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6.3 Who should apply the liquidation basis of accounting
Publication date: 31 Aug 2021 (updated 30 Jun 2023)
us Bankruptcy & liquidation guide
As noted in ASC 205-30-15-1, all reporting entities are in the scope of ASC 205-30 except for investment companies that are regulated under the Investment Company Act of 1940. The scope includes not-for-profit entities, nonpublic entities, and the separate financial statements of employee benefit plans (see further discussion in BLG 6.8). Importantly, investment companies that are not regulated under the Investment Company Act of 1940 are in the scope but may not need to apply the guidance if their liquidation follows a plan specified at inception. See BLG 6.4.1 for further discussion of limited-life entities.
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