The Financial Accounting Standards Board (FASB) issued proposed amendments on June 26, 2013, to provide guidance about management's responsibilities in evaluating a company's going concern uncertainties in addition to the timing and content of related footnote disclosures. Even before a company’s liquidation is imminent, there may be uncertainties about a company’s ability to continue as a going concern and, therefore, about its going concern presumption (going concern uncertainties). Currently, there is no guidance in the U.S.
Decisions emerging from the Lehman Brothers chapter 11 cases are helping to define the parameters of the Bankruptcy Code’s safe harbors for derivative transactions (see Bankruptcy and Creditors’ Rights Alert, January 28, 2010).