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Informationen zum Autor Grant W. Newton, CPA, CIRA, CMA , is Professor of Accounting at the Graziadio School of Business and Management at Pepperdine University and is Executive Director of the Association of Insolvency and Restructuring Advisors. He is the author of Corporate Bankruptcy: Tools, Strategies, and Alternatives (2003) and Bankruptcy and Insolvency Taxation (2005), both from Wiley. His articles have appeared in a large number of professional periodicals. He received his PhD from New York University, Master's from the University of Alabama, and BS from the University of North Alabama. Klappentext Accountants and financial managers are often the first professionals to realize that a financial problem exists within a corporation but must be familiar with the various alternatives available to clients before they can offer solutions. Completely updated, Bankruptcy and Insolvency Accounting, Seventh Edition, Volume 1 provides detailed information on SOP 90-7 and FASB statements 141, 142, and 144 and revisions made in CSSR 93-1 by CSSR 03-1. The process of corporate restructuring is thoroughly described for controllers, CEOs, CFOs and CPAs with small businesses as clients. Zusammenfassung Accountants and financial managers are often the first professionals to realize that a financial problem exists within a corporation but must be familiar with the various alternatives available to clients before they can offer solutions. Inhaltsverzeichnis Preface xxxv Acknowledgments xxxix About the Author xli PART ONE BANKRUPTCY AND INSOLVENCY ENVIRONMENT 1 1 Accountant's and Financial Advisor's Role in Perspective, 3 1.1 Introduction, 3 1.2 Scope of Coverage, 4 Accounting Services, 5 1.3 Need for Financial Advisor's Services, 5 1.4 Financial Advisor Defined, 6 Topical Overview, 7 1.5 Economic Causes of Business Failure, 7 1.6 Business Turnaround, 7 1.7 Alternatives Available to a Financially Troubled Business, 7 1.8 Comparison of Title 11 of the United States Code with the Bankruptcy Act, 11 1.9 Retention of the Financial Advisor and Fees, 13 1.10 Accounting Services, 14 1.11 Special Investigation and Financial Reporting, 14 1.12 Tax Awareness, 14 Responsibilities of Independent Accountant, 15 1.13 Responsibilities in General, 15 1.14 Observation of Business Decline, 15 1.15 Responsibility to Client, 16 1.16 Advice on Selection of Attorneys, 17 1.17 Other Steps to "Manage" the Proceedings, 18 Professional Certification, 18 1.18 Certified Insolvency and Restructuring Advisors, 18 1.19 Certification in Distressed Business Valuation, 20 2 Economic Causes of Business Failures, 21 2.1 Introduction, 21 Definition of Successful and Unsuccessful Business, 21 2.2 Failure Defined, 21 2.3 Business Failure Statistics, 23 Causes of Financial Difficulty, 24 2.4 Introduction, 24 2.5 Size of Business Failures, 26 2.6 Geographic Distribution of Business Failures, 29 2.7 Age of Business Failures, 30 2.8 Business Failures and Economic Conditions, 30 2.9 Characteristics of the Economic System, 33 2.10 Casualties, 34 2.11 Inside Underlying Causes, 34 2.12 Dishonesty and Fraud: Planned Bankruptcies, Sham, 42 2.13 Other External Causes, 42 Stages of Financial Failure, 43 2.14 Introduction, 43 2.15 Period of Incubation, 44 2.16 Cash Shortage, 45 2.17 Financial or Commercial Insolvency (Equity Definition), 45 2.18 Total Insolvency (Bankruptcy Definition), 45 2.19 Bankruptcy or Out-of-Court Workout, 45 Detection of Failure Tendencies, 46 2.20 Introduction, 46 2.21 Trend Analysis, 46 2.22 Anal...
