# ASC 470-50-50: Debt — Modifications and Extinguishments — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/470/50/#50-disclosure)

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## ASC 470-50-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/470/50/#50-disclosure)

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##### [470-50-50-1](https://asc.understandingaccounting.org/asc/470/50/#470-50-50-1)

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If debt was considered to be extinguished by [in-substance defeasance](https://asc.understandingaccounting.org/glossary/i/#in-substance-defeasance "Placement by the debtor of amounts equal to the principal, interest, and prepayment penalties related to a debt instrument in an irrevocable trust established for the benefit of the creditor.") under the provisions of FASB Statement No. 76, _Extinguishment of Debt,_ before the effective date of FASB Statement No. 125, _Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,_ a general description of the transaction and the amount of debt that is considered extinguished at the end of each period that debt remains outstanding shall be disclosed.