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Opening a New Chapter: Fresh-Start Accounting and Subsequent Events
Learning objectives

Obtain a critical understanding of Fresh-Start Accounting and Subsequent Events through an exploration of essential definitions, related accounting standards and relevant examples.  Secure the practical skills and experience to help entities that have emerged from bankruptcy to determine their reorganization value while establishing a new basis for financial reporting.  Understand the accounting and presentation issues related to the disclosure of events that occur after the balance sheet date but before financial statements are available to be issued.  At the conclusion of this session you will be able to:

  • Fresh-Start Accounting (ASC 852) -
    • Recognize when fresh-start accounting rules are applied, the purpose of fresh-start accounting, relevant accounting standards, the process of applying fresh-start accounting and relevant definitions
    • Recognize the financial reporting requirements during reorganization procedures and when emerging from reorganization
    • Identify and recognize how to properly present preconfirmation contingencies, comparative financials and entities not qualifying for fresh-start reporting
    • Identify the disclosure requirements


  • Subsequent Events (ASC 855) -
    • Define subsequent event and the types of subsequent events
    • Identify the date through which an entity should evaluate subsequent events
    • Recognize the principles that govern the recognition and non-recognition of subsequent events and the audit impact of subsequent events
    • Identify the disclosure requirements
timothy gearty

Instructor bio

Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.

National Registry of CPE Sponsors

A Becker Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823

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