Liquidations and Reorganizations Beams, Advanced Accounting 10e, Ch. 17 10/28/2017 Liquidations and Reorganizations by Jeanne M. David, Ph.D., Univ. of Detroit Mercy to accompany Advanced Accounting, 10th edition by Floyd A. Beams, Robin P. Clement, Joseph H. Anthony, and Suzanne Lowensohn © Pearson Education, Inc. publishing as Prentice Hall 17-1 © Pearson Education, Inc. publishing as Prentice Hall 1

Corporate Liquidations: Objectives Memahami perbedaan antara jenis pengajuan kebangkrutan. Memahami tanggung jawab wali amanat dan akuntansi selama likuidasi. Memahami pelaporan keuangan selama reorganisasi. Memahami pelaporan keuangan setelah muncul dari reorganisasi, termasuk memulai penggunaan akuntansi . © Pearson Education, Inc. publishing as Prentice Hall 17-2

1: Types of Bankruptcies Corporate Liquidations and Reorganizations 1: Types of Bankruptcies © Pearson Education, Inc. publishing as Prentice Hall 17-3

Keadaan Bangkrut Kepailitan Modal Ketidakmampuan untuk membayar hutang tepat waktu Dapat menghindari proses kebangkrutan Bernegosiasi langsung dengan kreditur Keadaan Bangkrut Memiliki jumlah utang lebih dari nilai aset wajar Dapat dilikuidasi, atau direorganisas © Pearson Education, Inc. publishing as Prentice Hall 17-4

Types of Bankruptcies Likuidasi Wali menunjuk untuk menjual aset bisnis Penyesuaian Hutang Perusahaan Kodya sebuah Reorganisasi Debitur diharapkan akan direhabilitasi Penyesuaian Hutang dari Individu dengan Pendapatan Reguler © Pearson Education, Inc. publishing as Prentice Hall 17-5

Characteristics Proses kebangkrutan sukarela Yang diajukan oleh debitur Proses kebangkrutan paksa Yang diajukan oleh kreditur atau kelompok kreditor tindakan pengadilan - Memberhentikan kasus - Terima permohonan - Perubahan bentuk reorganization liquidation © Pearson Education, Inc. publishing as Prentice Hall 17-6

Tugas Wali Wali dalam kasus likuidasi - Menyelidiki urusan keuangan debitur - Memberikan informasi - Memeriksa, mungkin keberatan, klaim kreditur - Laporan File pada perwalian - Jika berwenang untuk menjalankan bisnis debitur, laporan periode lainnya yang diperlukan Dalam kasus reorganisasi, selain di atas - Pengajuan rencana reorganisasi atau pernyataan mengapa seseorang tidak dapat diajukan © Pearson Education, Inc. publishing as Prentice Hall 17-7

Ranking of Claims: Liquidation © Pearson Education, Inc. publishing as Prentice Hall 17-8

2: Likuidasi perusahaan Corporate Liquidations and Reorganizations 2: Likuidasi perusahaan © Pearson Education, Inc. publishing as Prentice Hall 17-9

Statement of Affairs Dokumen hukum yang disiapkan untuk pengadilan kebangkrutan - Aset sebesar nilai realisasi bersih yang diharapkan - Diklasifikasikan atas dasar ketersediaan untuk kelas kreditor - Kewajiban diklasifikasikan Prioritas, sepenuhnya dijamin, sebagian dijamin, tanpa jaminan - Nilai-nilai historis termasuk untuk referensi © Pearson Education, Inc. publishing as Prentice Hall 17-10

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Wali Akuntansi Pada awal kasus Melalui kasus - Transaksi catatan - Pernyataan penerimaan dan pengeluaran kas - Laporan perubahan ekuitas real - Neraca keuangan - Pernyataan realisasi dan likuidasi - Pada penutupan kasus - Penyelesaian akhir klaim - Wali diberhentikan © Pearson Education, Inc. publishing as Prentice Hall 17-13

3: Corporate Reorganization Corporate Liquidations and Reorganizations 3: Corporate Reorganization © Pearson Education, Inc. publishing as Prentice Hall 17-14

Laporan Posisi Keuangan (Balance Sheet) Kewajiban sebelum diumumkan dilakukan kompromi yang dilaporkan sebagai pos tersendiri dalam kewajiban - Muncul sebelum pengajuan - Termasuk Kewajiban tanpa jaminan dan di bawah-dijamin Kewajiban sebelum diumumkan dijamin dan kewajiban pasca pengumuman dilaporkan dalam model yang normal Klaim sebelum diumumkan dilakukan setelah pengajuan - Termasuk yang diizinkan oleh pengadilan © Pearson Education, Inc. publishing as Prentice Hall 17-15

