Method and system for managing asynchronous event notifications (AENs) including comparing an AEN sequence number at a shared memory location with an AEN sequence number at a local memory location controlled by a application; acquiring an AEN from the shared memory, if the sequence number of the AEN in the local memory is different from the sequence number of the AEN in shared memory; determining if a version number of the AEN is current; and generating an AEN if the version number is not current, wherein the generated AEN allows other applications to update AEN version numbers. The system includes firmware code executed in an adapter; an adapter driver executed on a host computing system stores the AENs in a memory buffer; and a plurality of applications that use a shared memory where AENs and a version number associated with the AENs are stored.