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During a bankruptcy proceeding, a debtor's contractual arrangements will be affirmed, amended, or rejected. Existing GAAP should continue to be followed until a reporting entity takes action (i.e., rejects) a contract and the Court subsequently approves such action. Adjustments for any expected allowed claims resulting from any amendments or rejections to an executory contract should be recognized when the Court approves such action.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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