The Governmental Accounting Standards Board (GASB) has recently issued Statement No. 105, "Subsequent Events," which aims to enhance the financial reporting requirements for subsequent events.
The statement defines subsequent events as transactions or other events that occur after the date of the financial reporting statements, but before the date the financial statements are available to be issued.
The definition of subsequent events in this statement modifies the subsequent events time frame throughout the GASB literature. The requirements of Statement 105 are effective for the fiscal year starting after June 15, 2026, and all reporting periods thereafter. Learn more.