Shareholders approved a Quasi-Reorganization
that will allow the Company to restate assets and liabilities to fair value and reduce the accumulated deficit to zero as of December 31, 2004.
3) DO NOT use quasi-reorganization
accounting at the time of the reorganization, because this statement of position applies to reporting for entities that enter and intend to emerge from Chapter 11.
Issues Paper 88-1, Quasi-Reorganization
American Institute of CPAs accounting standards division, 1988.
As such, operations for periods prior to December 31, 2010 are labeled as being under the "Old Basis," which is defined as accounting policies and estimates prior to the adoption of the Quasi-Reorganization
AMHR is clearing its books of old business and undertaking Quasi-Reorganization
in order to facilitate a smooth transition.
While application of quasi-reorganization
accounting generally requires shareholder approval, it is essentially an accounting readjustment, not a legal reorganization and has no income tax consequences.
Accumulated deficit of $70,057 was eliminated at December 31, 1992 in connection with a quasi-reorganization
Effective December 31, 2010, the Company effected an elective accounting quasi-reorganization
to eliminate the deficit in retained earnings against additional paid-in capital, which serves to further streamline its balance sheet and better reflect the Company's progress in refocusing its business operations.
02 par value: Authorized shares - 25,000,000 Issued and outstanding shares - 7,172,587 and 7,262,953 at December 31, 2001 and 2002, respectively 143 145 Additional paid-in capital 51,138 53,107 Deferred compensation (705) Notes receivable-employees (1,117) (173) Deficit eliminated in quasi-reorganization
(8,799) (8,799) Retained deficit since December 31, 1997 (29,392) (35,600) Accumulated other comprehensive income 8,096 (5,704) Treasury stock, at cost: 67,446 and 248,434 shares at December 31, 2001 and 2002, respectively (865) (3,562) Total stockholders' equity 120,379 99,884 Total liabilities and stockholders' equity $ 191,056 $ 241,174 EXCO RESOURCES, INC.
78, the staff has received inquiries about its position on accounting for the tax benefits of operating loss carryforwards existing as of the date of a quasi-reorganization
when such benefits are recognized subsequently in the statements.
NYSE Amex: EGT) ("Entertainment Gaming Asia" or "the Company"), a leading provider of electronic gaming machines on a participation basis to the Pan-Asian gaming industry, today announced that it will reschedule reporting operating results for the fourth quarter and fiscal year ended December 31, 2010 from March 1, 2011 to March 11, 2011 in order to complete an accounting quasi-reorganization
02 par value: Authorized shares - 25,000,000 Issued and outstanding shares - 6,687,696 at December 31, 1998 and June 30, 1999 134 134 Additional paid-in capital 46,241 46,241 Notes receivable - officers (825) (870) Deficit eliminated (8,799) (8,799) Minority interest in limited partnership (13) Retained earnings (deficit), as adjusted for quasi-reorganization
at December 31, 1997 (511) (339) Total stockholders' equity 36,240 36,354 Total liabilities and stockholders' equity $36,888 $45,216 EXCO RESOURCES, INC.