Bankruptcy and Insolvency Accounting, Practice and Procedure by Grant W. Newton

By Grant W. Newton

Accountants and fiscal managers are frequently the 1st execs to achieve monetary challenge exists inside a company yet has to be acquainted with some of the possible choices to be had to consumers earlier than they could supply recommendations. thoroughly up to date, financial ruin and Insolvency Accounting, 7th version, quantity 1 presents certain details on SOP 90-7 and FASB statements 141, 142, and a hundred and forty four and revisions made in CSSR 93-1 by way of CSSR 03-1. the method of company restructuring is carefully defined for controllers, CEOs, CFOs and CPAs with small companies as consumers.

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Additional info for Bankruptcy and Insolvency Accounting, Practice and Procedure (Volume 1)

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2 Scope of Coverage The scope of these volumes is, deliberately, fairly broad. The various accounting procedures to be followed under each alternative remedy for business failure are analyzed in detail. To provide a complete and realistic description of the environment within which the financial advisor must work, the discussion incorporates the economics and the legal aspects of business liquidations and rehabilitations. The economics of bankruptcy and insolvency proceedings is most important when considering the various causes of financial difficulties.

As a consequence of changing fashion styles, the company experienced a few consecutive years of operating losses. The accountants noticed that the company was not taking any action to correct the loss trend—the president, in fact, seemed incapable of reversing the situation. Although there was still some working capital and net worth that might have enabled the company to obtain credit and continue in business, the accountants suggested that the following actions be taken: r Discontinue placing orders for raw materials for the upcoming season, other than to permit completion of orders on hand.

Xxxix About the Author GRANT W. NEWTON, Professor Emeritus in Accounting, Pepperdine University, Malibu, California, is the coauthor (with Robert Liquerman) of Bankruptcy and Insolvency Taxation (updated annually) and Corporate Bankruptcy (2003), also published by John Wiley & Sons. He is the Executive Director of the Association of Insolvency and Restructuring Advisors, and he developed and teaches the three courses that lead to the Certified Insolvency and Restructuring Advisor (CIRA) designation.

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