Special Purpose Frameworks

Question 1

3 Required Disclosures when reporting under liquidation basis:

Answer 1

1. Description of liquidation plan
2. Methods/assumptions used to measure assets and liabilities
3. Type and amount of costs and income accrued associated with the liquidation plan

Question 2

When is liquidation imminent?

Answer 2

Liquidation plan has been approved (and will not be blocked) OR it is being imposed by outside forces I.E. bankruptcy court