Technical skills to help on special projects
There are times in every organization’s lifecycle when the situation calls for technical accounting and financial reporting that may stretch the capabilities of your in-house staff. One of those instances could be when you are transitioning to the International Financial Reporting Standards (IFRS). Another instance could be when you are emerging from Chapter 11 and need to develop new financial reporting.
In instances like these, our technical accounting team has the technical accounting expertise to help with the complexities.
Fresh Start accounting
Once you’ve filed Chapter 11, your managers have a short time to orchestrate a series of complex matters. They have to shut down one organization and start another while developing financial reports on both entities.
These processes are complex financial accounting events calling for expertise and experience that your accounting department may not have because, although bankruptcy isn’t uncommon, it seldom happens to a company more than once.
Depend on a multidisciplinary team
Our technical accounting and financial management team will bring experience in bankruptcy, accounting, tax, valuation, and financial systems to help you through the fresh start requirements outlined in Financial Reporting by Entities in Reorganization under the Bankruptcy Code (SOP 90-7).
You can depend on the technical accounting team’s proven approach to fresh start accounting, the section of SOP 90-7 that calls for resetting a company’s basis of accounting as of the date it emerges from bankruptcy.
Accounting and reporting a fresh start
With fresh start, your emerging company will look much different than your bankrupt company. As expected, the biggest difference will be the amount of debt, but tangible and intangible assets will also change. On the post-bankruptcy balance sheet, they will be based on a revaluation to fair value as of the effective emergence date. There will also be other adjustments, such as deferred revenue accounts and lease valuations.
Coordinating all of the elements that need to come together in the fresh start process can be tortuous, especially when you are pulled in so many directions – from court dealings to operational demands. But you can depend on our technical accounting team and financial management services to prepare the required financial statements; explain the accounting positions, the valuation methodologies and financial reporting to your auditors and managers; and complete the auditor’s financial reporting checklists for your bankrupt and emerging companies.
You can depend on our accounting services team to give you the fresh start you need for a promising future.
Transitioning to IFRS
Many of our clients are asking about transitioning to the International Financial Reporting Standards (IFRS). If you are in that position, our financial support services team can help you understand IFRS and what it means in your unique situation. We have a range of skills, including technical accounting, to help you analyze, plan, and implement the conversion.
Our accounting and financial management reporting team can prepare your organization for the impact IFRS will have on your business. You will appreciate that we combine industry experience with our technical accounting skills to accomplish the complex task of transitioning to IRFS.