Heads Up: FASB Issues FSP Affecting Companies Emerging From BankruptcyVolume 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.
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Heads Up
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