{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/470/","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","number":"470","title":"Debt","area":"Liabilities","group":null,"subtopics":[{"number":"470-10","topic":"470","title":"Overall","area":"Liabilities","paragraphs":114,"summary":"ASC 470-10 is the Overall subtopic of the Debt topic and governs a borrower's balance sheet classification (current vs. noncurrent) of specific obligations: short-term obligations expected to be refinanced, due-on-demand loans, callable debt and covenant violations, revolving credit agreements with lock-box arrangements and subjective acceleration clauses, increasing-rate debt, sales of future revenue, and indexed debt. Core rules: callable and demand obligations are current unless a waiver/cure exception applies (470-10-45-10 through 45-11), and a short-term obligation may be excluded from current liabilities only if the entity intends to refinance long term and demonstrates ability via post-balance-sheet issuance of long-term debt/equity or a qualifying financing agreement (470-10-45-14). It also sets debt-versus-deferred-income classification for proceeds from sales of future revenue and disclosure requirements for maturities, unused lines of credit, and refinancings.","concepts":["current versus noncurrent classification","short-term obligations expected to be refinanced","subjective acceleration clause","lock-box arrangement","debt covenant violation and waiver","callable debt","sales of future revenue","increasing-rate debt"],"categories":["Presentation","Debt and equity","Disclosure","Financial statement presentation"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-10-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
ContractAddedAccounting Standards Update No. 2016-0202/25/2016
LeaseAddedAccounting Standards Update No. 2016-0202/25/2016
Not-for-Profit EntityAddedAccounting Standards Update No. 2023-0610/09/2023
Operating CycleAddedAccounting Standards Update No. 2012-0410/01/2012
Public Business EntityAddedAccounting Standards Update No. 2023-0610/09/2023
SecurityAddedAccounting Standards Update No. 2023-0610/09/2023
470-10-05-5AmendedAccounting Standards Update No. 2012-0410/01/2012
470-10-15-1AmendedAccounting Standards Update No. 2023-0610/09/2023
470-10-25-3AddedAccounting Standards Update No. 2012-0410/01/2012
470-10-25-4AddedAccounting Standards Update No. 2012-0410/01/2012
470-10-35-4AddedAccounting Standards Update No. 2012-0410/01/2012
470-10-45-10AmendedAccounting Standards Update No. 2012-0410/01/2012
470-10-45-14AmendedAccounting Standards Update No. 2012-0410/01/2012
470-10-45-19AmendedAccounting Standards Update No. 2012-0410/01/2012
470-10-45-21AmendedAccounting Standards Update No. 2012-0410/01/2012
470-10-50-1AmendedAccounting Standards Update No. 2020-0608/05/2020
470-10-50-6AddedAccounting Standards Update No. 2023-0610/09/2023
470-10-50-7AddedAccounting Standards Update No. 2023-0610/09/2023
470-10-55-11AmendedAccounting Standards Update No. 2020-0608/05/2020
470-10-55-12AmendedAccounting Standards Update No. 2020-0608/05/2020
470-10-55-18AmendedMaintenance Update 2016-11 (PDF)06/27/2016
470-10-60-2SupersededAccounting Standards Update No. 2020-0608/05/2020
470-10-60-4AmendedAccounting Standards Update No. 2016-0202/25/2016
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nContract | Added | Accounting Standards Update No. 2016-02 | 02/25/2016 |\nLease | Added …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a4d5f4bae14b0e68725d1b1039ac76bed02fb4dd681e68d7207fc7c3c3772cbe","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:30:14.064Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481292","source_sha256":"19fc6304e786286c5362ffed5b2dba9f31ad8686d4cc38bc9f7ead61b01cbad2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:21a0cd9587aa149f297ea7100cf444bb77eee1f592cc34be39eb26c284a8c1a3","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:30:14.064Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481292","source_sha256":"19fc6304e786286c5362ffed5b2dba9f31ad8686d4cc38bc9f7ead61b01cbad2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7e08ea693d20dbbf7542b1adc379921ed5bab8035e4055f2f16836fe5a9ac2ff","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:30:14.064Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481292","source_sha256":"19fc6304e786286c5362ffed5b2dba9f31ad8686d4cc38bc9f7ead61b01cbad2"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-10-05-1","para":"05-1","html":"
The Codification contains several Topics that address certain aspects of the accounting for debt. The Topics include:
  1. a
    Liabilities
  2. b
    Debt
  3. c
    Distinguishing Liabilities from Equity.
","snippet":"The Codification contains several Topics that address certain aspects of the accounting for debt. The Topics include:\n(a) Liabilities\n(b) Debt\n(c) Distinguishing Liabilities from Equity.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1273dc3ffd4080c39987f2f62f576f9c4d801611feeadc3e5a3e2b35e1fbe10a","downloaded_from":"2026-09-10T00:30:16.675Z","last_downloaded_at":"2026-09-10T00:30:16.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481262","source_sha256":"9991113cb874636cafdb1376a171d6fc6f322aadf8ece97e318421070858836c"}},{"citation":"470-10-05-2","para":"05-2","html":"
The Debt Topic provides accounting and reporting guidance for borrowers. This Topic includes the following Subtopics:
  1. a
    Overall
  2. b
    Debt with Conversion and Other Options
  3. c
    Participating Mortgage Loans
  4. d
    Product Financing Arrangements
  5. e
    Modifications and Extinguishments
  6. f
    Troubled Debt Restructurings by Debtors.
","snippet":"The Debt Topic provides accounting and reporting guidance for borrowers. This Topic includes the following Subtopics:\n(a) Overall\n(b) Debt with Conversion and Other Options\n(c) Participating Mortgage Loans\n(d) Product Fi…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b645014f9176d238d149d5b940de62037aa830e13262d634309cd7c6a5cccb5b","downloaded_from":"2026-09-10T00:30:16.675Z","last_downloaded_at":"2026-09-10T00:30:16.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481262","source_sha256":"9991113cb874636cafdb1376a171d6fc6f322aadf8ece97e318421070858836c"}},{"citation":"470-10-05-3","para":"05-3","html":"
The Liabilities Topic provides accounting and reporting guidance related to liabilities typically considered short-term in nature, and certain guidance that may apply broadly to any liability, including those addressed in this Topic.
","snippet":"The Liabilities Topic provides accounting and reporting guidance related to liabilities typically considered short-term in nature, and certain guidance that may apply broadly to any liability, including those addressed i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8e7d87118d3365f312555cad4c77bdfde10ed10bb017f0ff4fd56081432df060","downloaded_from":"2026-09-10T00:30:16.675Z","last_downloaded_at":"2026-09-10T00:30:16.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481262","source_sha256":"9991113cb874636cafdb1376a171d6fc6f322aadf8ece97e318421070858836c"}},{"citation":"470-10-05-4","para":"05-4","html":"
The Distinguishing Liabilities from Equity Topic provides accounting and reporting guidance for determining whether a transaction represents a liability or equity.
","snippet":"The Distinguishing Liabilities from Equity Topic provides accounting and reporting guidance for determining whether a transaction represents a liability or equity.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42d87ae0c7acd8543f3ca27f8b61257eaf2eac74f41116dea23a82561398557b","downloaded_from":"2026-09-10T00:30:16.675Z","last_downloaded_at":"2026-09-10T00:30:16.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481262","source_sha256":"9991113cb874636cafdb1376a171d6fc6f322aadf8ece97e318421070858836c"}},{"citation":"470-10-05-5","para":"05-5","html":"
The Overall Subtopic addresses classification determination for specific obligations, such as the following:
  1. a
    Short-term obligations expected to be refinanced on a long-term basis
  2. b
    Due-on-demand loan arrangements
  3. c
    Callable debt
  4. d
    Sales of future revenue
  5. e
    Increasing rate debt
  6. f
    Debt that includes covenants
  7. g
    Revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses
  8. h
    Indexed debt.
