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Subsequent Events

This workbook is designed to assist with GAAP disclosure requirements for subsequent events, including the disclosure of nonrecognized subsequent events necessary to keep the financial statements from being misleading. FASB ASC 855-10,
Subsequent Events—Overall
, includes accounting and disclosure standards on subsequent events that formerly resided in auditing standards. The new guidance does not apply to subsequent events specifically addressed in other applicable GAAP.

Entering Data

This workbook is designed to hide any steps that are not applicable based on the information and answers provided. Thus, a completed Input worksheet may appear to skip steps or appear randomly arranged. However, the worksheet's conclusions are not affected by this presentation. Based on the information and answers provided in the Input worksheet, the user is either guided to the next relevant question, instructed to provide self-prepared supporting disclosure information, or instructed to open the Disclosure worksheet.
Three text boxes are included in the Input worksheet. If applicable, two of the three text boxes directly populate the disclosures in the Disclosure worksheet. The final text box is a “general comments” area to document any workpaper notes, including information supporting the answers provided in the Input worksheet. The general comments text box does not affect the Disclosure worksheet. See the discussion below for tips on text box data entry.  
No entries are necessary in the Disclosure worksheet. The disclosure automatically generates (in rows 6 through 12) each time the Disclosure worksheet is entered. The disclosure is customizable below row 13 so you can provide additional disclosure information (such as pro forma financial information), if necessary.  

Entering Data in Text Boxes

The text boxes in the Input worksheet are designed for easier text input than traditional Excel worksheet cells. Place your cursor inside a text box. (After entering a text box, the text box borders turn green.) The base size of a text box is four rows, but it can expand to accommodate as much input as necessary and will shrink as text is removed. However, after approximately 30-35 rows of text have been entered, the size of the text box will remain fixed and a scroll bar will appear to allow for viewing of the entire entry. Note that when a scroll bar is present, only the visible portion of text is printable.
Left-click outside of the text box to exit it. (After exiting a text box, its borders return to the regular gray color.) You can also exit a text box by pressing the Tab key while your cursor is in the text box.  See the section “General Workpaper Functionality and Tips for Entering Data” for further explanation of textbox functionality.