# ASC 470-970: Debt — Real Estate—General Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/470/970/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:35:02.025Z to 2026-09-10T00:35:11.229Z Record version: sha256:20de3ddc864cb82d6fbf19c6ca899a9b5b6685986dc0fab26e60ced59ef65c4c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-970: Debt — Real Estate—General ### Machine-generated study aids ```json { "summary": "This subtopic tells a real estate developer when it must record a liability for infrastructure debt issued by a municipality (special assessments) or by a tax increment financing (TIF) entity. The core rule is a presumption of liability recognition when the assessment levied on each individual property owner is a fixed or determinable amount for a fixed or determinable period (470-970-25-1); if the assessment is not fixed or determinable, no obligation is recorded, but credit support features (shortfall make-up, pledged assets, letters of credit) must be evaluated as contingencies under Topic 450 and possibly as guarantees under Topic 460.", "key_points": [ "A special assessment or TIF assessment that is a fixed or determinable amount for a fixed or determinable period creates a presumption that the property owner recognizes an obligation (470-970-25-1).", "Factors indicating contingent liability for TIF debt—obligation to satisfy annual debt service shortfalls, pledge of entity assets, or a letter of credit or other credit enhancement—require evaluation of recognition under Topic 450 (470-970-25-1).", "If the entity is constructing facilities for its own use or operation, the presence of any of those factors creates a presumption that the TIF debt must be recognized as the entity's obligation (470-970-25-2).", "Agreements to make up debt service shortfalls or to guarantee TIF debt may be guarantees under 460-10-15-4 and subject to Topic 460 initial recognition, initial measurement, and disclosure (470-970-25-3).", "Case A: a municipal special assessment fixed at $5,000 per parcel per year plus interest for 20 years is recognized as an obligation, and a purchaser assuming it recognizes the obligation on the parcels bought (470-970-55-3 through 55-4); Case B reaches the same result for TIF debt with a determinable annual levy even absent a guarantee (470-970-55-8).", "Cases C and D: where the levy depends on the rate of development or on current tax rates and assessed values, it is not fixed or determinable and no obligation is recognized—assessments are treated like property taxes—unless the entity must fund shortfalls or has guaranteed the debt, in which case Subtopic 450-20 applies (470-970-55-11, 55-14).", "TIF entities are often special-purpose entities that may require consolidation analysis under the Variable Interest Entities Subsections of Subtopic 810-10 (470-970-05-3)." ], "categories": [ "Recognition", "Contingencies and guarantees", "Industry-specific", "Consolidation" ], "audience_level": "intermediate", "student_note": "The decisive question is not who issued the bonds but whether the assessment on each individual parcel is fixed or determinable in amount and period; students often wrongly assume that because the developer did not guarantee the TIF bonds, no liability can arise—Case B shows recognition without any guarantee, and Cases C–D show that shortfall make-up promises still trigger Topic 450/460 analysis.", "related_topics": [ "970-470", "450-20", "460-10", "810-10", "974-720" ], "key_concepts": [ "tax increment financing entity", "special assessment", "fixed or determinable amount", "debt service shortfall", "guarantee", "loss contingency", "infrastructure development", "variable interest entity" ] } ``` Source downloaded (UTC): 2026-09-10T00:35:02.025Z to 2026-09-10T00:35:02.025Z Record version: sha256:bb975f07ea91dbbfaf5e05d19b461d73f14e93969517a459d8c300bb2dde6259 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-970-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/470/970/#00-status) SEC content: no ##### [470-970-00-1](https://asc.understandingaccounting.org/asc/470/970/#470-970-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:02.025Z to 2026-09-10T00:35:02.025Z Record version: sha256:1cf97b8dd2e9ae3564926fa14d589890c9cc22ef1856697ad7e157c51c6bb815 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
970-470-25-5AmendedAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-10T00:35:04.752Z to 2026-09-10T00:35:04.752Z Record version: sha256:6e8717e273ccf910cb7b5dee832623ac7a2a94ed205690a1709a731e732c5590 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-970-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/470/970/#05-overview-and-background) SEC content: no ##### [470-970-05-1](https://asc.understandingaccounting.org/asc/470/970/#470-970-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:04.752Z to 2026-09-10T00:35:04.752Z Record version: sha256:a6cfd0372b26872ca8d7bfc01ff3301ac881ca8c3248bb827afa03139738168d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides recognition and implementation guidance on tax increment financing entities. ##### [470-970-05-2](https://asc.understandingaccounting.org/asc/470/970/#470-970-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:04.752Z to 2026-09-10T00:35:04.752Z Record version: sha256:5776d039a4e40d81fba50ad742c05a9736aeb5a24b0a82c137c047af093b3f25 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Municipalities often levy special assessments to finance the construction of certain infrastructure assets or improvements or may levy special assessments for other specified purposes. Alternatively, an entity that intends to develop real estate it owns or leases may form a tax increment financing entity to finance and operate the project infrastructure. Tax increment financing entities are authorized under various state statutes to issue bonds to finance the construction of road, water, and other utility infrastructure for a specific project. Usually, all of the debt is issued by the tax increment financing entity and will be repaid by future user fees or taxes assessed to cover operating costs, such as repairs and maintenance, as well as debt service. ##### [470-970-05-3](https://asc.understandingaccounting.org/asc/470/970/#470-970-05-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:04.752Z to 2026-09-10T00:35:04.752Z Record version: sha256:d1d88b9c1257acc5f8a1a7a71345734ded55a894686afd86b65945949c06687a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Variable Interest Entities Subsections of Subtopic 810-10 address consolidation by business entities of variable interest entities (VIEs), which may include many special-purpose entities of the type used as tax increment financing entities. Source downloaded (UTC): 2026-09-10T00:35:06.579Z to 2026-09-10T00:35:06.579Z Record version: sha256:d5178bfee6bfb18f90b32ee1df161c960103c383a46e22670061a578632b18e8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-970-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/470/970/#15-scope-and-scope-exceptions) SEC content: no #### Entities ##### [470-970-15-1](https://asc.understandingaccounting.org/asc/470/970/#470-970-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:06.579Z to 2026-09-10T00:35:06.579Z Record version: sha256:be7eb887b6fe42d4ff1a6ba2c8068a189a302f0a8ca8804289c2da592a9e2361 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in this Subtopic applies to tax increment financing entities. Source downloaded (UTC): 2026-09-10T00:35:09.321Z to 2026-09-10T00:35:09.321Z Record version: sha256:2ba09ff269b26b488bda3d89e3b9b6c34d03c68bb99c080a61b9d9a545969d11 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-970-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/470/970/#25-recognition) SEC content: no #### Liability for Tax Increment Financing Entity Debt ##### [470-970-25-1](https://asc.understandingaccounting.org/asc/470/970/#470-970-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:09.321Z to 2026-09-10T00:35:09.321Z Record version: sha256:2df957c3ff76f44e32c5211c8ab7f2675c1c79a483f9c5e5eea834338f41e15a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the special assessment or the assessment to be levied by the tax increment financing entity on each individual property owner is a fixed or determinable amount for a fixed or determinable period, there is a presumption that an obligation shall be recognized by the property owner. Further, with respect to tax increment financing entities, factors such as the following indicate that an entity may be contingently liable for tax increment financing entity debt, and recognition of an obligation shall be evaluated under Topic 450: 1. a The entity must satisfy any shortfall in annual debt service obligations. 2. b There is a pledge of entity assets. 3. c The entity provides a letter of credit in support of some or all of the tax increment financing entity debt or provides other credit enhancements. ##### [470-970-25-2](https://asc.understandingaccounting.org/asc/470/970/#470-970-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:09.321Z to 2026-09-10T00:35:09.321Z Record version: sha256:29c21086c8b6db18cf14dc4d0c2971b7ab59d752c3b733b4e694f55713b1e507 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the entity is constructing facilities for its own use or operation, the presence of any of the factors in the preceding paragraph creates a presumption that the tax increment financing entity debt must be recognized as an obligation of the entity. ##### [470-970-25-3](https://asc.understandingaccounting.org/asc/470/970/#470-970-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:09.321Z to 2026-09-10T00:35:09.321Z Record version: sha256:5bb190e3931f1ad1cd007e4150d4801414d261a17d8e9093221f3c72800419f6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity's agreement to either make up shortfalls in the annual debt service requirements or guarantee the tax increment financing entity's debt, as described in Example 1, Cases C through D (see paragraphs [970-470-55-9 through 55-14](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-9) ), may be guarantees under the characteristics found in paragraph [460-10-15-4](https://asc.understandingaccounting.org/asc/460/10/#460-10-15-4) and subject to the initial recognition, initial measurement, and disclosure requirements of Topic 460. ##### [470-970-25-4](https://asc.understandingaccounting.org/asc/470/970/#470-970-25-4) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:09.321Z to 2026-09-10T00:35:09.321Z Record version: sha256:74e65175ba0c6649d597e00132b72add2a45a5b2404887b8fa6849411e19b256 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Section 970-470-55 for examples of accounting for special assessments and tax increment financing entities. ##### [470-970-25-5](https://asc.understandingaccounting.org/asc/470/970/#470-970-25-5) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:09.321Z to 2026-09-10T00:35:09.321Z Record version: sha256:a81773aee91950c7b5fffc56d78af5bc53bd1fb1271123b14f5e21f164be8138 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Section 974-720-25 for adjustment of assets (or liabilities) transferred between a real estate investment trust and its adviser. Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:ce4e752d36371bc226177939700f95b723445c51864c6dd18cd12eeb0f3d3d25 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-970-55: 55 Implementation Guidance and Illustrations [Read section](https://asc.understandingaccounting.org/asc/470/970/#55-implementation-guidance-and-illustrations) SEC content: no #### Illustrations ##### [470-970-55-1](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:311693cd78228c84fcb756a4a2007de2db022cded9ad91d6d570d231ceba826f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraph [970-470-25-4](https://asc.understandingaccounting.org/asc/470/970/#470-970-25-4). The following Cases illustrate the use of municipal bonds and tax increment financing entities for financing the construction of development project infrastructure assets with differing entity obligation impact: 1. a Municipal bonds, entity obligation for special assessment amount (Case A) 2. b Tax increment financing entity, entity obligation for tax increment financing entity debt (Case B) 3. c Tax increment financing entity, assessment to individual property owners not fixed or determinable, no entity obligation (Case C) 4. d Tax increment financing entity, assessment to individual property owners is not fixed or determinable, no entity obligation (Case D). ##### [470-970-55-2](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:e3ee6b1e28067d17e8d2f87217370f758a7b8602797986edb1a383f09a3bb6d3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Cases A, B, C, and D share all of the following assumptions: 1. a The entity owns 100 percent of the land under development. 2. b $10 million of bonds are issued for construction of the development infrastructure. 3. c The interest rate on the bonds is 6 percent and the term is 20 years. 4. d The annual debt service requirement is $500,000 principal repayment plus interest accrued during the year. 5. e The project is expected to take 10 years to complete, and no significant sales of property are expected until the third year. All of the property under development is intended for sale. 6. f The property under development is subject to lien if there is a default on the assessment. ##### [470-970-55-3](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:57a275fc6027b75b80d3ad4fcd70b4b5893e5eeb4d81058581b7b3d9743f3c34 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A municipality issues bonds to finance construction of the infrastructure assets. The municipality levies a special assessment on the property that is equal to the face amount of the bonds. The special assessment bears interest at the same rate as the bonds. In this Case, if there are 100 equal-sized parcels in the development, each parcel will be assessed $5,000 per year plus accrued interest for 20 years. The assessment remains with the property. Accordingly, upon sale or partial sale of the development, the entity must pay the remaining assessment on the property sold or the purchaser must assume the obligation. ##### [470-970-55-4](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-4) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:b1ebe9bbb5ddeab1d384a6718e4943da05e5adf247a806a9785c3dbd76c4b944 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The entity must recognize an obligation for the special assessment because the amount is fixed for a fixed period of time. Subsequent property owners that assume the obligation must recognize the obligation related to the parcels purchased. ##### [470-970-55-5](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-5) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:f211e3eb016ee8a016832d58a456b15f633f0cb107355f4a2071847a902053c0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A tax increment financing entity is formed to issue bonds. On completion of construction of the infrastructure assets, title to such assets (including any land upon which the infrastructure is constructed) passes from the tax increment financing entity to the municipality. The entity does not guarantee the tax increment financing entity debt. ##### [470-970-55-6](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-6) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:5d443f6e65a8ed2a9e0a93cdca236f2e9909cef03fbaa0b7cc5c1b981c5de11b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Property owners will be subject to a tax on an equal basis determined by the number of lots in the district. The tax will be levied annually, based on the tax increment financing entity's debt service requirement for that year. Accordingly, if there are 100 parcels in the development, $5,000 plus interest