Other Statements Biaya Reorganisasi ditampilkan secara terpisah Bunga yang harus dibayar atau jumlah kemungkinan Perbedaan dari nilai kontrak harus dicatat Diharapkan saham atau saham setara emisi harus diungkapkan Item arus kas yang terkait dengan reorganisasi ditampilkan secara terpisah © Pearson Education, Inc. publishing as Prentice Hall 17-16

Laporan Keuangan Gabungan Publikasi Laporan keuangan gabungan disusun untuk semua entitas dalam proses reorganisasi sebagai informasi tambahan - Antar Piutang dan hutang - Dicatat jika perlu © Pearson Education, Inc. publishing as Prentice Hall 17-17

Timbul dari Reorganization Corporate Liquidations and Reorganizations Timbul dari Reorganization © Pearson Education, Inc. publishing as Prentice Hall 17-18

Nilai Reorganization -Mendekati nilai wajar dari badan tanpa mempertimbangkan kewajiban - Diskon arus kas masa depan reorganisasi bisnis -Mempertimbangkan bisnis dan risiko keuangan -Nilai reorganisasi menentukan berapa banyak kreditur yang dipulihkan Bisnis baru akan baik menggunakan -Pelaporan dimulai dari awal - Laporan kewajiban pada nilai sekarang dan pengampunan utang sebagai pos luar biasa 17-19 © Pearson Education, Inc. publishing as Prentice Hall

Kualifikasi untuk Pelaporan Dimulai dari Awal Sesaat sebelum dikonfirmasi dari rencana, - Nilai revaluasi harus kurang dari kewajiban sesudah diumumkan dan klaim diperbolehkan, dan - Voting Pemegang saham yang ada menerima kurang dari 50% dari entitas yang baru © Pearson Education, Inc. publishing as Prentice Hall 17-20

Apply Fresh Start Reporting Nilai reorganisasi dialokasikan untuk mengidentifikasi aset Jumlah yang tidak terisi adalah tidak berwujud Nilai Reorganisasi lebih dari jumlah yang dialokasikan untuk aset yang teridentifikasi Kewajiban pada nilai saat pada tanggal konfirmasi Pajak tangguhan mengikuti FASB No. 109 Menyiapkan laporan akhir dari entitas yang sudah lama © Pearson Education, Inc. publishing as Prentice Hall 17-21

Reorganization Example Tiger melakukan reorganisasi pada 1/5/08. Dengan demikian, kewajiban diklasifikasi sebelum diumumkan. Ini memperoleh pembiayaan jangka pendek, memperoleh peralatan tambahan dan terus operasi melalui 6/31/09 ketika rencana itu disetujui. Pertama, kita akan melihat laporan pra dan pasca reorganisasi. Kemudian kita akan melanjutkan melalui entri dan penyesuaian yang terjadi. © Pearson Education, Inc. publishing as Prentice Hall 17-22

Balance Sheet Assets Cash 50 150 300 Accounts receivable 500 350 335   Filed 1/5/08 FYE 12/31/08 Before 6/30/09 Fair value 6/30/09 Revalu- ation AFTER 6/30/09 Cash 50 150 300 Accounts receivable 500 350 335 Inventory 370 375 25 Other current assets 30 Land 200 100 Building, net 450 425 (75) Equipment, net 330 290 260 (30) Patent 125 (125) Reorganization value in excess of identifiable assets 250 2,100 2,050 2,055 1,950 (105) 2,200 © Pearson Education, Inc. publishing as Prentice Hall 17-23

Changes to Assets Fair values and revaluation amounts are shown on 6/30/09 for comparison. Tiger meneruskan operasional, mencatat penyusutan dan bahkan memperoleh peralatan dari pengajuan pada 1/5/08 untuk reorganisasi pada 6/30/09. Reorganisasi merevaluasi aset dengan nilai wajarnya pada tanggal tersebut. Paten-benar dihapuskan. Tiger mencatat sebuah "nilai Reorganisasi lebih dari aset teridentifikasi" berwujud sebesar $ 250. Tidak semua reorganisasi menghasilkan intangible ini. © Pearson Education, Inc. publishing as Prentice Hall 17-24

Balance Sheet – Liability & Equity   Filed 1/5/08 FYE 12/31/08 Before 6/30/09 AFTER 6/30/09 Short term borrowing (post) 150 75 Accounts payable (pre/post) 600 100 125 Wages payable (post) 50 55 Taxes payable (pre) Accrued bond interest (pre) 90 Note payable (pre) 260 Subordinated debt (post) 395 12% bonds payable – current (post) 12% bonds payable (post) 500 15% bonds payable (pre) 1,200 Liabilities subject to compromise 2,300 Capital stock (old) Capital stock (new) 800 Additional paid in capital Deficit (700) (1,050) (1,000) 2,100 2,050 2,055 2,200 © Pearson Education, Inc. publishing as Prentice Hall 17-25

