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ASC 855 defines revised financial statements.

Definition from ASC 855-10-20

Revised financial statements: Financial statements revised only for either of the following conditions:

  1. Correction of an error
  2. Retrospective application of U.S. GAAP.

A reporting entity may need to revise and reissue financial statements in reports filed with the SEC, other regulatory agencies, or other stakeholders.
This typically leads to the question of whether an updated evaluation of subsequent events is required at the time of reissuance of the financial statements. A reporting entity should consider whether subsequent events have occurred that warrant disclosure. However, ASC 855-10-25-4 prohibits a reporting entity from recognizing additional subsequent events unless the adjustment is required by US GAAP or regulatory requirements. For example, the retrospective application of an accounting standard such as discontinued operations or a segment change would be reflected in the financial statements. However, the subsequent settlement of a lawsuit at a loss greater than reflected in the financial statements as originally issued would not be recognized in the reissued financial statements; rather, it would be disclosed.
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