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Partial definition from ASC 855-10-20
Securities and Exchange Commission (SEC) filer: An entity that is required to file or furnish its financial statements with either of the following:
Partial definition from ASC 825-10-20
Conduit Debt Securities: Certain limited-obligation revenue bonds, certificates of participation, or similar debt instruments issued by a state or local governmental entity for the express purpose of providing financing for a specific third party (the conduit bond obligor) that is not a part of the state or local government’s financial reporting entity.
Excerpt from ASC 855-10-S99-2
...Generally, the staff believes that financial statements are “issued” as of the date they are distributed for general use and reliance in a form and format that complies with generally accepted accounting principles (GAAP) and, in the case of annual financial statements, that contain an audit report that indicates that the auditors have complied with generally accepted auditing standards (GAAS) in completing their audit. Issuance of financial statements then would generally be the earlier of when the annual or quarterly financial statements are widely distributed to all shareholders and other financial statement users or filed with the Commission. Furthermore, the issuance of an earnings release does not constitute issuance of financial statements because the earnings release would not be in a form and format that complies with GAAP and GAAS.
Type of filer | Subsequent events measurement period |
SEC filer, including voluntary filers | The period from the balance sheet date to the date the financial statements are issued |
Conduit bond obligor for conduit debt securities that are traded in a public market | The period from the balance sheet date to the date the financial statements are issued |
Non-SEC filer | The period from the balance sheet date through the date that the financials are available for issuance |
Financial statements of acquired business or equity investees that are not otherwise SEC filers | The period from the balance sheet date through the date that the financials are available for issuance |
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