","snippet":"The Overall Subtopic addresses classification determination for specific obligations, such as the following:\n(a) Short-term obligations expected to be refinanced on a long-term basis\n(b) Due-on-demand loan arrangements\n(…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fe46cd647b8d3a976ab49c7545be22c46a3d76e113f5a0b899335c5e70d38e0d","downloaded_from":"2026-09-10T00:30:16.675Z","last_downloaded_at":"2026-09-10T00:30:16.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481262","source_sha256":"9991113cb874636cafdb1376a171d6fc6f322aadf8ece97e318421070858836c"}},{"citation":"470-10-05-6","para":"05-6","html":"
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The guidance in this Subtopic applies to all entities.
Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance:
105-10-65-7 The guidance in this Subtopic applies to all entities, excluding paragraph 470-10-50-7, which applies to public business entities only.
","snippet":"The guidance in this Subtopic applies to all entities. Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance: 105-10-65-7 The guidance in this Subtopic applies to all entities, excluding paragraph 470-1…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:51e74ca570f0761452b402f283fd0c17552504f82e0c6858fc19f251ab9f5fc9","downloaded_from":"2026-09-10T00:30:19.735Z","last_downloaded_at":"2026-09-10T00:30:19.735Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481232","source_sha256":"f211191d85935480a52826a70c1fd34b52db7277802f90bf95b5f62971942a6d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f30fc54d207eb6a9b9dc5fe7c3524ceaf87467c9f501496619958c3b08f6a123","downloaded_from":"2026-09-10T00:30:19.735Z","last_downloaded_at":"2026-09-10T00:30:19.735Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481232","source_sha256":"f211191d85935480a52826a70c1fd34b52db7277802f90bf95b5f62971942a6d"}},{"block":null,"heading":"Transactions","paragraphs":[{"citation":"470-10-15-2","para":"15-2","html":"
The guidance in this Subtopic that relates to separate classification of current assets and current liabilities (that is, a classified balance sheet) applies only when an entity is preparing a classified balance sheet for financial accounting and reporting purposes.
","snippet":"The guidance in this Subtopic that relates to separate classification of current assets and current liabilities (that is, a classified balance sheet) applies only when an entity is preparing a classified balance sheet fo…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1120ddffb4be4e72a7a7661b63991136337614c8b5ff061eb562861e3cf92e1a","downloaded_from":"2026-09-10T00:30:19.735Z","last_downloaded_at":"2026-09-10T00:30:19.735Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481232","source_sha256":"f211191d85935480a52826a70c1fd34b52db7277802f90bf95b5f62971942a6d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e2a272d019daff0fba283313334acf5af46c73526eacd8ef52a7ea0accef5dd1","downloaded_from":"2026-09-10T00:30:19.735Z","last_downloaded_at":"2026-09-10T00:30:19.735Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481232","source_sha256":"f211191d85935480a52826a70c1fd34b52db7277802f90bf95b5f62971942a6d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:703e7a8d0955e29d4fb7ff64ad2eb906ec83c428f3a79f0f25087518d0d14b5d","downloaded_from":"2026-09-10T00:30:19.735Z","last_downloaded_at":"2026-09-10T00:30:19.735Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481232","source_sha256":"f211191d85935480a52826a70c1fd34b52db7277802f90bf95b5f62971942a6d"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Sales of Future Revenues or Various Other Measures of Income","paragraphs":[{"citation":"470-10-25-1","para":"25-1","html":"
An entity receives cash from an investor and agrees to pay to the investor for a defined period a specified percentage or amount of the revenue or of a measure of income (for example, gross margin, operating income, or pretax income) of a particular product line, business segment, trademark, patent, or contractual right. It is assumed that immediate income recognition is not appropriate due to the facts and circumstances. The payment to the investor and the future revenue or income on which the payment is based may be denominated in a foreign currency.
","snippet":"An entity receives cash from an investor and agrees to pay to the investor for a defined period a specified percentage or amount of the revenue or of a measure of income (for example, gross margin, operating income, or p…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6bb304c7240285054e6869f47e9e9aea0f5631c96b1fc9843ed84a6379b1c7c1","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}},{"citation":"470-10-25-2","para":"25-2","html":"
While the classification of the proceeds from the investor as debt or deferred income depends on the specific facts and circumstances of the transaction, the presence of any one of the following factors independently creates a rebuttable presumption that classification of the proceeds as debt is appropriate:
  1. a
    The transaction does not purport to be a sale (that is, the form of the transaction is debt).
  2. b
    The entity has significant continuing involvement in the generation of the cash flows due the investor (for example, active involvement in the generation of the operating revenues of a product line, subsidiary, or business segment).
  3. c
    The transaction is cancelable by either the entity or the investor through payment of a lump sum or other transfer of assets by the entity.
  4. d
    The investor's rate of return is implicitly or explicitly limited by the terms of the transaction.
  5. e
    Variations in the entity's revenue or income underlying the transaction have only a trifling impact on the investor's rate of return.
  6. f
    The investor has any recourse to the entity relating to the payments due the investor.
","snippet":"While the classification of the proceeds from the investor as debt or deferred income depends on the specific facts and circumstances of the transaction, the presence of any one of the following factors independently cre…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fbb2aff9579f0a03f75145f4cb23f5964677fd63251e5f03de856b088b1d0f09","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9787e8105b8b8eb54de663c1b7bb3ed3cea5bbc6ce1b6fee485dbd86fccbf5dc","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}},{"block":null,"heading":"Indexed Debt","paragraphs":[{"citation":"470-10-25-3","para":"25-3","html":"
Debt instruments may be issued with both guaranteed and contingent payments. The contingent payments may be linked to the price of a specific commodity (for example, oil) or a specific index (for example, the S&P 500). In some instances, the investor's right to receive the contingent payment (an indexing feature) is separable from the debt instrument. If the indexing feature does not warrant separate accounting under Topic 815 or the instrument does not meet the definition of a derivative under Topic 815, the entire instrument shall be accounted for in accordance with paragraphs 470-10-25-4 and 470-10-35-4.
","snippet":"Debt instruments may be issued with both guaranteed and contingent payments. The contingent payments may be linked to the price of a specific commodity (for example, oil) or a specific index (for example, the S&P 500). I…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2d97ff207486f01eb13d06921d12ec2bf95bd6d157fdf44379236d7a35762101","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}},{"citation":"470-10-25-4","para":"25-4","html":"
If the investor's right to receive the contingent payment is separable, the proceeds shall be allocated between the debt instrument and the investor's stated right to receive the contingent payment. The premium or discount on the debt resulting from the allocation shall be accounted for in accordance with Subtopic 835-30.
","snippet":"If the investor's right to receive the contingent payment is separable, the proceeds shall be allocated between the debt instrument and the investor's stated right to receive the contingent payment. The premium or discou…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:90f727c316b98101e7083165f835422d7ba1356236eeeab74c1cca85aa90fa31","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:45a3f5a32fe5cfb4c2ac7be75694fa353604c332a915835e773e12ac8a4c01f4","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:becd8ab8c570815a9c22105ada44ec7cdc0a9345c06e8b488e36e5ecbb5a3a69","downloaded_from":"2026-09-10T00:30:25.339Z","last_downloaded_at":"2026-09-10T00:30:25.339Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481174","source_sha256":"daa140611394f5147379b6624c7438eae252f3834d294e91b264e61b3c5f2bf4"}},{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":"Increasing Rate Debt","paragraphs":[{"citation":"470-10-35-1","para":"35-1","html":"
A debt instrument may have a maturity date that can be extended at the option of the borrower at each maturity date until final maturity. In such cases, the interest rate on the note increases a specified amount each time the note is renewed. For guidance on accounting for interest, see Subtopic 835-30.
