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Fresh start accounting helps companies emerging from bankruptcy to adopt appropriate emergence accounting, as governed by the Financial Accounting Standards Board’s Accounting Standards Codification (R) (ASC) 852, Reorganizations. The results of fresh start accounting resemble those of purchase accounting, but require the company to prepare financial statements using the following four steps:
1. Prepare the books and records of the predecessor entity for audit.
2. Record the effects of the plan of reorganization including the extinguishing of pre-petition liabilities and of the common stock of the predecessor entity, recoveries to creditors and reorganization of gain/loss provided by the previously discussed activities.
3. Complete the revaluation and balance sheet adjustment of the assets and liabilities of the entity.
4. Prepare the financial statements of the new entity to reflect all adjustments made during this process


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