This course covers the accounting and financial reporting requirements that apply when a company files for Chapter 11 bankruptcy and applies ASC 852. It explains when this guidance is used and how it changes the accounting for liabilities, expenses, and professional fees during the bankruptcy process. You'll learn how to identify and report liabilities subject to compromise, how to present reorganization-related items in the financial statements, and what disclosures are expected. The course also briefly discusses quasi-reorganizations.
Course Publication Date:
September 27, 2025
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$10.00!
| Author: | Kelen Camehl |
| Course No: | ACT-AFTER-29005 |
| Recommended CPE: | 1.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Identify when an entity is required to apply ASC 852 accounting guidance for reorganization.
- Recognize how to present liabilities subject to compromise and reorganization items.
- Differentiate between normal operating expenses and reorganization-related costs.
- Determine the appropriate financial statement presentation during and after Chapter 11 proceedings.
- Recognize required disclosures for entities undergoing reorganization under ASC 852.