For more information about financial reporting considerations related to COVID-19, see Deloitte’s Financial Reporting Alert, “Financial Reporting Considerations Related to COVID-19 and an Economic Downturn.”
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”
Throughout this publication, the “date financial statements are issued” or “financial statement issuance date” also refers to the date financial statements are available to be issued.
The ASC master glossary states that probable refers to the fact that “the future event or events are likely to occur.”
The phrase “reasonably knowable” is intended to emphasize that an entity should make a reasonable effort to identify conditions and events that it may not readily know but would be able to identify without undue cost or effort.