TITLE

GASB Issues Statement No. 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies

PUB. DATE
February 2010
SOURCE
Governmental GAAP Update Service;2/15/2010, Vol. 10 Issue 3, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on the issuance of Governmental Accounting Standards Board (GASB) Statement No. 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies (GASB-58) in the U.S. The statement creates requirements for the recognition and measurement of bankruptcy process' effects on liabilities and assets and the classification of changes in these items and costs. It demands the governments to remeasure the adjusted liabilities in bankruptcy.
ACCESSION #
48186703

 

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