Fresh Start Accounting
AICPA Statement of Position 90-7 (SOP 90-7) requires that the balance sheet of a company emerging from Chapter 11 bankruptcy must be restated to fair value. The reorganization and allocation of the entity's value must also be in conformity with the procedures specified by ASC Topic 805.
Fresh start accounting can be tricky. It requires the broad expertise of a large professional services group and the agility of a specialty firm. Duff & Phelps is an industry leader in financial reporting valuations based on the rules and guidance established in ASC Topic 805. The firm's qualified professionals offer the dedication and responsiveness companies need to emerge from Chapter 11 bankruptcy.
Duff & Phelps deployed a team of professionals with the relevant industry knowledge and complementary skill set to value the tangible and intangible assets of 6 primary business segments, located across 219 facilities in more than 36 countries.
Fresh Start Accounting – Diversified Industrial Products Company
Duff & Phelps assembled a team of industry experts matching the company’s diverse operations in the automotive, defense, pharmaceutical, and mining sectors, to ensure the proper valuation of the tangible and intangible assets. The results of our analysis formed the basis for restating the assets and liabilities of the company to their Fair Values.