Statements of Position



Download Full Text (1.8 MB)


This proposed statement of position provides guidance for financial reporting by entities that have filed petitions with the Bankruptcy Court and expect to reorganize as going concerns under Chapter 11 of title 11 of the United States Code. It recommends that all such entities report the same way while reorganizing under Chapter 11, with the objective of reflecting their financial evolution. To do that, their financial statements should distinguish transactions and events that are directly associated with the reorganization from the operations of the ongoing business as it evolves. The statement recommends that, on emergence from Chapter 11, entities meeting specified criteria adopt fresh start reporting since, in substance, the creditors have acquired the entities. It also recommends how entities not meeting those criteria should report their liabilities.

Publication Date


Relational Format



Corporate reorganizations -- United States -- Accounting; Bankruptcy -- United States -- Accounting


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement of position : financial reporting by entities in reorganization under the bankruptcy code ;Financial reporting by entities in reorganization under the bankruptcy code; Exposure draft (American Institute of Certified Public Accountants), 1990, Apr. 4



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.