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Heads Up: FASB Issues FSP Affecting Companies Emerging From Bankruptcy

Volume 15, Issue 13


This issue of  Heads Up addresses the Financial Accounting Standards Board's (FASB) recent issuance of Staff Position No. SOP 90-7-1, which amends paragraph 38 of the American Institute of Certified Public Accountants' (AICPA) Statement of Position 90-7, Financial Reporting by Entities in Reorganization Under the Bankruptcy Code, to remove the requirement that an entity emerging from bankruptcy apply, in its fresh-start reporting, accounting principles that will be in effect within 12 months of the emergence date.

Read more in the file attached below or visit the  Heads Up Archive for past issues.

Heads Up and other information on accounting and financial disclosure also can be found in the  Technical Library: The Deloitte Accounting Research Tool. Technical Library, a subscription-based research tool, includes material from the FASB, Emerging Issues Task Force (EITF), AICPA, Securities and Exchange Commission (SEC) and International Accounting Standards Board (IASB), in addition to our own accounting manual and interpretative accounting guidance. Updated every business day, the Technical Library has an intuitive design and navigation system. Powerful search features enable users to locate information quickly, at any time and from any computer. Additionally, Technical Library subscribers receive periodic e-mails highlighting recent additions to the Technical Library. Read more about the Technical Library.

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