Liquidating hedge began dating in 2016

14-Apr-2020 15:20

If the effects of adopting liquidation basis of accounting are determined to be immaterial, the notes to the financial statements generally should include an affirmative statement to that effect.

TIS SECTION 6910.42: "Presenting financial highlights under the liquidation basis of accounting for an investment company." This TQA discusses if an investment company should present financial highlights after adopting the liquidation basis of accounting.

TIS SECTION 6910.37: "Considering the length of time it will take an investment company to liquidate its assets and satisfy its liabilities when determining if liquidation is imminent." This TQA discusses if an entity should consider the length of time it will take to liquidate its assets and satisfy its liabilities when determining if liquidation is imminent.

Under ASC 205-30-25-2, liquidation is imminent if either of the following is present: The TQA concludes that liquidation is imminent based on the occurrence of events and does not include a time element and therefore the length of time should not be taken into account when determining if liquidation is imminent.

The debt will remain until the statute of limitation has expired, and as there is no longer a debtor to pay what is owed, the debt must be written off by the creditor. The most senior claims belong to secured creditors who have collateral on loans to the business.

Assets are distributed based on the priority of various parties’ claims, with a trustee appointed by the U. These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.

In October 2016, the AICPA issued technical questions and answers (“TQA”) to 7 practice matters related to liquidation basis of accounting and one on the effects of loan origination activity in determining investment company status of an entity.

The full TQA can be accessed by clicking the titles below.

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Liquidation can also refer to the act of exiting a securities position.

In making that determination, a reporting entity should consider whether and how the accrual of costs and income and recognition of other assets that were recorded as of the adoption of the liquidation basis (for example, the cumulative-effect adjustment) would affect the financial highlights information and whether the result would be meaningful to a user of the entity’s financial statements.

A fund manager should consider whether financial highlights continue to be relevant and useful to understanding the fund’s statement of net assets in liquidation or statement of changes in net assets in liquidation.

TIS SECTION 6910.36: "Determining whether loan organization is a substantive activity when assessing whether an entity is an investment company" This TQA discusses the considerations of an entity in determining whether loan origination activity represents a substantive business activity that precludes it from qualifying as an investment company under ASC 946-10-15-6.

An evaluation of loan origination activities should include a quantitative and qualitative assessment of the significance of those activities relative to the entity’s investing activities.

TIS SECTION 6910.38: "Determining if liquidation is imminent when the only investor in an investment company redeems its interest, and the investment company anticipates selling all of its investments and settling all of its assets and liabilities." This TQA discusses whether liquidation is considered imminent in a situation where there is a single investor in an investment company and that investor redeems its interest which results in the investment company anticipating selling all investments and settling all assets and liabilities.

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