For decisions related to The Liquidation Basis of Accounting, see minutes below.
Summary of Decisions Reached to Date The Board has reached the following decisions based on discussions surrounding issues raised in comment letters on the Exposure Draft, in other outreach meetings, and in redeliberations.
During initial deliberations, the Board decided to develop guidance that would require an entity’s management to evaluate the entity’s ability to continue as a going concern and require disclosures when either financial statements are not prepared on a going concern basis or there is substantial doubt about the entity’s ability to continue as a going concern.
In October 2008, the Board issued an Exposure Draft, The Board received 29 comment letters in response to that Exposure Draft, and respondents’ comments were considered by the Board during redeliberations.
Tom Atkinson], I request that you close the following accounts I have at your branch: TYPE ACCOUNT # [LIST ACCOUNT TYPES AND NUMBERS, ex.
Savings 2342342-234 Checking 2343433-432] [MENTION WHAT SHOULD BE DONE WITH BALANCES, ex.
The trustee or custodian will need this information to prepare your annual account statement.If you hold securities in your account, you may have to take an extra step or two, but your liquidation should be easy to process. When you need a legal form, don't accept anything less than the USlegal™ brand.Those Board decisions are tentative and do not change current accounting.Official positions of the FASB are determined only after extensive due process and deliberations. Exposure Draft Comment Letters Comment Letter Summary Phase II: Going Concern On October 9, 2008, the Board issued an Exposure Draft, Going Concern, for a 60-day comment period. Exposure Draft Comment Letters Comment Letter Summary Decisions Reached at Last Meeting (May 2, 2012) The Board also decided that it will revisit the question of whether management should be required to assess whether there is doubt about an entity’s ability to continue as a going concern in light of its recent decision not to pursue going-concern-type disclosures in the project about liquidity and interest rate risk disclosures.As such, the tax consequences to a unitholder generally will be similar to those that would be experienced if the trust were treated as a partnership.As with a partnership, items of income, gain, loss, deduction, and credit derived from the Liquidating Trust will be taxed at the unitholder level, and the Liquidating Trust will not be taxed (i.e., no “double taxation”).Kindly prepare a money order in the amount of the balance outstanding for me to pick up on Monday, June 16, 1998.] Allow me to thank you in advance for your consideration. The staff has prepared this summary of Board decisions for information purposes only.The Grantor Letter is an itemized statement which reports a unitholders allocable share of all of the various categories of income, gain, loss, deduction, and credit of the Liquidating Trust.If the units are held in a taxable account, this information should be used in determining your taxable income.