By Grant W. Newton
Accountants and fiscal managers are usually the 1st pros to gain monetary challenge exists inside a company yet needs to be accustomed to some of the choices to be had to consumers earlier than they could supply strategies. thoroughly up to date, financial ruin and Insolvency Accounting, 7th version, quantity 1 presents targeted info on SOP 90-7 and FASB statements 141, 142, and a hundred and forty four and revisions made in CSSR 93-1 through CSSR 03-1. the method of company restructuring is punctiliously defined for controllers, CEOs, CFOs and CPAs with small companies as consumers.
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Extra resources for Bankruptcy and Insolvency Accounting, Practice and Procedure (Volume 1)
11. 8 Accountant’s and Financial Advisor’s Role in Perspective (title 11 of the United States Code). Chapter 5 begins with a discussion of the history of the bankruptcy law in the United States, and the provisions of the Bankruptcy Code are described throughout Chapters 5 and 6. The debtor’s first alternatives are to locate new financing, to merge with another company, or to find some other basic solution to its situation, in order to avoid the necessity of discussing its problems with representatives of creditors.
The bankruptcy and insolvency special investigation is explored in detail, with emphasis on the detection of irregularities and procedures to be performed if irregularities exist. The types of reports often required of the accountants are illustrated, and advice is offered on the special problems encountered in reporting on a company in financial difficulty. Taxes, which often impose undue hardship on the bankrupt during the administration period, are dealt with in a separate chapter. Instructions are given for tax minimization, filing returns, treatment of income during bankruptcy, and dealing with the varied tax planning and compliance problems particular to bankruptcy.
Lukenda, CIRA, CPA (Huron Consulting Group LLC) Bob Pope, Esq. (Gullett Sanford Robinson & Martin PLLC) William H. Schrag, Esq. (Duane Morris) Grant T. Stein, Esq. (Alston + Bird LLP) Richard (Rob) Vanderbeek, CIRA (Huron Consulting Group) Wendy S. Walker, Esq. (Morgan, Lewis & Bockius LLP) Jason H. Watson, Esq. (Alston + Bird LLP, Atlanta) Jack F. Williams, CIRA, AIRA Scholar in Residence; Director, BDO Seidman; Professor (Georgia State University) Finally, I would like to thank Valda L Newton for her editorial assistance and for her patience and understanding during the revision of this edition and countless other projects.