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Course/Product Description
Title:

Bankruptcy Accounting And Tax Considerations

SKU:WC-1014137
Date / Time: Recorded
Format: Audio Conference
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Description:

A business emerging from chapter 11 as a going concern requires a new basis of accounting resulting in the adjustment of both the value of assets and the amount of liabilities.

Failure to properly account for the reorganization will result in financial statements not being prepared in accordance with guidelines set forth in Accounting Standards Codification 852. Failure to anticipate and plan for tax impacts of debt cancellation can have unexpected and negative impacts on the reorganizing entity.

This live webinar will instruct professionals responsible for dealing with accounting and tax aspects of the bankruptcy filing and reorganization how to properly report reorganization items including income from debt discharge in the income and cash flow statements, and to reflect the value of the assets and liabilities in the balance sheet on emergence.

Learn the requirements for adopting fresh start reporting, determination of gain from debt discharge, and how to anticipate and optimize potential tax consequences of gain from debt discharge.

Agenda

Financial Reporting During Reorganization

  • Objectives
  • Scope of ASC 852
  • Balance Sheet Provisions
  • Liabilities (Including Contingent Liabilities)
  • Assets
  • Income Statement Provisions
  • Cash Flows Statement Provisions
Financial Reporting and Tax Considerations on Emergence From Chapter 11
  • Objectives
  • Requirements to Adopt Fresh Start Reporting
  • Determination of Reorganization Value
  • Determination of Gain From Debt Discharge
  • Accounting for the Reorganization
  • Tax Consequences of Debt Cancellation From the Reorganization
Faculty

Grant W. Newton
  • Executive director of the Association of Insolvency & Restructuring Advisors (AIRA)
  • Helped develop the common body of knowledge, courses and examinations for AIRA's two programs certifying professionals who perform services involving bankruptcy, insolvency, restructuring and valuation of distressed assets: the Certified Insolvency and Restructuring Advisor (CIRA) and Certification in Distressed Business Valuation (CDBV)
  • Teaches CIRA and CDBV review courses and oversees administration of the CIRA and CDBV exams in several cities each year throughout the U.S. including Puerto Rico
  • Professor Emeritus of Accounting at Pepperdine University, where he taught accounting and finance courses in the MBA, Executive and Seaver College programs
  • Member of AICPA's Task Force on Financial Reporting by Entities in Reorganization Under the Bankruptcy Code, where he helped write recommendations resulting in issuance of Statement of Position 90-7
  • Expert testimony at trial or deposition in numerous cases including Tronox, Midland Entities, and Spectrum Brands
  • Wrote, Bankruptcy & Insolvency Accounting, Volumes 1 and 2 (New York: John Wiley & Sons, Seventh Edition, 2010); Bankruptcy & Insolvency Taxation, Fourth Edition (co-wrote), (New York: John Wiley & Sons, 2005 (updated 2012)); 2005 Bankruptcy Revisions: Implications for Business and Financial Advisors (editor and co-writer), jointly published by AICPA and AIRA, 2005 (updated 2012)
  • Affiliations include the American Bankruptcy Institute (served as director and executive committee member) and fellow of the American College of Bankruptcy (served as a board member and treasurer)
  • Ph.D. degree in accounting, NYU
  • Master's degree, University of Alabama
  • B. S. degree, University of North Alabama


Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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