","snippet":"A debt instrument may have a maturity date that can be extended at the option of the borrower at each maturity date until final maturity. In such cases, the interest rate on the note increases a specified amount each tim…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7cf462807e59bc568deb335f3a55bbe772baa4f17eb293e313a7c38447aeedec","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}},{"citation":"470-10-35-2","para":"35-2","html":"
The borrower's periodic interest cost shall be determined using the interest method based on the estimated outstanding term of the debt. In estimating the term of the debt, the borrower shall consider its plans, ability, and intent to service the debt. Debt issue costs shall be amortized over the same period used in the interest cost determination. The term-extending provisions of the debt instrument should be analyzed to determine whether those provisions constitute an embedded derivative that warrants separate accounting as a derivative under Subtopic 815-10.
","snippet":"The borrower's periodic interest cost shall be determined using the interest method based on the estimated outstanding term of the debt. In estimating the term of the debt, the borrower shall consider its plans, ability,…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d8e2fa2bd69bc3b0c85aab8ef7b40d4e6d09590171498c1ddabb3c7cafed9dbf","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:66e24952eae0009cced1a126a587bdc6fa90ccd02953ac2ee383531311a85308","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}},{"block":null,"heading":"Sale of Future Revenues or Various Other Measures of Income","paragraphs":[{"citation":"470-10-35-3","para":"35-3","html":"
Amounts recorded as debt shall be amortized under the interest method (see Subtopic 835-30) and amounts recorded as deferred income shall be amortized under the units-of-revenue method.
","snippet":"Amounts recorded as debt shall be amortized under the interest method (see Subtopic 835-30) and amounts recorded as deferred income shall be amortized under the units-of-revenue method.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:909723d2791adda2d6169918ee7931cb44cc0be7a81c875ca1f370a69b597903","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:00d1f930a8a247f138be2aace734483a6647d7cb93e182a5c5ad3a835acf7b3e","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}},{"block":null,"heading":"Indexed Debt","paragraphs":[{"citation":"470-10-35-4","para":"35-4","html":"
As the applicable index value increases such that an issuer would be required to pay an investor a contingent payment at maturity, the issuer shall recognize a liability for the amount that the contingent payment exceeds the amount, if any, originally attributed to the contingent payment feature. The liability for the contingent payment feature shall be based on the applicable index value at the balance sheet date and shall not anticipate any future changes in the index value. When no proceeds are allocated originally to the contingent payment, the additional liability resulting from the fluctuating index value shall be accounted for as an adjustment of the carrying amount of the debt obligation.
","snippet":"As the applicable index value increases such that an issuer would be required to pay an investor a contingent payment at maturity, the issuer shall recognize a liability for the amount that the contingent payment exceeds…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aec9a2a4f70ff76257bf4bf2055068e8155e4910615fff667aed7de1265a6983","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a5147631f92f8c0a3ead195cdb3e15dd751d3e099a9486d5650b0d38162c47e","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:88b5e2b41a8f97e638eb8e432e17e7e0cf3b0b2221d8642015d27355a395d78c","downloaded_from":"2026-09-10T00:30:29.055Z","last_downloaded_at":"2026-09-10T00:30:29.055Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481143","source_sha256":"bf1ea4bae29baf86da13f676380b9bd4897146540c855680af2c3097f4b85e3b"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":"Classification of Debt That Includes Covenants","paragraphs":[{"citation":"470-10-45-1","para":"45-1","html":"
Some long-term loans require compliance with certain covenants that must be met on a quarterly or semiannual basis. If a covenant violation occurs that would otherwise give the lender the right to call the debt, a lender may waive its call right arising from the current violation for a period greater than one year while retaining future covenant requirements. Unless facts and circumstances indicate otherwise, the borrower shall classify the obligation as noncurrent, unless both of the following conditions exist:
  1. a
    A covenant violation that gives the lender the right to call the debt has occurred at the balance sheet date or would have occurred absent a loan modification.
  2. b
    It is probable that the borrower will not be able to cure the default (comply with the covenant) at measurement dates that are within the next 12 months.
See Example 1 (paragraph 470-10-55-2) for an illustration of this classification guidance.
","snippet":"Some long-term loans require compliance with certain covenants that must be met on a quarterly or semiannual basis. If a covenant violation occurs that would otherwise give the lender the right to call the debt, a lender…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8e25756b836659db06df286bd55a9022880f1b8c0bb745cd63cec04e461b708b","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5c8826bf215275b484841c700dff94985a0bc85c2d1bb1407d25eb77f5aa2d10","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Subjective Acceleration Clauses and Debt Classification","paragraphs":[{"citation":"470-10-45-2","para":"45-2","html":"
In some situations, the circumstances (for example, recurring losses or liquidity problems) would indicate that long-term debt subject to a subjective acceleration clause should be classified as a current liability. Other situations would indicate only disclosure of the existence of such clauses. Neither reclassification nor disclosure would be required if the likelihood of the acceleration of the due date were remote, such as if the lender historically has not accelerated due dates of loans containing similar clauses and the financial condition of the borrower is strong and its prospects are bright.
","snippet":"In some situations, the circumstances (for example, recurring losses or liquidity problems) would indicate that long-term debt subject to a subjective acceleration clause should be classified as a current liability. Othe…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3400a220bab21cb06b9b03f5ef2c3e3c64353554ad6c2274bd142fa8f4cd1046","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fb733a768df964d5baea6333c26dc6b676d66c447647b0c2234da293de74f0f1","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Classification of Revolving Credit Agreements Subject to Lock-Box Arrangements and Subjective Acceleration Clauses","paragraphs":[{"citation":"470-10-45-3","para":"45-3","html":"
This guidance does not apply to lock-box arrangements that are maintained at the discretion of the borrower.
","snippet":"This guidance does not apply to lock-box arrangements that are maintained at the discretion of the borrower.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ea2ee386c628ed17a9e8e2de58a6691cc31d1bf851c60d8e23e7bb054f98234a","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-4","para":"45-4","html":"
Borrowings outstanding under certain revolving credit agreements are considered long-term debt because the borrowings are due at the end of a specified period (for example, 3 years) rather than when short-term notes roll over (for example, every 90 days). Borrowings may be collateralized, but the only note is the overall note signed at the agreement's inception. Some agreements require that the borrower maintain a lock-box arrangement. If borrowings outstanding under the agreement are considered long-term obligations, the effect of a subjective acceleration clause on balance sheet classification is determined based on the criteria in paragraph 470-10-45-2. If borrowings outstanding are considered short-term obligations, and the borrower intends to refinance the obligation on a long-term basis, paragraph 470-10-45-13 applies and the debt shall be classified as a current liability because of the existence of the subjective acceleration clause.
","snippet":"Borrowings outstanding under certain revolving credit agreements are considered long-term debt because the borrowings are due at the end of a specified period (for example, 3 years) rather than when short-term notes roll…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:34dac90fe206bb406e1b407047627e29cd028fcb5743fa985c4c45fb1fab638f","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-5","para":"45-5","html":"
Borrowings outstanding under a revolving credit agreement that includes both a subjective acceleration clause and a requirement to maintain a lock-box arrangement shall be considered short-term obligations. Accordingly, because of the subjective acceleration clause, the debt shall be classified as a current liability unless the conditions in paragraph 470-10-45-14 are met based on an agreement, other than the revolving credit agreement, to refinance the obligation after the balance sheet date on a long-term basis.
","snippet":"Borrowings outstanding under a revolving credit agreement that includes both a subjective acceleration clause and a requirement to maintain a lock-box arrangement shall be considered short-term obligations. Accordingly, …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5d7668617be9289971fecdde1d551c545b807672b6c9af111d086fc10940418b","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-5A","para":"45-5A","html":"
The term lock-box arrangement as used in this guidance refers to any situation in which the borrower does not have the ability to avoid using working capital to repay the amounts outstanding. That is, if the contractual provisions of a loan arrangement require that, in the ordinary course of business and without another event occurring, the cash receipts of a debtor be used to repay the existing obligation, the credit agreement shall be considered a short-term obligation.
