Handbooks | April 2020
 

Handbook: Accounting for bankruptcies

KPMG’s guide addresses some of the key accounting and reporting issues facing companies moving through the various stages of Chapter 11. We provide 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

  • 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


Spotlight on contributors

Nick Burgmeier

Nick Burgmeier

Partner, Dept. of Professional Practice, KPMG US

Carla Anderson

Carla Anderson

Director, DPP, KPMG US

Justin Miller

Justin Miller

Managing Director, Dept. of Professional Practice, KPMG US

Brian Stewart

Brian Stewart

Senior Manager, Dept. of Professional Practice, KPMG US

 

 

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