Apa yang Terjadi dengan Kewajiban? Setelah pengajuan pada 1/5/08, Tiger mengklasifikasi kewajiban tanpa jaminan dan sebagian dijamin pada saat itu sebagai kewajiban sebelum diumumkan dilakukan kompromi. Kewajiban sebelum diumumkan tergantung kompromi direklasifikasi atau diselesaikan sesuai dengan rencana. Dibayarkan pada 12/31/08 rekening tidak termasuk dari $ 600 karena sebelum pengajuan. Hutang pajak masih harus dibayar, dan akhirnya dicatat kembali secara penuh. © Pearson Education, Inc. publishing as Prentice Hall 17-26

Perubahan Ekuitas Beberapa kreditor menerima saham dari reorganisasi perusahaan. Pemilik lama juga menerima saham, tetapi sekarang hanya $100 dari $800 sesuai nilai buku. . Penurunan dihapus: mulai baru! © Pearson Education, Inc. publishing as Prentice Hall 17-27

Can Tiger Use Fresh Start? Post-petition liabilities $255 Allowed claims 2,300 Total liabilities $2,555 Less reorganization value (2,200) Excess liabilities $355 On 6/30/09 there were $255 in post-petition liabilities. All $2,300 pre-petition liabilities were allowed by the courts. Firm value is $2,200. 1. Liabilities exceed reorganization value 2. Old shareholders retain less than 50% Yes, fresh start is appropriate. © Pearson Education, Inc. publishing as Prentice Hall 17-28

Reorganization Plan: 6/30/09 Pre-petition Liabilities and Equity New Agreements Debt Dis-charge 15% partially secured bonds, $1200 $500 new stock, $500 senior 12% bonds, and another $100 bonds due 12/31/09 $100 Priority tax claims $150 To be paid cash once confirmed $0 Remaining unsecured claims, $950: $600 accounts payable $275 subordinated debt and $140 new stock $185 $90 accrued interest Forgiven $90 $260 note $120 subordinated debt and $60 new stock $80 Total debt discharged $455 Old stock $100 new stock Equity © Pearson Education, Inc. publishing as Prentice Hall 17-29

Record New Debt Agreements Liabilities subject to compromise (pre) 2,300   Taxes payable 150 12% senior debt 500 12% senior debt - current 100 Subordinated debt 395 Common stock (new) 700 Gain on debt discharge 455 settlement of prepetition claims This entry reclassifies the pre-petition debt according to the reorganization plan. © Pearson Education, Inc. publishing as Prentice Hall 17-30

Give Shareholders New Shares Common stock (old) 500   Common stock (new) 100 Additional paid in capital 400 exchange of stock with owners They will lose control since creditors have $700 of common stock. © Pearson Education, Inc. publishing as Prentice Hall 17-31

Revalue Assets Loss on asset revaluation 105 Inventory 25   Land 100 Loss on asset revaluation 105 Buildings, net 75 Equipment, net 30 Patent 125 revalue assets to fair value A loss is recorded in revaluing the assets. Refer back to the Asset side of the balance sheet. © Pearson Education, Inc. publishing as Prentice Hall 17-32

Calculate Balance in Retained Earnings (Deficit) (1,000) Gain on debt discharge 455 Loss on asset revaluation (105) Final measure of deficit, 6/30/09 ($650) Write-off Additional paid in capital 400 Reorganization value in excess of identifiable assets (intangible asset) ($250) If sufficient APIC had existed, there would be no intangible asset, and excess APIC would remain on the balance sheet. © Pearson Education, Inc. publishing as Prentice Hall 17-33

Eliminate Deficit in Equity Reorganization value in excess of identifiable assets 250   Gain on debt discharge 455 Additional paid in capital 400 Loss on asset revaluation 105 Deficit 1,000 The $1,000 deficit on 6/30/09 is adjusted for the gain on debt discharge and loss on asset revaluation. The net $650 deficit eliminates all of the APIC and creates a $250 intangible. © Pearson Education, Inc. publishing as Prentice Hall 17-34

Simplifying Assumptions All transactions are recorded on 6/30/09. Generally this takes some time. Creditors may have interest between submission and approval of plan. All pre-petition debt is approved. The $2,200 reorganization value of the firm probably used a discounted cash flow firm valuation model. © Pearson Education, Inc. publishing as Prentice Hall 17-35

Disclosures Adjustments to historical values Assets Liabilities Debt forgiveness Prior retained earnings or deficit eliminated Significant factors in determining the reorganization value © Pearson Education, Inc. publishing as Prentice Hall 17-36

Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Copyright © 2009 Pearson Education, Inc.   Publishing as Prentice Hall © Pearson Education, Inc. publishing as Prentice Hall 17-37