Debt Restructurings and Bankruptcy: Accounting, Tax and FAS 109 Considerations

Sponsored By PricewaterhouseCoopers

Topics:

Accounting > Tax

Financial Crisis

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Abstract:

In the current market, companies are seeking to reduce or restructure their debt obligations. Lenders also are experiencing difficulties, creating pressure on the ability to negotiate debt covenant waivers or modify obligations. In the most troubled circumstances, companies may need to plan for a bankruptcy filing. Concurrently, the U.S. government efforts to provide economic stimulus and foster liquidity have resulted in federal tax law changes and proposals that affect these types of transactions, with significant and sometimes unique financial reporting consequences. Debt restructurings and bankruptcy present unique financial reporting and income tax considerations. Effective management of these issues requires close coordination among those responsible for financial reporting and income taxes, as well as attorneys, and appraisal and valuation experts.

DETAILS

Sponsored by: PricewaterhouseCoopers

Released: June 23, 2009

Length: 8 pages

Format: PDF (109 kb)

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