Each bankruptcy is unique. And while facts and circumstances may vary from case to case, US GAAP requires the adoption of ASC 852, Reorganizations while an entity is in Chapter 11. “Accounting follows the legal” is a phrase often referenced when applying ASC 852, which is also viewed as a "presentation" standard for financial reporting.
This session is designed to introduce the fundamentals of a Chapter 11 bankruptcy, focusing on reorganizations, and the US GAAP presentation under ASC 852 .... at the bankruptcy petition date, during the bankruptcy, and at emergence. The session will focus on the emergence accounting model discussed within ASC 852, known as Fresh-Start Reporting, and the financial statement presentation impacts of that accounting model.
Awareness of bankruptcy timelines, key milestones in a reorganization case, and terminology used in the Court and in accounting and reporting