recognized subsequent events must be recognized in financial statements.

Note: If the auditor concludes that a scope limitation will prevent the auditor from obtaining the reasonable assurance necessary to express an opinion on the financial statements, then the auditor's report date is the date that the auditor has obtained sufficient appropriate evidence to support the representations in the auditor's report.

The auditor has no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report.

Once you have reason to believe that there is a material error, you should shut down trading in the company's securities by insiders.