In July 2012, the FASB issued a proposed amendment to FASB ASC Topic 205, Presentation of Financial Statements,3 that would require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is deemed to be imminent. In April 2013, the FASB issued Accounting Standards Update 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting.