Wiley GAAP: Financial Statement Disclosure Manual

33ASC 470 DEBT

1. Authoritative Literature
   1. Subtopics
   2. Scope and Scope Exceptions
      1. ASC 470‐20
      2. ASC 470‐30
      3. ASC 470‐40
      4. ASC 470‐50
      5. ASC 470‐60
2. Practice Alert
3. Presentation and Disclosure Requirements
   1. Presentation
      1. ASC 470‐10, Overall
   2. ASC 470‐20, Debt with Conversion and Other Options
      1. Presentation
   3. ASC 470‐30, Participating Mortgage Loans
      1. Presentation
   4. ASC 470‐40, Product Financing Arrangements
   5. ASC 470‐60, Troubled Debt Restructurings by Debtors
   6. Disclosures
      1. ASC 470‐10, Overall
      2. ASC 470‐20, Debt with Conversion and Other Features
      3. ASC 470‐30, Participating Mortgage Loans
      4. ASC 470‐40, Product Financing Arrangements
      5. ASC 470‐50, Modifications and Extinguishments
      6. ASC 470‐60, Troubled Debt Restructurings by Debtors
4. Presentation and Disclosure Examples
   1. Example 33.1: Debt Modification
   2. Example 33.2: Troubled Debt Restructuring
   3. Example 33.3: Troubled Debt Schedule and Policy
   4. Example 33.4: Revolving Credit Agreement
   5. Example 33.5: Debt Covenant Violation Penalty

AUTHORITATIVE LITERATURE

Debt remains on the books of the debtor until it is extinguished. In many cases, a debt is extinguished at maturity when the required principal and interest payments have been made and the debtor has no further obligation to the creditor. In other cases, the debtor may extinguish the debt before its maturity. For example, if market interest rates are falling, a debtor may choose to issue debt at the new lower rate and use the proceeds to retire older higher‐interest‐rate debt. A debt is extinguished if ...