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Liabilities incurred in the postpetition period are presented separately and classified as they ordinarily would be under other GAAP. As mentioned in BLG 1, these liabilities are generally expected to be paid by the debtor throughout the bankruptcy process.
The reporting entity should continue to recognize all recurring liabilities required by GAAP, such as pensions and other employee benefits, asset retirement obligations, environmental liabilities, insurance reserves, and other liabilities as set forth under the applicable literature. If the arrangements that give rise to these liabilities are acted on by the Court, the liabilities would be adjusted based on the nature of the changes to the arrangements. Classification of these liabilities as liabilities subject to compromise would be determined based on the factors discussed above.
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