February 21, 2025
Director of Research and Technical Activities
Governmental Accounting Standards Board
Project No. 32-2
Sent via email to [email protected]
RE: Subsequent Events
To Whom It May Concern:
The Virginia Society of CPAs (VSCPA) Accounting & Auditing Advisory Committee has reviewed the Exposure Draft (ED) — Subsequent Events, issued by the Governmental Accounting Standards Board. The VSCPA is the leading professional association in Virginia dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. The VSCPA membership consists of nearly 12,000 individual members who actively work in public accounting, private industry, government, and education.
Overall, we support the Board’s approach to further refining the standard around subsequent events. And while we agree with most of the changes, we respectfully submit additional thoughts for the Board to consider before implementing final guidance. First, paragraph four appears to contain language that we feel is not specific enough for preparers, issuers, and users of financial statements. The Bboard may wish to consider the final date to consider subsequent events as the preparer provides written audit representations that the financial statements are fairly presented in all material respects. Furthermore, we wish to highlight that the use of the word “significant” in paragraph seven coincides with widely most GASB statements but the word “substantial” is used in GASB 56, paragraph 16 and GASB 102 paragraph 7. We feel that the board should consider standardizing using either the word significant or substantial going forward.
The VSCPA appreciates the opportunity to respond to this ED. Please direct any questions or concerns to VSCPA Vice President, Advocacy & Pipeline Emily Walker, CAE, at [email protected] or (804) 612- 9428.
Sincerely,
Michael Phillips, CPA
Chair 2024-2025
VSCPA Accounting & Auditing Advisory Committee
VSCPA Accounting & Auditing Advisory Committee 2024-2025
Michael Phillips, CPA —Chair
Daniel Martin, CPA — Vice Chair
Zach Borgerding, CPA
Joshua Keene, CPA
Nick Kinsler, CPA
Brian Minor, CPA
Elisa Obillo, CPA
Krisia Raya, CPA
Charles Valadez, CPA
Natalya Yashina, CPA