[ACFR-contacts-news] FW: GASB Issues Guidance on Subsequent Events

[RIZZO Valentina * DAS]

Good afternoon ACFR Contacts,

Sharing the announcement below that GASB recently issued Statement No. 105, Subsequent Events, which will be effective for Fiscal Year 2027. As SARS reviews the standard and gains a clearer understanding of its requirements, we will communicate with agencies regarding any impacts to their processes.

Please reach out if you have questions.

Valya


[cid:image003.jpg at 01DC7035.EECB22E0]Valya Rizzo
Statewide Accounting and Reporting Services Manager
Office of the State Controller
Chief Financial Office
Cell: 971-900-9991
http://www.oregon.gov/DAS/financial/acctng

From: Governmental Accounting Standards Board <jcbetz at f-a-f.org<mailto:jcbetz at f-a-f.org>>
Sent: Wednesday, December 17, 2025 9:35 AM
To: HAMILTON Robert W * DAS <robert.w.hamilton at oregon.gov<mailto:robert.w.hamilton at oregon.gov>>
Subject: GASB Issues Guidance on Subsequent Events

View this email in your browser<https://mailchi.mp/gasb/gasb-issues-guidance-on-subsequent-events-4839475?e=9e9e9fbc46>
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GASB Issues Guidance on Subsequent Events

Norwalk, CT-December 17, 2025-The Governmental Accounting Standards Board (GASB) has issued Statement No. 105, Subsequent Events<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=005ea0cea0&e=9e9e9fbc46>, which is designed to improve the financial reporting requirements for subsequent events.

GASB's pre-agenda research on subsequent events showed diversity in practice in the application of the previously existing guidance on subsequent events, which was contained in GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards. This Statement, therefore, is intended to enhance consistency in the application of 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.

Statement No. 105 also clarifies the different types of subsequent events, when note disclosures are required, and the information that should be included in those note disclosures.

The requirements of Statement 105 are effective for fiscal year beginning after June 15, 2026, and all reporting periods thereafter. Earlier application is encouraged.

GASB Statement No. 105<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=679d13d016&e=9e9e9fbc46> is available on the GASB website, www.gasb.org<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=3541f2200f&e=9e9e9fbc46>.
####


Jordan C. "Kip" Betz
Senior Communications Manager
Financial Accounting Foundation
801 Main Avenue, Norwalk, CT 06851
E: jcbetz at f-a-f.org<mailto:jcbetz at f-a-f.org>
T: 203.956.5201 // C: 917.439.9553
www.accountingfoundation.org<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=f02a6270fe&e=9e9e9fbc46>

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