Fresh Start Accounting definition

Fresh Start Accounting means Fresh Start Accounting as described in Statement of Position 90-7, "Financial Reporting by Entities in Reorganization Under the Bankruptcy Code" (Am. Inst. of Certified Public Accountants 1990), as then in effect, or any comparable statement then in effect.
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Fresh Start Accounting means accounting treatment consistent with the principles contained in the American Institute of Certified Public Accountants Statement of Position 90-7, “Financial Reporting by Entities in Reorganization Under the Bankruptcy Code.”
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Examples of Fresh Start Accounting in a sentence

  • Fresh Start Accounting Pursuant to the Plan of Arrangement, there was a substantial realignment of the equity and non-equity interests of the Company on April 10, 2002.

  • Such adjustments have in the past been for Fresh Start Accounting, asbestos, restructuring charges, bankruptcy expenses and the cumulative impact of new accounting pronouncements (goodwill impairment).

  • Fresh Start Accounting Adjustments As a result of the expected substantial realignment of equity and non-equity interests, the identifiable assets and liabilities of the Company have been recorded at a new cost basis, being the value established by the equity and non-equity interests, which may not exceed fair value, if determinable, as required under the Canadian Institute of Chartered Accountants Handbook Section 1625-Comprehensive Revaluation of Assets and Liabilities (“CICA 1625”).

  • Our emergence and the adoption of Fresh Start Accounting resulted in a new reporting entity, or the Successor, for financial reporting purposes.

  • A precise amount will be determined when upon the emergence from bankruptcy the Company adopts Fresh Start Accounting as provided in SOP 90-7– see Note 1: Background and Organization – Plan of Reorganization.

  • A precise amount will be determined when upon the emergence from bankruptcy the Company adopts Fresh Start Accounting as provided in SOP 90-7- see Note 1: Background and Organization - Plan of Reorganization.

  • Fresh Start Accounting Adjustments As a result of the expected substantial realignment of equity and non-equity interests, the identifiable assets and liabilities of the Company have been revalued to reflect the expected fair values of such assets and liabilities, as required under the Canadian Institute of Chartered Accountants Handbook Section 1625- Comprehensive Revaluation of Assets and Liabilities (“CICA 1625”).

  • Mineral Fiber(1) WAVE settled a portion of their pension plan, resulting in a non-cash accounting charge.(2) Represents Rockfon litigation costs and settlement.(3) WAVE Fresh Start Accounting asset amortization.

  • WAVE Fresh Start Accounting asset impairment charge due to sale of our non-Americas international businesses.

  • Under Fresh Start Accounting, our balance sheet on the date of emergence reflects all of our assets and liabilities at their fair values.

Related to Fresh Start Accounting

  • Accounting Date means the thirtieth day of June in each year and any interim date on which the financial statements of the Trust are drawn up. Provided that the Management Company may, with the written consent of the Trustee and after obtaining approval from the Commission and the Commissioner of Income Tax may change such date to any other date and such change shall be intimated to the Commission.

  • Accounting Information means the annual audited consolidated financial statements or, as the case may be, the quarterly unaudited consolidated financial statements, each in respect of the Borrower and the Group, to be provided by the Borrower to the Agent in accordance with Clause 11.6.

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.

  • Accounting system means the Contractor's system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws, regulations, and management decisions, and may include subsystems for specific areas such as indirect and other direct costs, compensation, billing, labor, and general information technology.

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Reconciliation Date means the last calendar day of each Reconciliation Period.

  • Management Accounts Date means 30 September 2010;

  • Accounting Records means the general ledger and subsidiary ledgers and supporting schedules which support the general ledger balances.

  • Accounting Statement means for each financial year, the following statements, namely-

  • audited when used in regard to financial statements shall mean an examination of the financial statements by a firm of independent certified public accountants in accordance with generally accepted auditing standards for the purpose of expressing an opinion thereon.

  • Subscription Accounting means an accounting of all subscriptions for Shares received and accepted by Broker as of the date of such accounting, indicating for each subscription the Subscriber’s name, social security number and address, the number and total purchase price of subscribed Securities, the date of receipt by Broker of the Cash Investment Instrument, and notations of any nonpayment of the Cash Investment Instrument submitted with such subscription, any withdrawal of such subscription by the Subscriber, any rejection of such subscription by Broker, or other termination, for whatever reason, of such subscription.

  • Accounting Restatement Date means the earlier to occur of (a) the date that the Board, a committee of the Board authorized to take such action, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (b) the date that a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

  • Annual Accounting Period or “Financial Year” means the period commence on 1st July and shall end on 30th June of the succeeding calendar year.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Accounting Event has the meaning set forth in the Supplemental Indenture.

  • CREFC® Operating Statement Analysis Report The monthly report in the “Operating Statement Analysis Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

  • Reconciliation Period is each calendar month.

  • Most Recent Fiscal Year End has the meaning set forth in Section 4(g) below.

  • Reporting Accountants means an accounting firm of international repute as agreed by the Seller and the Purchaser or, if that firm is unable or unwilling to act in any matter referred to them under this Agreement, such other firm of accountants to be agreed by the Seller and the Purchaser within seven (7) days of a notice by one to the other requiring such agreement or failing such agreement to be nominated on the application of either of them by or on behalf of the Institute of Chartered Accountants in England and Wales;

  • Fiscal Year End means December 31 of each calendar year.