","snippet":"The term lock-box arrangement as used in this guidance refers to any situation in which the borrower does not have the ability to avoid using working capital to repay the amounts outstanding. That is, if the contractual …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:153628d96ca0d3a1ddfd4413e6ae920ba7914c50699be504b43271fda11e17cf","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-6","para":"45-6","html":"
Borrowings outstanding under a revolving credit agreement that includes both a subjective acceleration clause and a requirement to maintain a springing lock-box arrangement shall be considered long-term obligations since the remittances do not automatically reduce the debt outstanding without another event occurring. The effect of the agreement's subjective acceleration clause shall be determined based on the provisions of paragraph 470-10-45-2.
","snippet":"Borrowings outstanding under a revolving credit agreement that includes both a subjective acceleration clause and a requirement to maintain a springing lock-box arrangement shall be considered long-term obligations since…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a301912024c8f81c7582659e04eac42c22f31568077e659e34f0840b1903bc18","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e91e4f0ca603c16c39fd7ef197f7abcdfe2d57830c761549b8e01a69ab20b31a","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Classification of Increasing-Rate Debt","paragraphs":[{"citation":"470-10-45-7","para":"45-7","html":"
Classification of increasing-rate debt as current or noncurrent would reflect the borrower's anticipated source of repayment that is, current assets or a new short-term debt borrowing versus a long-term refinancing agreement that meets the requirements of this Subtopic and need not be consistent with the time frame used to determine periodic interest cost.
","snippet":"Classification of increasing-rate debt as current or noncurrent would reflect the borrower's anticipated source of repayment that is, current assets or a new short-term debt borrowing versus a long-term refinancing agree…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ec851d034f6389338a634cab620f4f354089355e045810875a1f4a56ae979ea1","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-8","para":"45-8","html":"
If the debt is paid at par before its estimated maturity, any excess interest accrued shall be an adjustment of interest expense.
","snippet":"If the debt is paid at par before its estimated maturity, any excess interest accrued shall be an adjustment of interest expense.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ca6371443fbae7d698248fb63ead8d591ae7df659ffdf717ef148b87c5c4975","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a7fb46b27c113ff5504d2892ea24a26a96120638a61051012e7df1c28e8364c","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Due on Demand Loan Arrangements","paragraphs":[{"citation":"470-10-45-9","para":"45-9","html":"
Loan agreements may specify the debtor's repayment terms but also enable the creditor, at his discretion, to demand payment at any time. Those loan arrangements may have wording such as either of the following:
  1. a
    \"The term note shall mature in monthly installments as set forth therein or on demand, whichever is earlier.\"
  2. b
    \"Principal and interest shall be due on demand, or if no demand is made, in quarterly installments beginning on....\"
","snippet":"Loan agreements may specify the debtor's repayment terms but also enable the creditor, at his discretion, to demand payment at any time. Those loan arrangements may have wording such as either of the following:\n(a) \"The …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:245e5e64ca906450cbafe13db5e09e2cead2b5f75df8ac1993986b5886b2e39e","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-10","para":"45-10","html":"
The current liability classification shall include obligations that, by their terms, are due on demand or will be due on demand within one year (or operating cycle, if longer) from the balance sheet date, even though liquidation may not be expected within that period. The demand provision is not a subjective acceleration clause as discussed in paragraph 470-10-45-2.
","snippet":"The current liability classification shall include obligations that, by their terms, are due on demand or will be due on demand within one year (or operating cycle, if longer) from the balance sheet date, even though liq…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f9d7edef9b9e0ff812b9f816dee5f2d7c99f1280448c1c80acb5e30631a5ae2a","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0ec2edaad02e50f4d034082b45d86be1b83bdb9eeec24e41b6eafe1281d505cf","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Callable Debt","paragraphs":[{"citation":"470-10-45-11","para":"45-11","html":"
Current liabilities shall include long-term obligations that are or will be callable by the creditor either because the debtor's violation of a provision of the debt agreement at the balance sheet date makes the obligation callable or because the violation, if not cured within a specified grace period, will make the obligation callable. Accordingly, such callable obligations shall be classified as current liabilities unless either of the following conditions is met:
  1. a
    The creditor has waived or subsequently lost (for example, the debtor has cured the violation after the balance sheet date and the obligation is not callable at the time the financial statements are issued or are available to be issued [as discussed in Section 855-10-25]) the right to demand repayment for more than one year (or operating cycle, if longer) from the balance sheet date. If the obligation is callable because of violations of certain provisions of the debt agreement, the creditor needs to waive its right with regard only to those violations.
  2. b
    For long-term obligations containing a grace period within which the debtor may cure the violation, it is probable that the violation will be cured within that period, thus preventing the obligation from becoming callable.
","snippet":"Current liabilities shall include long-term obligations that are or will be callable by the creditor either because the debtor's violation of a provision of the debt agreement at the balance sheet date makes the obligati…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:378256a01b8cac819cde6ecd1b9f55bd73dc1be64b61e0ae06a84fc6b3abe70b","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-12","para":"45-12","html":"
Drawing a distinction between significant violations of critical conditions and technical violations is not practicable. A violation that a debtor considers to be technical may be considered critical by the creditor. Furthermore, a creditor may choose to use a technical violation as a means to withdraw from its lending relationship with the debtor. If the violation is considered insignificant by the creditor, then the debtor should be able to obtain a waiver as discussed in the preceding paragraph.
","snippet":"Drawing a distinction between significant violations of critical conditions and technical violations is not practicable. A violation that a debtor considers to be technical may be considered critical by the creditor. Fur…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:68347ba81a82894fef0a47a492aeb072854a1cc740d4493765a59877f0380a3d","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b5f19973720beb110df07d9fe27fbcdf3c806753e45ac5ea15912dfdb8c623e4","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Short-Term Obligations Expected to Be Refinanced","paragraphs":[{"citation":"470-10-45-12A","para":"45-12A","html":"
Some short-term obligations are expected to be refinanced on a long-term basis and, therefore, are not expected to require the use of working capital during the ensuing fiscal year. Examples include commercial paper, construction loans, and the currently maturing portion of long-term debt.
","snippet":"Some short-term obligations are expected to be refinanced on a long-term basis and, therefore, are not expected to require the use of working capital during the ensuing fiscal year. Examples include commercial paper, con…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c87270ea387b25f49d91dfbdcb7435cbcebdd3b4ba6aa6b64fe3ad7a60c6e84c","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-12B","para":"45-12B","html":"
Refinancing a short-term obligation on a long-term basis means either replacing it with a long-term obligation or with equity securities or renewing, extending, or replacing it with short-term obligations for an uninterrupted period extending beyond one year (or the operating cycle, if applicable) from the date of an entity's balance sheet.
","snippet":"Refinancing a short-term obligation on a long-term basis means either replacing it with a long-term obligation or with equity securities or renewing, extending, or replacing it with short-term obligations for an uninterr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7dc27367d940405335b83115ad0ddabd3c72a5911929610857806703614dc65e","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-13","para":"45-13","html":"
Short-term obligations arising from transactions in the normal course of business that are due in customary terms shall be classified as current liabilities. A short-term obligation shall be excluded from current liabilities only if the conditions in the following paragraph are met. Funds obtained on a long-term basis before the balance sheet date would be excluded from current assets if the obligation to be liquidated is excluded from current liabilities.
