Accounting After Bankruptcy – Understanding ASC 852 and Fresh-Start Reporting ON DEMAND

Overview

This course covers the accounting and financial reporting requirements that apply when a company files for Chapter 11 bankruptcy and applies ASC 852. It explains when this guidance is used and how it changes the accounting for liabilities, expenses, and professional fees during the bankruptcy process. You’ll learn how to identify and report liabilities subject to compromise, how to present reorganization-related items in the financial statements, and what disclosures are expected. The course also briefly discusses quasi-reorganizations.

Highlights

ASC 852 scope. Overview of Chapter 11 process. Financial reporting impacts. Specific impacts during Chapter 11. Specific impacts after Chapter 11.

Prerequisites

None.

Designed For

CPAs, CEOs, CFOs, controllers and other financial managers.

Objectives

Identify when an entity is required to apply ASC 852 accounting guidance for reorganization. Recognize how to present liabilities subject to compromise and reorganization items. Differentiate between normal operating expenses and reorganization-related costs. Determine the appropriate financial statement presentation during and after 1 proceedings. Recognize required disclosures for entities undergoing reorganization under ASC 852.

Preparation

None.

Notice

None.