State Of Idaho
Office Of The State Controller
2017 GAAP Closing Procedures Manual

22 Subsequent Events
Due Date: October 19
At June 30, 2017
Agency Code:
000 		Name of Agency:
Agency		Current Status:
Temporary
Prepared by (Originator):
Job Title:
Phone:
Date:
Approved by (Approver):
Job Title:
Phone:
Date:
Select here if this is a continuation of an already submitted Closing Package:


PURPOSE

The purpose of this closing package is to gather information regarding subsequent events. This information will be used to prepare the State's Comprehensive Annual Financial Report (CAFR).

ACCOUNTING PRINCIPLES AND POLICIES

The State prepares its financial statements in accordance with Generally Accepted Accounting Principles (GAAP). GAAP requirements for reporting subsequent events are found in the following authoritative pronouncements:
  • Governmental Accounting Standards Board (GASB) Statement 56, ¶8-15
  • NCGA Interpretation No. 6
  • Chapter 14, ¶14.31-14.39 of State and Local Governments Audit and Accounting Guide (AICPA, 2016 edition)

DEFINITION

Subsequent Events - Those events or transactions that occur subsequent to the statements of net position date but before the financial statements are issued.

SUBSEQUENT EVENTS

To the best of our knowledge and belief, no events subsequent to June 30, 2017, have occurred that would require note disclosure in the CAFR. Reportable subsequent events are those with significant effects, including, but not limited to, the issuance of debt instruments, the filing or settlement of a lawsuit, notice of potential disallowed costs of a grant, and capital asset impairments due to natural disaster. Subsequent events with significant effects:
If such events occurred after the end of the fiscal year, please provide details of the event in the following Comments box.

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05/14/2025 12:38:53 AMAnonymous - Created