Self-Study
Breaking Point – Accounting for Financial Distress and Reorganization
Price range: $58.00 through $78.00
Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)
 Secure Transaction CPE Credits
2 Credits: Accounting
Course Level
Overview
Format
Self-Study
Course Description
This course covers the accounting and disclosure requirements for entities experiencing financial distress under U.S. GAAP. It begins with the going concern framework in ASC 205-40, which outlines how management should assess and disclose substantial doubt about an entity’s ability to continue operating. The course then moves into the specialized guidance in ASC 852 for entities that enter Chapter 11 bankruptcy and undergo formal reorganization. Throughout, you’ll gain insight into how financial reporting obligations evolve as a company moves from early signs of instability to court-supervised restructuring.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify the conditions that require management to evaluate going concern uncertainty
- Determine the appropriate one-year look-forward period for a going concern assessment
- Recognize how management’s plans may alleviate substantial doubt
- Differentiate between disclosures required when substantial doubt is alleviated and when it is not
- Identify when an entity is required to apply ASC 852accounting guidance for reorganization
- Recognize how to present liabilities subject to compromise and reorganization items
- Differentiate between normal operating expenses and reorganization-related costs
- Determine the appropriate financial statement presentation during and after Chapter 11proceedings
Course Specifics
SS125446792
October 13, 2025
There are no prerequisites.
None
53
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s Journal of Accountancy. Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …
QAS Self-Study
