The authoritative literature for bankruptcy accounting, ASC 852-10, Reorganizations, contains little specific guidance on the disclosures that should be included in the financial statements of a reporting entity in bankruptcy. Much of the disclosure found in financial statements today for companies involved in a bankruptcy has been developed in practice over the years. The listing in BLG 7.2, while not exhaustive, includes the basic disclosures that might be expected for a typical bankruptcy filing. An entity reporting during bankruptcy should consider reviewing SEC filings of companies within its industry that have been involved in recent bankruptcy proceedings.

The authoritative guidance for required disclosures for entities that have adopted the liquidation basis of accounting is more clearly defined, as described in ASC 205-30, Liquidation Basis of Accounting, and discussed in BLG 6.