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Sunday, October 18, 2020 | History

2 edition of Classification of short-term obligations expected to be refinanced found in the catalog.

Classification of short-term obligations expected to be refinanced

Financial Accounting Standards Board.

Classification of short-term obligations expected to be refinanced

an amendment of ARB no. 43, chapter 3A.

by Financial Accounting Standards Board.

  • 200 Want to read
  • 36 Currently reading

Published by Financial Accounting Standards Board in Stamford, Conn .
Written in English

    Subjects:
  • Liabilities (Accounting),
  • Accounting -- Standards -- United States.,
  • Financial statements -- United States.

  • Edition Notes

    SeriesStatement of financial accounting standards -- no. 6
    Classifications
    LC ClassificationsHF5681.L6
    The Physical Object
    Pagination26 p. ;
    Number of Pages26
    ID Numbers
    Open LibraryOL19721811M

    A fellow accountant has solicited your opinion regarding the classification of short-term obligations repaid prior to being replaced by a long-term security. Cheshire Foods, Inc., issued $5,, of short-term commercial paper during to finance construction of a plant.   kieso intermediate accounting solution manual Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If you continue browsing the site, you agree to the use of cookies on this website.

    ASC , Overall, which provides guidance on classification of obligations, such as: Short-term debt expected to be refinanced on a long-term basis, Due-on-demand loans, Callable debt, Sales of future revenue, Increasing rate debt, debt with covenants. Short-term obligations expected to be refinanced. Deposits and advance payments. Compensated absences. Collections for third parties. Contingent liabilities (General). Guaranties and warranties. Premiums and awards offered to customers. Self-insurance, litigation, claims, and assessments, asset retirement obligations. Presentation and analysis.

    In practice, as explained by SFAS 6, para. 7 (Classification of Short-Term Obligations Expected to Be Refinanced: An Amendment of ARB No. 43, Chapter 3A), it is provided by most entities, with the exception of certain industries where such presentation is deemed not to be significant (e.g., finance, trading, insurance, investment, utilities.   Current portion of long-term debt (CPLTD) refers to the section of a company's balance sheet that records the total amount of long-term debt that .


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Classification of short-term obligations expected to be refinanced by Financial Accounting Standards Board. Download PDF EPUB FB2

Short-term obligations arising from transactions in the normal course of business that are due in customary trade terms shall be classified as current liabilities.

9 A short-term obligation other than one classified as a current liability shall be excluded from current liabilities only if the conditions in paragraphs 10 and 11 are met.

Get this from a library. Classification of short-term obligations expected to be refinanced: an amendment of ARB no. 43, chapter 3A. [Financial Accounting Standards Board.]. Open Library is an open, editable library catalog, building towards a web page for every book ever published.

Classification of short-term obligations expected to be refinanced by Financial Accounting Standards Board.,Financial Accounting Standards Board edition, in EnglishPages: The concept of substance over form influences the classification of obligations expected to be refinanced.

True. Under IFRS, a liability that is refinanced after the balance sheet date but before the financial statements are issued would typically be classified as a current liability.

ASC allows classification of short-term liabilities expected to be refinanced to be classified as noncurrent assuming that the short-term liabilities do not arise from the normal course of business (e.g., accounts payable and accrued liabilities).

Explain the classification issues of short-term debt expected to be refinanced. Identify types of employee-related liabilities. Identify the criteria used to account for and disclose gain and loss contingencies. Explain the accounting for different types of loss contingencies. Indicate how to present and analyze liabilities and contingencies.

Some short-term obligations are expected to be refinanced on a long-term basis. These short-term obligations will not require the use of working capital during the next year (or operating cycle. Bond anticipation notes may be classified as long-term debt if the criteria of FASB Statement No.

6, Classification of Short-Term Obligations Expected to be Refinanced, are met. Long-term obligations are loans, negotiable notes, time-bearing warrants, bonds, or leases with a duration of more than 12 months.

FAS 6: Classification of Short-Term Obligations Expected to Be Refinanced an amendment of ARB No. 43, Chapter 3A INTRODUCTION AND BACKGROUND INFORMATION 1. Some short-term obligations are expected to be refinanced on a long-term basis and, therefore, are not expected to require the use of enterprise working capital during the ensuing fiscal year.

ASC ‐10 provides guidance on classification on obligations, such as short‐term debt expected to be refinanced on a long‐term basis, due‐on‐demand loans, callable debt, sales of future revenue, increasing rate debt, debt with covenants, revolving credit agreements subject to lockbox arrangements and subjective acceleration clauses, and indexed debt.

is a present legal obligation and the fair value of the obligation can be reasonably estimated. • Under IFRS, short-term obligations expected to be refinanced can be classified as non-current if the refinancing is completed by the financial statement date.

GAAP uses the date the financial statements are issued. • IFRS uses the term provisions to refer to estimated : Issabella. To download more slides, ebook, solutions and test bank, visit e Size: KB. Short-Term Debt Expected to Be Refinanced. In the past, short-term obligations that were expected to be refinanced on a long-term basis were not included in current liabilities.

Today, two criteria must be met for this type of obligation to be excluded from current liabilities. Describe the nature, type, and valuation of current liabilities. Explain the classification issues of short-term debt expected to be refinanced. Identify types of employee-related liabilities.

Identify the criteria used to account for and disclose gain and loss contingencies. Explain the accounting for different types of loss. u Under IFRS, short-term obligations expected to be refinanced can be classified as non-current if the refinancing is completed by the financial statement date.

GAAP uses the date the financial statements are issued. LO 7 Compare the accounting procedures for current. with current guidance. The existing classification guidance would be superseded by a principle that may differ from existing rules that the proposed amendments would eliminate.

One of the most significant changes to the classification would be, for example, short-term debt that is refinanced on a long-term basis after the balance sheet Size: KB. 1. Describe the nature, type, and valuation of current liabilities. Explain the classification issues of short-term debt expected to be refinanced.

Identify types of employee-related liabilities. Identify the criteria used to account for and disclose gain and loss contingencies. Short-Term Obligation synonyms, Short-Term Obligation pronunciation, Short-Term Obligation translation, English dictionary definition of Short-Term Obligation.

pl n business liabilities maturing within a year "Classification of Short-Term Obligations Expected to Be Refinanced," where it is stated that a short-term obligation which is being.

Short-term debt, also called current liabilities, is a firm's financial obligations that are expected to be paid off within a year. Common types of short-term debt include short-term bank loans. short-term obligations expected to be refinanced can be excluded from current liabilities, and classified as long-term liability, if both of the following conditions are met: (1) The enterprise intends to refinance the obligation on a long-term basis, and (2) The enterprise has the ability to consummate the refinancing.

Classification of Short-Term Obligations Expected to Be Refinanced: May 7: Accounting and Reporting by Development Stage Enterprises: June 8: Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statement: October Superseded by FAS 52 9: Accounting for Income Taxes: Oil and Gas.Short-Term Debt Expected to Be Refinanced On DecemCarrboro Textile Company had short-term debt in the form of notes payable totaling $, These notes were due on June 1, Carrboro expected to refinance these notes on a long-term basis.Accounting standard: (note if the same author is referenced more than once, this is indicated by a line, rather than repeating the name, as is shown below) Financial Accounting Standards Board.

Statement of Financial Accounting Standard No. 6: Classification .