Question
Why is a fire after year-end usually Type II?
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Answer
The asset was fine at year-end; the condition arose later.
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Question
Why is the timing of the underlying condition more important than the event date?
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Answer
ASC 855 classifies events by when the root cause arose.
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Question
Why are conditions arising after year-end considered in the going-concern assessment?
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Answer
They affect the entity's ability to continue for the next year.
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Question
How are post-year-end fire, flood, or casualty events classified?
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Answer
Type II; disclose if material.
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