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<title>GASB Issues Guidance on Subsequent Events</title>
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<p class="MsoNormal">Good afternoon ACFR Contacts,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Sharing the announcement below that GASB recently issued Statement No. 105,
<i>Subsequent Events</i>, 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.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Please reach out if you have questions.<o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal">Valya<o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:standardcontextual"><o:p> </o:p></span></p>
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Rizzo</span></b><span style="font-size:13.0pt;font-family:"Calibri",sans-serif;mso-ligatures:standardcontextual"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Statewide Accounting and Reporting Services Manager<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Office of the State Controller<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Chief Financial Office<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Cell: 971-900-9991<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:13.5pt;text-indent:-13.5pt"><span style="font-size:10.0pt;font-family:Roboto;mso-ligatures:standardcontextual"><a href="http://www.oregon.gov/DAS/financial/acctng">http://www.oregon.gov/DAS/financial/acctng</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> Governmental Accounting Standards Board <<a href="mailto:jcbetz@f-a-f.org">jcbetz@f-a-f.org</a>>
<br>
<b>Sent:</b> Wednesday, December 17, 2025 9:35 AM<br>
<b>To:</b> HAMILTON Robert W * DAS <<a href="mailto:robert.w.hamilton@oregon.gov">robert.w.hamilton@oregon.gov</a>><br>
<b>Subject:</b> GASB Issues Guidance on Subsequent Events<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:150%"><span style="font-size:9.0pt;line-height:150%;font-family:"Georgia",serif;color:#656565"><a href="https://mailchi.mp/gasb/gasb-issues-guidance-on-subsequent-events-4839475?e=9e9e9fbc46" target="_blank"><span style="color:#656565">View
this email in your browser</span></a> <o:p></o:p></span></p>
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<h2>GASB Issues Guidance on Subsequent Events<o:p></o:p></h2>
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<p class="MsoNormal" style="line-height:150%"><strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">Norwalk, CT—December 17, 2025—</span></strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">The
Governmental Accounting Standards Board (GASB) has issued Statement No. 105, <a href="https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=005ea0cea0&e=9e9e9fbc46">
<em><span style="font-family:"Georgia",serif;color:#EF4142;text-decoration:none">Subsequent Events</span></em></a>, which is designed to improve the financial reporting requirements for subsequent events.<br>
<br>
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,
<em><span style="font-family:"Georgia",serif">Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards</span></em>. This Statement, therefore, is intended to enhance consistency in the application of
requirements for subsequent events.<br>
<br>
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.<br>
<br>
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.<br>
<br>
The requirements of Statement 105 are effective for fiscal year beginning after June 15, 2026, and all reporting periods thereafter. Earlier application is encouraged.<br>
<br>
<a href="https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=679d13d016&e=9e9e9fbc46"><span style="color:#EF4142;text-decoration:none">GASB Statement No. 105</span></a> is available on the GASB website,
<a href="https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=3541f2200f&e=9e9e9fbc46">
<span style="color:#EF4142;text-decoration:none">www.gasb.org</span></a>. <o:p></o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center;line-height:150%"><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">####<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:150%"><strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">Jordan C. “Kip” Betz</span></strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A"><br>
<em><span style="font-family:"Georgia",serif">Senior Communications Manager</span></em><br>
Financial Accounting Foundation<br>
801 Main Avenue, Norwalk, CT 06851<br>
E: <a href="mailto:jcbetz@f-a-f.org"><span style="color:#EF4142;text-decoration:none">jcbetz@f-a-f.org</span></a><br>
T: 203.956.5201 // C: 917.439.9553<br>
<a href="https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=f02a6270fe&e=9e9e9fbc46"><span style="color:#EF4142;text-decoration:none">www.accountingfoundation.org</span></a><br>
<br>
</span><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A"><img border="0" width="143" height="35" style="width:1.4895in;height:.3645in" id="_x0000_i1031" src="https://gallery.mailchimp.com/e043e1190253df702a1340ed7/images/f78320ef-8ffe-4fee-99e5-91c9fec02a78.png"></span><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A"><o:p></o:p></span></p>
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