Читать книгу Wiley GAAP: Financial Statement Disclosure Manual - Joanne M. Flood - Страница 28
Example 2.9: Basis of Presentation—Liquidation Basis of Accounting
ОглавлениеAs a result of poor performance and lack of new capital contributions, XYZ Company has determined that liquidation was imminent as of June 1, 20X1 and adopted the liquidation basis of accounting at that date. XYZ calculated the net asset balances as of June 1 and presented a statement of changes in net assets as of June 30. The company adjusted the beginning balance of net assets as of June 1, 20X1 when preparing its quarterly report. Assets have been measured and are presented at the amounts of cash proceeds that the Company expects to get from liquidation. The Company has presented its internally developed trade name and other intellectual property assets which were not previously recognized under generally accepted accounting principles (GAAP), but are recognized under the liquidation basis of accounting. The company has also accrued for costs it expects to incur during the liquidation process.