[vodrldnr]

wiley says that Subsequent every evaluated through the FS issuance date under GAAP

Under IFRS, Subsequent event is evaluated thought F/S authorization to be issued date

I am confused by the expatiation itself .. I just don’t understand their wording …

my understating about this topic under gaap is ..

if end of Accounting fiscal year is 12/31 YR1, the issuance date would be 3/31 YR2.. So under GAAP subsequent event is evaluated from 1/1 YR2 ~ 3/31 YR 2.. right ?.. correct me if I am wrong …

under IFRS.. ” F/S authorization to be issued date” what do they mean by this ???

what is F/S authorization ??..

[Substantive Testing]

Hi @vodrldnr, this is loo. My other account got messed up.
This is not a big difference between GAAP and IFRS, but it is definitely worth noting.
Let's say ABC construction is in America; therefore, they use GAAP. They close their books on December 31, 2015; but they wanted to provide their 10-k financial statements on March 26, 2016; Moreover, everything material that happens before March 26 has to be included in the F/S. This could be different for XYZ construction in France that uses IFRS. They could set their date to report on March 26, but if their CEO, CFO and the board of directors signs it in March 20, then they are final on March 20. This is not a ground breaking difference, but there are other differences that I recommend you to keep an eye on.
There is a nice little chart on https://rsmus.com/pdf/us_gaap_ifrs_subsequent_events.pdf , I recommend you to focus on going concern and refinance of short term liability.

[vodrldnr]

@Substantial Assurance, according to your explanation, it seems like the authorization date is when EO, CFO and the board of directors signs on their F/S.

[Author]

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