Guam Plan of Liquidation
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How to fill out Plan Of Liquidation?
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FAQ
Answer and Explanation: A partnership liquidation statement is a financial report prepared while dissolving a partnership. It outlines partnership assets, liabilities, and equity distribution among partners ing to their respective ownership interests and capital accounts.
Liquidation basis accounting is concerned with preparing the financial statements of a business in a different way if its liquidation is considered to be imminent. ?Imminent? refers to either of the following two conditions: Liquidation plan. A plan for liquidation has been approved, and is likely to be achieved.
Liquidating the balance sheet means re-valuing all the assets listed on the business's balance sheet at liquidation value, and then selling them off for cash to cover remaining liabilities as the last act before closing the business down for good.
A balance sheet for liquidation purposes should be based on the most recently submitted and reconciled monthly report. Then make adjustments if the company has any hidden assets that can be realised, or if the value of balance sheet items on the asset side are higher than their book value.
For a reporting entity that has adopted the liquidation basis of accounting, the financial statements consist of a statement of net assets in liquidation and a statement of changes in net assets in liquidation. Details of equity accounts ordinarily are not shown on the statement of net assets in liquidation.
A reporting entity is required to adopt the liquidation basis of accounting as soon as its liquidation meets the definition of imminent, even if the actual liquidation event is 12 months or more in the future (or extends beyond the plan year in the case of employee benefit plans, as discussed further in BLG 6.8.
Under the liquidation basis of accounting, liquidating entities are required to measure assets to reflect the estimated amount of cash or other consideration expected to be collected in settling or disposing of those assets in carrying out the liquidation plan.
Under the liquidation basis of accounting, the emphasis shifts from reporting about the reporting entity's economic performance and position to reporting that focuses on the amount of cash or other consideration that an investor might reasonably expect to receive upon liquidation.