","snippet":"Short-term obligations arising from transactions in the normal course of business that are due in customary terms shall be classified as current liabilities. A short-term obligation shall be excluded from current liabili…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6c11c7220c8b9d3403c0fcd550298a479e5551665233aff04c7c7911d64eaf42","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e12c4307791d0659eb4cd005dcae7c1857e2e4a9e04ff6673bd24e656256d878","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Intent and Ability to Refinance on a Long-Term Basis","paragraphs":[{"citation":"470-10-45-14","para":"45-14","html":"
A short-term obligation shall be excluded from current liabilities if the entity intends to refinance the obligation on a long-term basis (see paragraph 470-10-45-12B) and the intent to refinance the short-term obligation on a long-term basis is supported by an ability to consummate the refinancing demonstrated in either of the following ways:
  1. a
    Post-balance-sheet-date issuance of a long-term obligation or equity securities. After the date of an entity's balance sheet but before that balance sheet is issued or is available to be issued (as discussed in Section 855-10-25), a long-term obligation or equity securities have been issued for the purpose of refinancing the short-term obligation on a long-term basis. If equity securities have been issued, the short-term obligation, although excluded from current liabilities, shall not be included in owners' equity.
  2. b
    Financing agreement. Before the balance sheet is issued or is available to be issued (as discussed in Section 855-10-25), the entity has entered into a financing agreement that clearly permits the entity to refinance the short-term obligation on a long-term basis on terms that are readily determinable, and all of the following conditions are met:
    1. 1
      The agreement does not expire within one year (or operating cycle) from the date of the entity's balance sheet and during that period the agreement is not cancelable by the lender or the prospective lender or investor (and obligations incurred under the agreement are not callable during that period) except for violation of a provision with which compliance is objectively determinable or measurable. For purposes of this Subtopic, violation of a provision means failure to meet a condition set forth in the agreement or breach or violation of a provision such as a restrictive covenant, representation, or warranty, whether or not a grace period is allowed or the lender is required to give notice. Financing agreements cancelable for violation of a provision that can be evaluated differently by the parties to the agreement (such as a material adverse change or failure to maintain satisfactory operations) do not comply with this condition.
    2. 2
      No violation of any provision in the financing agreement exists at the balance sheet date and no available information indicates that a violation has occurred thereafter but before the balance sheet is issued or is available to be issued (as discussed in Section 855-10-25), or, if one exists at the balance sheet date or has occurred thereafter, a waiver has been obtained.
    3. 3
      The lender or the prospective lender or investor with which the entity has entered into the financing agreement is expected to be financially capable of honoring the agreement.
","snippet":"A short-term obligation shall be excluded from current liabilities if the entity intends to refinance the obligation on a long-term basis (see paragraph 470-10-45-12B) and the intent to refinance the short-term obligatio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d0e43cb19ecfaca132f10770df0c1a7917a91c244916dda0ee02f8c69e8936b6","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-15","para":"45-15","html":"
Repayment of a short-term obligation before funds are obtained through a long-term refinancing requires the use of current assets. Therefore, if a short-term obligation is repaid after the balance sheet date and subsequently a long-term obligation or equity securities are issued whose proceeds are used to replenish current assets before the balance sheet is issued or is available to be issued (as discussed in Section 855-10-25), the short-term obligation shall not be excluded from current liabilities at the balance sheet date. See Example 5 (paragraph 470-10-55-33) for an illustration of this guidance.
","snippet":"Repayment of a short-term obligation before funds are obtained through a long-term refinancing requires the use of current assets. Therefore, if a short-term obligation is repaid after the balance sheet date and subseque…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:138ce12888b0b64010cbd0207f78de1d799025a55652537f4b4085dff7bed960","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-16","para":"45-16","html":"
If an entity's ability to consummate an intended refinancing of a short-term obligation on a long-term basis is demonstrated by post-balance-sheet-date issuance of a long-term obligation or equity securities (see paragraph 470-10-45-14(a)), the amount of the short-term obligation to be excluded from current liabilities shall not exceed the proceeds of the new long-term obligation or the equity securities issued.
","snippet":"If an entity's ability to consummate an intended refinancing of a short-term obligation on a long-term basis is demonstrated by post-balance-sheet-date issuance of a long-term obligation or equity securities (see paragra…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a5d50b0314af7fda81e10af50689f2340055b2e80e99c4ef6bc6d8f29ca0f0fc","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-17","para":"45-17","html":"
If ability to refinance is demonstrated by the existence of a financing agreement (see paragraph 470-10-45-14(b)), the amount of the short-term obligation to be excluded from current liabilities shall be reduced to the amount available for refinancing under the agreement if the amount available is less than the amount of the short-term obligation.
","snippet":"If ability to refinance is demonstrated by the existence of a financing agreement (see paragraph 470-10-45-14(b)), the amount of the short-term obligation to be excluded from current liabilities shall be reduced to the a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:05cdc5dff50800c138158f4e5244855e43506d50d6bfd13164674f355e82865a","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"citation":"470-10-45-18","para":"45-18","html":"
The amount to be excluded shall be reduced further if information (such as restrictions in other agreements or restrictions as to transferability of funds) indicates that funds obtainable under the agreement will not be available to liquidate the short-term obligation.
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Further, if amounts that could be obtained under the financing agreement fluctuate (for example, in relation to the entity's needs, in proportion to the value of collateral, or in accordance with other terms of the agreement), the amount to be excluded from current liabilities shall be limited to a reasonable estimate of the minimum amount expected to be available at any date from the scheduled maturity of the short-term obligation to the end of the fiscal year (or operating cycle). If no reasonable estimate can be made, the entire outstanding short-term obligation shall be included in current liabilities.
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The entity may intend to seek an alternative source of financing rather than to exercise its rights under the existing agreement when the short-term obligation becomes due. The entity must intend to exercise its rights under the existing agreement, however, if that other source does not become available. The intent to exercise may not be present if the terms of the agreement contain conditions or permit the prospective lender or investor to establish conditions, such as interest rates or collateral requirements, that are unreasonable to the entity.
","snippet":"The entity may intend to seek an alternative source of financing rather than to exercise its rights under the existing agreement when the short-term obligation becomes due. The entity must intend to exercise its rights u…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b93862cfbbf87f615f058efa029ae07f431d08495787e997c5b43721433201fa","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:28773b1447e03b3dbf80a076977adfabc484186045a9018d630f76df65430cea","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"block":null,"heading":"Transactions after the Balance Sheet Date","paragraphs":[{"citation":"470-10-45-21","para":"45-21","html":"
Replacement of a short-term obligation with another short-term obligation after the date of the balance sheet but before the balance sheet is issued or is available to be issued (as discussed in Section 855-10-25) is not, by itself, sufficient to demonstrate an entity's ability to refinance the short-term obligation on a long-term basis. If, for example, the replacement is made under the terms of a revolving credit agreement that provides for renewal or extension of the short-term obligation for an uninterrupted period extending beyond one year (or operating cycle) from the date of the balance sheet, the revolving credit agreement must meet the conditions in paragraph 470-10-45-14(b) to justify excluding the short-term obligation from current liabilities. Similarly, if the replacement is a rollover of commercial paper accompanied by a standby credit agreement, the standby agreement must meet the conditions in that paragraph to justify excluding the short-term obligation from current liabilities.
","snippet":"Replacement of a short-term obligation with another short-term obligation after the date of the balance sheet but before the balance sheet is issued or is available to be issued (as discussed in Section 855-10-25) is not…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:825929513f563d48cb6b93b0b507745480712afff115a996020880973067f700","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fa558eab69eecb30b87dea4bc6f2975ff94e63e998d183d66cfb83373cf02e8f","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a0f9bdbdd67c9ccc915286c598665ac807f29ba1d020ce788f4748f31885afb","downloaded_from":"2026-09-10T00:30:33.212Z","last_downloaded_at":"2026-09-10T00:30:33.212Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481573","source_sha256":"b6e62cb0665b741eb0d0bbe45f271d1c902e75c037c988bd407e2f52a3ed6581"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":"Disclosure of Long-Term Obligations","paragraphs":[{"citation":"470-10-50-1","para":"50-1","html":"
The combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings shall be disclosed for each of the five years following the date of the latest balance sheet presented. (See paragraph 505-10-50-11 for related disclosure guidance on redeemable securities). See Example 3 (paragraph 470-10-55-10) for an illustration of this disclosure requirement.
