Help needed on Advanced Accounting

1. This material from the past three week has dealt with the overall subject of acquisitions. Many of these acquisitions don’t work out as intended, and some result on companies going under. One of our upcoming subjects is that of corporate bankruptcies and liquidations. When we think bankruptcy, we tend to think in the negative. However, from a corporate perspective the act of bankruptcy / reorganization can be a good thing.

For this discussion forum, you are to research a company that declared bankruptcy and then reorganized / came out of it stronger and for the better. Discuss what you think made your chosen entity go into bankruptcy, any significant measures it took during bankruptcy, and what happened to it once it came out of it.

2. This week’s material deals with, amongst other things, the subject of not-for-profit and municipal accounting, which is very different from the GAAP accounting you’ve been learning for your academic career to date.

Why do you think we’ve developed and used such a different type of accounting for not-for-profits and municipalities?

3. This week’s material deals with, amongst other things, the subject of international accounting standards, and in particular how they compare / relate to GAAP.

Which overall type of accounting standard do you prefer; GAAP or IFRS, and why?

Each answers should be at least 300 words and must include at least one outside reference (properly cited and credited), and are expected to discuss the topic(s) at hand in a meaningful manner.