Andrew Probert, Managing Director in the Transaction Advisory Service practice, recently wrote an article for FEI Daily titled, “Fresh Start Accounting – A Busy CFO’s Perspective.”
In the article, Andrew discusses the need for CFOs to start thinking about the financial reporting implications of Chapter 11 filing, long before they emerge. According to Andrew, “most CFOs will be aware of the requirements of Accounting Standards Codification Topic 852, Reorganizations (ASC 852), and the need to undertake ‘fresh start reporting’ upon emergence from bankruptcy…Beyond ASC 852, given the exceptional circumstances that an organization contemplating filing for bankruptcy finds themselves in, there will be a host of other accounting and financial reporting requirements both before and after the bankruptcy process.”
Read the full article here.
