Subsequent events are occurrences which can affect the value of an enterprise or asset estimated by a business valuator. When the Fair Market Value of a business enterprise or an asset is determined, it reflects the facts and circumstances existing as of the valuation date as well as events before, or foreseeable events based on observed historical trends. There are instances where major development in the economy, industry, or market may occur after the close of a market (say, over a weekend) but before the measurement date which can affect the value of the business or asset. Even though business valuators consider the possibility of subsequent events in the analytical work, the impact of such events are not considered in the valuation if they happen after the valuation date.