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If an obligation under paragraph 470-10-45-11(b) is classified as a long-term liability (or, in the case of an unclassified balance sheet, is included as a long-term liability in the disclosure of debt maturities), the circumstances shall be disclosed.
","snippet":"If an obligation under paragraph 470-10-45-11(b) is classified as a long-term liability (or, in the case of an unclassified balance sheet, is included as a long-term liability in the disclosure of debt maturities), the c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f6b99c8ce6acce4763ac129cf8f6e0b78ea92da96f5dab80ab385cbe5c62fdad","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6960fcbf83ec21e73ae4b647e3dafd9eb6a343a66c502e3c73d37d78a1609125","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}},{"block":null,"heading":"Subjective Acceleration Clauses","paragraphs":[{"citation":"470-10-50-3","para":"50-3","html":"
As indicated in paragraph 470-10-45-2, in some situations long-term debt subject to a subjective acceleration clause shall be reclassified. That paragraph explains that other situations would indicate only disclosure of the existence of such clauses. That paragraph states further that neither reclassification nor disclosure is required if the likelihood of the acceleration of the due date is remote, such as when the lender historically has not accelerated due dates of loans containing similar clauses and the financial condition of the borrower is strong and its prospects are bright.
","snippet":"As indicated in paragraph 470-10-45-2, in some situations long-term debt subject to a subjective acceleration clause shall be reclassified. That paragraph explains that other situations would indicate only disclosure of …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4c9907bd7df0e1dfdd9ebac34eca435be21fba7e8111688f9a60a00476562494","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e3f79c265cdfa2ec3a27e1f53a72a143ca056e096409277e11252e3a5146972","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}},{"block":null,"heading":"Short-Term Obligations Expected to Be Refinanced","paragraphs":[{"citation":"470-10-50-4","para":"50-4","html":"
If a short-term obligation is excluded from current liabilities pursuant to the provisions of this Subtopic, the notes to financial statements shall include a general description of the financing agreement and the terms of any new obligation incurred or expected to be incurred or equity securities issued or expected to be issued as a result of a refinancing.
","snippet":"If a short-term obligation is excluded from current liabilities pursuant to the provisions of this Subtopic, the notes to financial statements shall include a general description of the financing agreement and the terms …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1566dfab24ad40f53ebc7dccd3af64e3558f5ced5ba51f51003455db0bb8b37e","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a6ab2abb078dd1e7dda9b87a518e98be2b395990da25454a0b58e33227331e1","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}},{"block":null,"heading":"Summary Disclosure of Securities Outstanding","paragraphs":[{"citation":"470-10-50-5","para":"50-5","html":"
Paragraph 505-10-50-3 requires that an entity explain, in summary form within its financial statements, the pertinent rights and privileges of various securities outstanding.
","snippet":"Paragraph 505-10-50-3 requires that an entity explain, in summary form within its financial statements, the pertinent rights and privileges of various securities outstanding.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e5f42c71606dc5868385e053be57962411b51b1b7408a62c3e602e3a259748eb","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:36f66996ea8a215c63445b74917e8eeef01d8412ac7b1523acec7fcb8c61933b","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}},{"block":null,"heading":"Unused Commitments and Lines of Credit","paragraphs":[{"citation":"470-10-50-6","para":"50-6","html":"
Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance:
105-10-65-7An entity shall separately disclose the following in the notes to financial statements:
  1. a
    The amount and terms of unused commitments for long-term financing arrangements (including commitment fees and the conditions under which commitments may be withdrawn)
  2. b
    The amount and terms of unused lines of credit for short-term financing arrangements (including commitment fees and the conditions under which lines may be withdrawn) and the amount of those lines of credit that support commercial paper borrowing arrangements or similar arrangements.
","snippet":"Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance:105-10-65-7An entity shall separately disclose the following in the notes to financial statements:\n(a) The amount and terms of unused commitments fo…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:77e3d7a143cfc97fb1efe6af2079ea3a8dca99db8cfaa1351fcac8212c0385ae","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:91ef90a26940d90e0f6985015fa1b801a36b824e95a58665783c605d52ee43a8","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}},{"block":null,"heading":"Weighted-Average Interest Rate on Short-Term Borrowings","paragraphs":[{"citation":"470-10-50-7","para":"50-7","html":"
Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance:
105-10-65-7A public business entity shall disclose the weighted-average interest rate on short-term borrowings outstanding as of the date of each balance sheet presented.
","snippet":"Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance:105-10-65-7A public business entity shall disclose the weighted-average interest rate on short-term borrowings outstanding as of the date of each ba…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b64771fbcb79d244ada086d1f3794e81817487b50acc2576b03a6ac2da0673f6","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d7cbf8d1467effec456f3626ac87f65281375316b01ca0e4fbb8ce750a5bff35","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:689b129565311eebc43c59ea52017163fee5951adc0f4a2d0661e700957051cd","downloaded_from":"2026-09-10T00:30:35.359Z","last_downloaded_at":"2026-09-10T00:30:35.359Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481544","source_sha256":"29c2742bea2e1bfba56fd2b35d589c87ca8d4e73e59e6badbec08ced924b485c"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"470-10-55-1","para":"55-1","html":"
Under paragraph 470-10-45-2, the lender has already loaned money on a long-term basis. To continue long-term classification requires a judgment about the likelihood of acceleration of the due date. Paragraphs
470-10-45-13 through 45-20
cover circumstances in which the obligation is by its terms short-term. For such an obligation to be excluded from current liabilities, the lender must advance new funds or refinance the short-term obligation on a long-term basis based on conditions existing on the date of the new loan or refinancing. Therefore, to classify an obligation as long-term, paragraphs
470-10-45-13 through 45-20
require a higher standard for a financing agreement that permits an entity to refinance a short-term obligation on a long-term basis than paragraph 470-10-50-2 requires for an existing long-term loan for which early repayment might be requested.
","snippet":"Under paragraph 470-10-45-2, the lender has already loaned money on a long-term basis. To continue long-term classification requires a judgment about the likelihood of acceleration of the due date. Paragraphs 470-10-45-1…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cd0118d6641110c5f0665a603af3cce71f7618f928124810e47b052a31309645","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:16c8ab7d96320da5f2ada479bcdd1b58e1905f72e091604b3cda8a3b0314a253","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"470-10-55-2","para":"55-2","html":"
This Example illustrates the guidance in paragraph 470-10-45-1 for the classification of long-term debt when a debt covenant violation is waived by a lender for a period greater than a year.
","snippet":"This Example illustrates the guidance in paragraph 470-10-45-1 for the classification of long-term debt when a debt covenant violation is waived by a lender for a period greater than a year.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d2775f57c0d55546654555d39e3f9b2325d617a694a7eb0058d40b2b6837618a","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-3","para":"55-3","html":"
A borrower has a long-term loan that requires compliance with certain covenants, such as maintenance of a minimum current ratio, minimum debt-to-equity ratio, or minimum level of shareholders' equity. The borrower must meet the covenants on a quarterly or semiannual basis. At one of the compliance dates, the borrower violates a covenant. That violation gives the lender the right to call the debt. The lender waives that right for a period greater than one year but retains the future covenant requirements.
","snippet":"A borrower has a long-term loan that requires compliance with certain covenants, such as maintenance of a minimum current ratio, minimum debt-to-equity ratio, or minimum level of shareholders' equity. The borrower must m…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fb1097d0340e558250d996d08b4bb27142e7d5d4cece460cfcd634f8c599ade7","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-4","para":"55-4","html":"
The issue is whether the waiver of the lender's rights resulting from the violation of the covenant with the retention of the periodic covenant tests represents, in substance, a grace period. If viewed as a grace period, the borrower would classify the debt as current (see paragraph 470-10-45-11) unless it is probable that the borrower can cure the violation (comply with the covenant) within the grace period. Specifically, the balance sheet classification of an obligation is considered in the following situations:
  1. a
    The debt covenants are applicable only after the balance sheet date, and it is probable that the borrower will fail to meet the covenant requirement at the compliance date three months after the balance sheet date.
