I have a couple questions on subsequent events. I think it's starting to make a bit more sense, but just want to be sure.
1. Say a loss occurs in 2014 but I don't find out about it until early 2015, before the issuance of the statutory financial statement. Is that a Type I event? It appears it would be because I have just learned more information about a condition that existed in 2014. My confusion arises because another interpretation could be that it's only Type I if you actually knew about it in 2014 and then learned more about it in early 2015.
2. It sounds like if it's a material Type 1 event, we actually change the numbers in the financial statements, and also note it in the notes to the financial statement as to how much we changed them. Is this correct?
I think what's confusing me are the examples given in Odomirok. For example, the example for Type I is something we knew about in 2014 but learned more about in early 2015 (different years I guess but same idea). Then the Type II example is something that occurred in 2015, but it says "and was not previously known", which sort of hints that it didn't actually occur in 2015 but we just found out about it in 2015. I mean, if it happened on January 15, 2015, then obviously it was not previously known.
1. Say a loss occurs in 2014 but I don't find out about it until early 2015, before the issuance of the statutory financial statement. Is that a Type I event? It appears it would be because I have just learned more information about a condition that existed in 2014. My confusion arises because another interpretation could be that it's only Type I if you actually knew about it in 2014 and then learned more about it in early 2015.
2. It sounds like if it's a material Type 1 event, we actually change the numbers in the financial statements, and also note it in the notes to the financial statement as to how much we changed them. Is this correct?
I think what's confusing me are the examples given in Odomirok. For example, the example for Type I is something we knew about in 2014 but learned more about in early 2015 (different years I guess but same idea). Then the Type II example is something that occurred in 2015, but it says "and was not previously known", which sort of hints that it didn't actually occur in 2015 but we just found out about it in 2015. I mean, if it happened on January 15, 2015, then obviously it was not previously known.
Subsequent Events
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