accrued for the year is expected to be levied on each parcel annually for the 20 years the debt is outstanding. Additional assessments may be levied by the tax increment financing entity for maintenance or other services. These assessments are in addition to normal property tax assessments. ##### [470-970-55-7](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-7) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:8e1927525a6ed95340c4812f12d6e1b5889098d2ceead8c444af0c9642ee63e5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Upon sale of a portion of the property, either the entity must repay a pro rata portion of the tax increment financing entity debt or the purchaser must assume the obligation. ##### [470-970-55-8](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-8) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:15d4154c23e63ae8375bc046c54fb6145d5e8845cd34741899b52a1e154dfe99 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The entity must recognize an obligation for the tax increment financing entity debt because the assessment in this example is a determinable amount for a determinable period of time. ##### [470-970-55-9](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-9) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:bac2b9f98ded4edd5178f256875ef6158fc02b8a11e298d71385bddd6f33c8fc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A tax increment financing entity is formed to issue bonds. On completion of construction of the infrastructure assets, title to such assets (including any land upon which the infrastructure is constructed) passes from the tax increment financing entity to the municipality. The entity does not guarantee the tax increment financing entity debt. ##### [470-970-55-10](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-10) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:29ede38f8c8ffbbaf52e0f02948b38fc1504dec360c2a6909f6a9208ca630f9c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The rates for annual assessments are determined prior to issuance of the debt and are limited to a maximum annual tax rate based on anticipated debt service requirements. The rate levied is dependent on the land use category of each parcel of property in the district. Developed property is taxed at the maximum rate, unless a lesser amount is needed to meet current year debt service and maintenance obligations. If the amount levied for developed property is not sufficient, undeveloped property is subject to tax up to the maximum rate. If the maximum rate applied to both developed and undeveloped property is insufficient, additional taxes may be assessed only if approved by eligible voters. ##### [470-970-55-11](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-11) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:ff304c01615c7d28aef3709e916ccd46672e0f4210f4ffa7e900d48218f85c77 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Because the assessment on each individual property owner is dependent on the rate of development and, therefore, is not fixed or determinable, an obligation is not required to be recognized. However, if the entity must satisfy any shortfall in annual debt service requirements, recognition of an obligation must be evaluated pursuant to Subtopic 450-20. ##### [470-970-55-12](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-12) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:4834da1790bf41ca7683f5c213535f95a4137aad4fbd358c8b773c2a6da675f8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A tax increment financing entity is formed to issue bonds. On completion of construction of the infrastructure assets, title to such assets (including any land upon which the infrastructure is constructed) passes from the tax increment financing entity to the municipality. The entity does not guarantee the tax increment financing entity debt. ##### [470-970-55-13](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-13) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:62f0c5096b2821dc901fd26db3a71424983d5809f72761096923337b8e7007f1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The debt service requirements of the tax increment financing entity will be met by normal property tax assessments. The increased value of the developed property is expected to generate sufficient taxes to meet the debt service and other obligations. If such assessments are not sufficient, the municipality must satisfy the shortfall. ##### [470-970-55-14](https://asc.understandingaccounting.org/asc/470/970/#470-970-55-14) Pending content: no Source downloaded (UTC): 2026-09-10T00:35:11.229Z to 2026-09-10T00:35:11.229Z Record version: sha256:1772eae33f0040831d8744b18f34c4da7eeaa6fa76ab35b04928fd70ea5526f5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The assessment on each individual property is not determinable because it is based on the current tax rate and the assessed value of the property. Accordingly, the entity is not required to recognize an obligation. The assessments will be treated as property taxes. If, however, the entity had guaranteed the tax increment financing entity debt or must satisfy any shortfall in annual debt service requirements, the recognition of an obligation would be evaluated pursuant to Subtopic 450-20.