Handbooks | December 2020

 

Insight

Handbook: Accounting for bankruptcies

Latest edition: Our in-depth guide provides interpretive guidance for before, during and after Chapter 11 bankruptcy.

Nick Burgmeier

Nick Burgmeier

Partner, Dept. of Professional Practice, KPMG US

+1 212-909-5455

Dan Langlois

Dan Langlois

Partner, Dept. of Professional Practice, KPMG US

+1 212-872-3256


In this edition of our in-depth guide, we address the key accounting and financial reporting issues facing companies moving through the various stages of Chapter 11. This handbook includes detailed Q&As, interpretive guidance and examples.

Applicability

All companies contemplating Chapter 11 bankruptcy, in Chapter 11 bankruptcy, or emerging from Chapter 11 bankruptcy

Relevant dates

Effective immediately

Key impacts

  • Updated for recent practice developments and evolving interpretations.
  • Overview of bankruptcy, including the types of bankruptcies and the process from filing until emergence, plus accounting considerations for an entity anticipating bankruptcy.
  • Accounting requirements of ASC 852-10 during bankruptcy, including accounting for liabilities and the presentation of reorganization items in the statement of operations.
  • Criteria to qualify for fresh-start reporting, and the accounting and financial reporting considerations when emerging from bankruptcy.

Report contents

  • Overview of bankruptcy
  • Before bankruptcy
  • During Chapter 11 bankruptcy
  • Emerging from Chapter 11 bankruptcy

Related content

Handbook: Going Concern

Podcast: Bankruptcy & Disc Ops

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Use our Accounting Research Online for financial reporting resources.

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