What are subsequent events and why are they reported in financial statements? Describe the subsequent event Canadian

Question:

What are subsequent events and why are they reported in financial statements? Describe the subsequent event Canadian Tire reported in its 2011 statements. What is the relevance of this event to ? Do you think the event when reported in the financial statement would be "news" to any stakeholder who was very interested in Canadian Tire? Explain. Why was the event described in the note disclosed and not recorded in the financial statements?

Stakeholders
A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees,...