By Linda Cavanaugh, CPA - FSP SOP 90-7-1 An Amendment of AICPA Statement of Position 90-7
The FASB approved this FSP on April 24, 2008 and it is effective immediately.
This FSP resolves the conflict between early adoption of new standards for fresh-start reporting and other standards that prohibit early adoption.
SOP 90-7 is amended by reversing the guidance in paragraph .38 and stating that companies emerging from Chapter 11 bankruptcy reorganization should follow only those accounting standards in effect at the date fresh-start reporting is adopted.
This one was short and to the point. I wish they all were like this.