  2. b
    The borrower meets the current covenant requirement at the balance sheet date, and it is probable that the borrower will fail to meet the same covenant requirement at the compliance date in three months.
  3. c
    The borrower meets the current covenant requirement, and it is probable that the borrower will fail to meet a more restrictive covenant requirement applicable at the compliance date in three months.
  4. d
    The borrower has met the covenant requirement in the prior quarter but before the balance sheet date negotiates a modification of the loan agreement that eliminates the covenant requirement at the balance sheet date or modifies the requirement so that the borrower will comply. Absent the modification, the borrower would have been in violation of the covenant at the balance sheet date. The same or a more restrictive covenant must be met at the compliance date in three months, and it is probable that the borrower will fail to meet that requirement at that subsequent date.
  5. e
    The borrower is in violation of the current covenant requirement at the balance sheet date and, after the balance sheet date but before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25), obtains a waiver. The same or a more restrictive covenant must be met at the compliance date in three months, and it is probable that the borrower will fail to meet that requirement at that subsequent date.
","snippet":"The issue is whether the waiver of the lender's rights resulting from the violation of the covenant with the retention of the periodic covenant tests represents, in substance, a grace period. If viewed as a grace period,…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fc7d66ea3ef6b1feae4d0ba52580f4e92857d3423ea722b48dd80d6fd9f1eda3","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-5","para":"55-5","html":"
In the situations described in (a) through (c) of the preceding paragraph, the debt would be classified as noncurrent, in which case the borrower would be required to disclose the adverse consequences of its probable failure to satisfy future covenants.
","snippet":"In the situations described in (a) through (c) of the preceding paragraph, the debt would be classified as noncurrent, in which case the borrower would be required to disclose the adverse consequences of its probable fai…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4c779ef22e24022b9cd9ef1b68c61ca00a1674b8df5f50db62faaaaf5cc2ef18","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-6","para":"55-6","html":"
In the situations described in paragraph 470-10-55-4(d) through (e), the debt would be classified as current. However, if the debt is expected to be refinanced on a long-term basis and the borrower meets the provisions of paragraphs
470-10-45-13 through 45-20
, the debt would be classified as noncurrent.
","snippet":"In the situations described in paragraph 470-10-55-4(d) through (e), the debt would be classified as current. However, if the debt is expected to be refinanced on a long-term basis and the borrower meets the provisions o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:471c7601bf1e8b7a255c85d3fb4cb544680f08bd06ad5b490786b85b23b235e4","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-7","para":"55-7","html":"
This Example illustrates the guidance for the appropriate classification by the issuer of debt if all of the following conditions exist:
  1. a
    The debt has a long-term maturity (for example, 30 to 40 years).
  2. b
    The debt holder may redeem or put the bond on short notice (7 to 30 days).
  3. c
    The issuer has a remarketing agreement that states that the agent will make its best effort to remarket the bond when redeemed.
  4. d
    The debt is secured by a short-term letter of credit that provides protection to the debt holder in the event that the redeemed debt cannot be remarketed. (Amounts drawn against the letter of credit are payable back to the issuer of the letter of credit by the issuer of the redeemable debt instrument on the same day that the drawdown occurs.)
","snippet":"This Example illustrates the guidance for the appropriate classification by the issuer of debt if all of the following conditions exist:\n(a) The debt has a long-term maturity (for example, 30 to 40 years).\n(b) The debt h…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bdb5d6804f9e71724045af3e7a2d363843115b05573755e8782c8a03fb04258a","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-8","para":"55-8","html":"
Debt agreements that allow a debt holder to redeem (or put) a debt instrument on demand (or within one year) should be classified as short-term liabilities despite the existence of a best-efforts remarketing agreement. That is, unless the issuer of the redeemable debt instrument has the ability and intent to refinance the debt on a long-term basis as provided for in paragraph 470-10-45-14, the debt should be classified as a current liability.
","snippet":"Debt agreements that allow a debt holder to redeem (or put) a debt instrument on demand (or within one year) should be classified as short-term liabilities despite the existence of a best-efforts remarketing agreement. T…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9cc95ce64bcbb5124d2e419ff2f8f16a10aa5b3e28cabd9b73d149931b2da289","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-9","para":"55-9","html":"
In this Example, the obligation would be classified by the issuer as noncurrent only if the letter-of-credit arrangement meets the requirements of paragraph 470-10-45-14(b).
","snippet":"In this Example, the obligation would be classified by the issuer as noncurrent only if the letter-of-credit arrangement meets the requirements of paragraph 470-10-45-14(b).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:49b30a0b030977296f11e934085b44680676a51b14e1ad4640c4204e65da771e","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-10","para":"55-10","html":"
This Example provides an illustration of the guidance in paragraph 470-10-50-1 for disclosures for long-term borrowings and preferred stock with mandatory redemption requirements. This Example has the following assumptions.
","snippet":"This Example provides an illustration of the guidance in paragraph 470-10-50-1 for disclosures for long-term borrowings and preferred stock with mandatory redemption requirements. This Example has the following assumptio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f3232e6ec316836839b4297b9fd49dff33cfa9088f3e74a86cd5ac63a79b9344","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-11","para":"55-11","html":"
Entity D has outstanding two long-term loans, one convertible debt, and one issue of preferred stock with mandatory redemption requirements. The first loan is a $100 million sinking fund debenture with annual sinking fund payments of $10 million in 19X2, 19X3, and 19X4, $15 million in 19X5 and 19X6, and $20 million in 19X7 and 19X8. The second loan is a $50 million note due in 19X5. The convertible debt has a principal amount of $70 million that is not convertible before maturity in 19X9. This convertible debt requires a 2 percent annual cumulative sinking fund payment of $1.4 million until settled. The $30 million issue of preferred stock requires a 5 percent annual cumulative sinking fund payment of $1.5 million until retired.
","snippet":"Entity D has outstanding two long-term loans, one convertible debt, and one issue of preferred stock with mandatory redemption requirements. The first loan is a $100 million sinking fund debenture with annual sinking fun…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c298ee3d7d9542c24ad197e474b17d94d3a39dbfb8bf050792fd6b323eab7961","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-12","para":"55-12","html":"
Entity D's disclosure might be as follows.
","snippet":"Entity D's disclosure might be as follows.\nMaturities and sinking fund requirements on long-term loans and convertible debt and sinking fund requirements on preferred stock subject to mandatory redemption are as follows …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:704ac13cfbb73bf2f5efcf36993e42de5098e323819039e519caad8dc468a043","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-13","para":"55-13","html":"
The following Cases illustrate various scenarios for refinancing the current portion of long-term debt and notes payable as discussed in paragraphs
470-10-45-13 through 45-20
:
  1. a
    Entity refinances on long-term basis the current maturity of long-term debt and notes payable (Case A).
  2. b
    Laws prohibit the transfer of funds (Case B).
  3. c
    Entity issues debentures to liquidate the debt (Case C).
  4. d
    Entity negotiates a revolving credit agreement (Case D).
  5. e
    Entity negotiates a revolving credit agreement with borrowing limits (Case E).
  6. f
    Entity refinances commercial paper (Case F).
  7. g
    Case illustrates balance sheet presentation (Case G).
","snippet":"The following Cases illustrate various scenarios for refinancing the current portion of long-term debt and notes payable as discussed in paragraphs 470-10-45-13 through 45-20:\n(a) Entity refinances on long-term basis the…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dcfb9b84943ceea46d6fb0ec474c7c12b8ff0b49316b239ab21025c923363f99","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-14","para":"55-14","html":"
The Cases in this Example do not comprehend all possible circumstances and do not include all the disclosures that would typically be made regarding long-term debt or current liabilities.
