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Course Details

Bankruptcy Accounting And Tax Considerations

Webinar: ID# 1014137
Recorded CD
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About This Course:
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
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Bankruptcy Accounting And Tax Considerations
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