This course provides CPAs with a practical and focused examination of subsequent events under U.S. GAAP. It explains the distinction between recognized subsequent events and nonrecognized subsequent events, outlines the financial reporting and disclosure requirements, and covers the key considerations for evaluating the impact of post-balance-sheet developments. The course also addresses management responsibilities, audit implications, and examples of common subsequent events.
Publication Date: April 2026
Topics Covered
- Authoritative Guidance
- Timeliness
- Different Entities & Requirements
- Types of Subsequent Events
- Recognized Subsequent Events
- Nonrecognized Subsequent Events
- Identifying Subsequent Events
- Potential Controls
- Audit Consideratoins Related to Subsequent Events
- Special Topics
Learning Objectives
- Identify the key characteristics and timing of subsequent events under ASC 855
- Differentiate between recognized and nonrecognized subsequent events
- Determine when financial statement adjustments are required versus disclosure
- Recognize common examples of subsequent events and their typical accounting treatment
- Recognize audit procedures and documentation requirements related to subsequent events
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.