Video: Introduction to Subsequent Events

In this lesson, the focus is on understanding subsequent events and their importance in the context of historical financial statements. Nick Palazzolo, CPA, explains that subsequent events are events or transactions that occur after the balance sheet date but before the issuance of financial statements. These events, if material, may require adjustments or disclosures in the financial statements. The lesson walks through how to handle such events and their potential impact on the year being audited.