statement of changes in net assets in liquidation

Presentation1

1. 205-30Liquidation Basis of Accounting205 Presentation of Financial Statements

   ASC 205-30 tells an entity when it must abandon going-concern accounting and switch to the liquidation basis, how to measure assets and liabilities under that basis, and what to disclose. The trigger is that liquidation is "imminent" (205-30-25-1 and 25-2), unless the liquidation follows a plan specified in the entity's governing documents at inception. Under the liquidation basis, assets are measured at the estimated cash or other consideration expected to be collected, previously unrecognized items such as trademarks are recognized, expected disposal costs and income/expenses through the end of liquidation are accrued (undiscounted), and the entity presents a statement of net assets in liquidation and a statement of changes in net assets in liquidation.