By Grant W. Newton
Accountants and monetary managers are frequently the 1st pros to achieve monetary challenge exists inside an organization yet needs to be acquainted with some of the choices to be had to consumers prior to they could provide recommendations. thoroughly up to date, financial ruin and Insolvency Accounting, 7th variation, quantity 1 presents targeted info on SOP 90-7 and FASB statements 141, 142, and one hundred forty four and revisions made in CSSR 93-1 through CSSR 03-1. the method of company restructuring is carefully defined for controllers, CEOs, CFOs and CPAs with small companies as consumers.
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Additional info for Bankruptcy and Insolvency Accounting, Practice and Procedure (Volume 1)
D. S. degree from the University of North Alabama. Dr. Newton was a member of the AICPA’s Task Force on Financial Reporting by Entities in Reorganization Under the Bankruptcy Code that resulted in the issuance of the Statement of Position 90-7. He is coauthor of Consulting Services Practice Aid 02-1: Business Valuation in Bankruptcy and Providing Bankruptcy & Reorganization Services—Practice Aid, both published by the AICPA. He serves as a consultant and expert witness on issues dealing with financial reporting during and emerging from chapter 11, valuation, terms of plan, tax impact of plan, tax issues related to the bankruptcy estate, and recovery of assets.
Before resorting to judicial proceedings, the debtor may attempt to negotiate a moratorium or settlement of its debt with unsecured creditors. Financial advisors may be retained by the debtor and/or creditors’ committee to perform accounting and other financial services. Reorganization of a corporation under chapter 11 of the Bankruptcy Code involves many parties who may need the assistance of financial advisors. First, the debtor, who remains in possession, has the right to retain a financial advisor to perform necessary accounting functions, to develop a business plan that will help turn the business around, and to develop and negotiate the terms of a plan of reorganization.
Chapter 15 describes the nature of the accountant’s opinion associated with the reports. 7 6 See Grant Newton and Robert Liquerman, Bankruptcy and Insolvency Taxation, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2005) for more information on the tax aspects of bankruptcy. 7 A receiver may be an official appointed by a state court judge to take charge of, preserve, administer, or liquidate property designated by the court. The Commonwealth of Massachusetts specifically confirms the power of its judges to exercise this equitable remedy to appoint liquidating receivers at the request of creditors of dissolved or terminated corporations or of creditors of corporations that have failed to satisfy outstanding judgments against them.