Bankruptcies and liquidations

Accounting guide

Our comprehensive accounting and financial reporting guide for bankruptcy and liquidation (ASC 852) focuses on Chapter 7 and 11 bankruptcy. 

This guide was fully updated in July 2014.

PwC is pleased to offer this accounting and financial reporting guide for Bankruptcies and liquidations (ASC 852). 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.

This guide provides an overview of the bankruptcy process and the significant accounting matters that an enterprise that is considering, or has filed for, bankruptcy could face. While the accounting guidance for an enterprise in bankruptcy has not changed significantly since its issuance in 1990, many practitioners do not frequently encounter bankruptcy and its related accounting issues. This guide is designed to assist those interested in a high-level understanding of the process and the key accounting considerations in the event that a bankruptcy filing becomes possible. The guide includes specific considerations for practitioners before, during, and after a bankruptcy proceeding, as well as a discussion about the liquidation basis of accounting. It should be used in combination with a thorough analysis of the relevant facts and circumstances and the authoritative accounting literature as well as appropriate professional and technical advice. We hope you find the information and insights in this guide useful. We will continue to share with you additional perspectives and interpretations as they develop.

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    Bankruptcies and liquidations
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Cody Smith
Partner, National Professional Services Group

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