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If a reporting entity files for bankruptcy, the actual filing of the bankruptcy petition may occur during the period after a balance sheet date, but prior to the issuance of the financial statements. In these instances, the filing should be treated as a nonrecognized subsequent event under the guidance of ASC 855, Subsequent Events. This guidance requires disclosure of the filing itself and relevant details associated with the filing. The financial statements as of the period-end prior to filing would not reflect any accounting under ASC 852-10, nor would they include the debtor-in-possession label as discussed in BLG 3.2.

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