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Version 1.0Issued: July 8, 2013, Comments Due: September 6, 2013Liquidation Basis of Accounting (UGT Version 2014)FAST U.S. GAAP Financial Reporting Taxonomy (UGT) Implementation Guide SeriesThis
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How to fill out liquidation basis of accounting

01
To fill out liquidation basis of accounting, follow these steps:
02
Gather all necessary information and documents related to the company's liquidation process.
03
Determine the assets and liabilities of the company at the date of liquidation.
04
Calculate the fair value of the assets and liabilities.
05
Prepare an opening balance sheet for the liquidation.
06
Record the realization of assets and payment of liabilities.
07
Prepare the liquidation account to summarize the gains or losses from the liquidation process.
08
Distribute the remaining assets to the shareholders according to their respective ownership interests.
09
Close the books of the company and finalize the liquidation process.
10
Prepare the final financial statements for the liquidation period.

Who needs liquidation basis of accounting?

01
Liquidation basis of accounting is commonly needed by the following entities:
02
- Companies undergoing voluntary or involuntary liquidation
03
- Creditors and investors of a liquidating company
04
- Regulatory agencies overseeing the liquidation process
05
- Professionals involved in liquidation proceedings such as liquidators, auditors, and lawyers
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Liquidation basis of accounting is an accounting method used when a company is expected to be liquidated, meaning its assets will be sold off and its operations will cease.
Companies that are undergoing liquidation or are in the process of being dissolved are required to file liquidation basis of accounting.
To fill out liquidation basis of accounting, the company must prepare financial statements based on the assumption that the company's operations will cease and its assets will be sold off.
The purpose of liquidation basis of accounting is to provide information to stakeholders about the financial position of the company in the event of its liquidation.
Financial statements prepared on liquidation basis must include information about the company's assets, liabilities, and equity as if they were to be sold off and the operations ceased.
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