# ASC 470-958-25: Debt — Not-for-Profit Entities — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/470/958/#25-recognition)

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## ASC 470-958-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/470/958/#25-recognition)

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##### [470-958-25-1](https://asc.understandingaccounting.org/asc/470/958/#470-958-25-1)

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A not-for-profit entity (NFP) may finance part of its activities from the proceeds of tax-exempt bonds or other obligations issued through state and local financing authorities. Because the NFP is responsible for the repayment of those obligations, that financing shall be recognized as a liability in its statement of financial position.