Recording the emergence from bankruptcy is one of the most complex and demanding accounting challenges an organization may face. It places significant demands on an organization’s management team to deal with the equivalent of a year-end close upon emergence, account for restructuring of legal entities, adopt the requirements of Statement of Position (SOP) 90-7 “Financial Reporting by Entities in Reorganization Under the Bankruptcy Code,” and establish the opening balance sheet of the successor organization.

In “Issues in Reorganization: Fresh Start Accounting,” Jack Sweeney, editor-in-chief of Business Finance Magazine, interviews Tony Sasso and Kirk Blair, director and partner, respectively, of the Reorganization Services group of Deloitte Financial Advisory Services LLP about the Fresh Start accounting process. They detail how it impacts an organization going through Chapter 11 bankruptcy proceedings and the significant demands on that organization’s management team.

Learn more by accessing the complete video interview.