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Fresh-Start Accounting Services
Deloitte CRG and professionals from across Deloitte are leaders in helping companies implement Fresh-Start accounting. Our team is “on the ground” with our clients bringing specialists in bankruptcy, accounting and valuation, IT, and Tax. Deloitte’s professionals have significant experience managing this event in some of the largest corporate bankruptcies in US history. From planning to systems readiness, to implementation and validation, Deloitte can help companies from start to “Fresh-Start”.
Implementing the plan of reorganization and revaluing your business
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 ASC 852 (formerly SOP 90-7), and establish the opening balance sheet of the successor organization.
Understanding the bankruptcy process and the related technical accounting requirements, obtaining a valuation of all the assets and liabilities of a business enterprise, and pushing the results down to every legal entity can be an enormous burden on financial, operational, and systems management and their supporting teams. Completing the process as quickly as possible will allow management to move forward and focus on the operations of the newly reorganized business.
How we can help
The Fresh-Start process necessitates two significant accounting events:
1. Recording the effects of a Plan of Reorganization
2. The revaluation of both assets and liabilities for debtors and non-debtors alike
These events are also typically coupled with a significant amount of merger and restructuring activity. Each event must be completed in accordance with accounting requirements.
Learn more about our Fresh-Start Accounting Services in the PDF available for download, including:
- How we can help
- The planning phase
- The implementation phase
- How to contact us for more information