Guide to Accounting for Bankruptcies and Liquidations - 2010 edition

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Accounting guides 11/11/2010 by Assurance services
Guide to Accounting for Bankruptcies and Liquidations - 2010 edition

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PwC is pleased to offer this comprehensive guide to accounting for bankruptcies and liquidations. While the guidance for bankruptcy accounting has not been updated for a number of years and is unique, its relevance has increased given the recent downturn in the economy and the number of bankruptcy filings. This guide explains the fundamental principles of bankruptcy and liquidation-basis accounting, as well as considerations prior to entering bankruptcy, for companies that prepare financial statements under U.S. GAAP, and provides our perspectives on the application of those principles.

PwC is pleased to offer this comprehensive guide to accounting for bankruptcies and liquidations. This edition of the guide furthers our aim of helping our clients and other interested parties to implement the accounting and reporting standards for bankruptcies and liquidations. While the guidance for bankruptcy accounting has not been updated for a number of years and is unique, its relevance has increased given the recent downturn in the economy and the number of bankruptcy filings. This guide explains the fundamental principles of bankruptcy and liquidation-basis accounting, as well as considerations prior to entering bankruptcy, for companies that prepare financial statements under U.S. GAAP, and provides our perspectives on the application of those principles.