Page 19 - Bankruptcy Volume 1
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Recent nonauthoritative AICPA Forensic and Valuation Services (FVS) guidance includes bankruptcy
support services within the definition of forensic accounting services, including assistance with pending
or potential formal legal bankruptcy proceedings to debtors, creditors, other interested parties, or the
court.
Although this practice aid and the companion publication Valuation in Bankruptcy directly address
bankruptcy and reorganization services as litigation services engagements, other AICPA practice aids
and special reports also provide guidance to the practitioner in this practice area. These publications in-
clude matters of general applicability to consulting or litigation services engagements, such as applicable
professional standards, differences between attest and consulting services, conflicts of interest, and
communication considerations for engagement letters and reports, as well as specializations within liti-
gation services, such as serving as an expert witness, fraud investigations, and alternative dispute resolu-
tion services.
As discussed in further detail throughout this and other practice aids, bankruptcy and reorganization ser-
vices are subject to numerous federal, state, and local statutes and rules. At the federal level, these in-
clude but are not limited to the U.S. Bankruptcy Code, Federal Rules of Bankruptcy Procedure (Fed. R.
Bankr. P.), Federal Rules of Evidence, and Federal Rules of Civil Procedure. Practitioners are cautioned
to consult with legal counsel on such requirements and other legal matters.
Authoritative guidance on these matters includes the following:
AICPA Code of Professional Conduct
SSFS No. 1
CS section 100
FASB Accounting Standards Codification 852, Reorganizations
Nonauthoritative literature published by the AICPA is housed on the Forensics and Valuation Services
Library tab of the Online Professional Library and under the "Interest Areas" tab of the AICPA website.
© 2020 Association of International Certified Professional Accountants 17
