US GAAP versus IFRS
Despite differences in terminology, the accounting for subsequent events under ASC 855, Subsequent Events, and IAS 10, Events after the Reporting Period, is largely similar. An event that occurs during the subsequent events period that provides additional evidence about conditions existing at the balance sheet date usually results in an adjustment to the financial statements.
If the event occurring after the balance sheet date but before the financial statements are issued relates to conditions that arose after the balance sheet date, the financial statements are not adjusted, but disclosure may be necessary to keep the financial statements from being misleading.
No further convergence is planned at this time.
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