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Section 3820 - Subsequent Events

This section applies to events that occur subsequent to the financial statement date.

The extent to which, and the manner in which, the effect of a subsequent event is reflected in the financial statements depends on its type

There are two types of subsequent events:

  • Those that provide further evidence of conditions that existed at the financial statement date; and
  • Those that are indicative of conditions that arose subsequent to the financial statement date.

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