","snippet":"The Cases in this Example do not comprehend all possible circumstances and do not include all the disclosures that would typically be made regarding long-term debt or current liabilities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b8eccac5d2e1c98a1635c9f9e63270c35e48ae6ad83e253e27109da4055dfe76","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-15","para":"55-15","html":"
Cases A through G share all of the following assumptions:
  1. a
    Entity A's fiscal year-end is December 31, 19X5.
  2. b
    The date of issuance of the December 31, 19X5, financial statements is March 31, 19X6; the Entity's practice is to issue a classified balance sheet.
  3. c
    At December 31, 19X5, short-term obligations include $5,000,000 representing the portion of 6 percent long-term debt maturing in February 19X6 and $3,000,000 of 9 percent notes payable issued in November 19X5 and maturing in July 19X6.
  4. d
    The Entity intends to refinance on a long-term basis both the current maturity of long-term debt and the 9 percent notes payable.
  5. e
    Accounts other than the long-term debt maturing in February 19X6 and the notes payable maturing in July 19X6 are as follows.
    • Current assets \" $30,000,000 \" Other assets \" $50,000,000 \" Accounts payable and accruals \" $10,000,000 \" Other long-term debt \" $25,000,000 \" Shareholders' equity \" $37,000,000 \"\t
  6. f
    Unless otherwise indicated, the Cases also assume that the lender or prospective lender is expected to be capable of honoring the agreement, that there is no evidence of a violation of any provision, and that the terms of borrowings available under the agreement are readily determinable.
","snippet":"Cases A through G share all of the following assumptions:\n(a) Entity A's fiscal year-end is December 31, 19X5.\n(b) The date of issuance of the December 31, 19X5, financial statements is March 31, 19X6; the Entity's pract…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:25cb5516eb29d8817c72e1b5ef974282d7e2a85ae6f700a7753dcd2244a942ef","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-16","para":"55-16","html":"
The Entity negotiates a financing agreement with a commercial bank in December 19X5 for a maximum borrowing of $8,000,000 at any time through 19X7 with the following terms:
  1. a
    Borrowings are available at Entity A's request for such purposes as it deems appropriate and will mature three years from the date of borrowing.
  2. b
    Amounts borrowed will bear interest at the bank's prime rate.
  3. c
    An annual commitment fee of 1/2 of 1 percent is payable on the difference between the amount borrowed and $8,000,000.
  4. d
    The agreement is cancelable by the lender only if any of the following occur:
    1. 1
      The Entity's working capital, excluding borrowings under the agreement, falls below $10,000,000.
    2. 2
      The Entity becomes obligated under lease agreements to pay an annual rental in excess of $1,000,000.
    3. 3
      Treasury stock is acquired without the prior approval of the prospective lender.
    4. 4
      The Entity guarantees indebtedness of unaffiliated persons in excess of $500,000.
","snippet":"The Entity negotiates a financing agreement with a commercial bank in December 19X5 for a maximum borrowing of $8,000,000 at any time through 19X7 with the following terms:\n(a) Borrowings are available at Entity A's requ…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1239d5f4fa7ba562766ede177d7a6a05d28f708f56e4892bb1e3ebc34642074f","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-17","para":"55-17","html":"
The Entity's intention to refinance meets the condition specified by paragraph 470-10-45-14. Compliance with the provisions listed in (d) of the preceding paragraph is objectively determinable or measurable; therefore, the condition specified by paragraph 470-10-45-14(b)(1) is met. The proceeds of borrowings under the agreement are clearly available for the liquidation of the 9 percent notes payable and the long-term debt maturing in February 19X6. Both obligations, therefore, would be classified as other than current liabilities.
","snippet":"The Entity's intention to refinance meets the condition specified by paragraph 470-10-45-14. Compliance with the provisions listed in (d) of the preceding paragraph is objectively determinable or measurable; therefore, t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3241ffca822eeec0b936e6456eeb8483c1ea3bf1166fca280b86ce2bbb091f9f","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-18","para":"55-18","html":"
Following are the liability section of Entity A's balance sheet at December 31, 19X5, and the related note disclosures required by this Subtopic, based on the information in paragraphs
470-10-55-15 through 55-16
. Because the balance sheet is issued subsequent to the February 19X6 maturity of the long-term debt, the note describes the refinancing of that obligation.
","snippet":"Following are the liability section of Entity A's balance sheet at December 31, 19X5, and the related note disclosures required by this Subtopic, based on the information in paragraphs 470-10-55-15 through 55-16. Because…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42356bcb8ee1580a7e7d7169367c16facb886efab8754599e3dcd2d8529cf238","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-19","para":"55-19","html":"
A foreign subsidiary of the Entity negotiates a financing agreement with its local bank in December 19X5. Funds are available to the subsidiary for its unrestricted use, including loans to affiliated entities; other terms are identical to those cited in Case A. Local laws prohibit the transfer of funds outside the country.
","snippet":"A foreign subsidiary of the Entity negotiates a financing agreement with its local bank in December 19X5. Funds are available to the subsidiary for its unrestricted use, including loans to affiliated entities; other term…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eee4f4e6157ad093a5c446f673de67fc04feaa0067b4ae8d9fcad70f46e2c41b","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-20","para":"55-20","html":"
The requirement of paragraph 470-10-45-14(b)(1) is met because compliance with the provisions of the agreement is objectively determinable or measurable. Because of the laws prohibiting the transfer of funds, however, the proceeds from borrowings under the agreement are not available for liquidation of the debt maturing in February and July 19X6. Accordingly, both the 6 percent debt maturing in February 19X6 and the 9 percent notes payable maturing in July 19X6 would be classified as current liabilities.
","snippet":"The requirement of paragraph 470-10-45-14(b)(1) is met because compliance with the provisions of the agreement is objectively determinable or measurable. Because of the laws prohibiting the transfer of funds, however, th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0b8180ac2469d7d736b9e3d4633c18110e1a63fee47dbf6a8f663f24a383aac0","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-21","para":"55-21","html":"
In this Case, the Entity issues $8,000,000 of 10-year debentures to the public in January 19X6. The Entity intends to use the proceeds to liquidate the $5,000,000 debt maturing February 19X6 and the $3,000,000 of 9 percent notes payable maturing July 19X6. In addition, assume the debt maturing February 19X6 is paid before the issuance of the balance sheet, and the remaining proceeds from the sale of debentures are invested in a U.S. Treasury note maturing the same day as the 9 percent notes payable.
","snippet":"In this Case, the Entity issues $8,000,000 of 10-year debentures to the public in January 19X6. The Entity intends to use the proceeds to liquidate the $5,000,000 debt maturing February 19X6 and the $3,000,000 of 9 perce…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ee0d4a6e2f4848e034d68cc0881fd96fb3ec501142fbb13d023f9f37dea9dca","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-22","para":"55-22","html":"
Because the Entity refinanced the long-term debt maturing in February 19X6 in a manner that meets the conditions set forth in paragraph 470-10-45-14, that obligation would be excluded from current liabilities. In addition, the 9 percent notes payable maturing in July 19X6 would also be excluded because the Entity has obtained funds expressly intended to be used to liquidate those notes and not intended to be used in current operations. In balance sheets after the date of sale of the debentures and before the maturity date of the notes payable, the Entity would exclude the notes payable from current liabilities if the U.S. Treasury note is excluded from current assets (see paragraph 210-10-45-4).
","snippet":"Because the Entity refinanced the long-term debt maturing in February 19X6 in a manner that meets the conditions set forth in paragraph 470-10-45-14, that obligation would be excluded from current liabilities. In additio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e286bdec7c0ac0fcc2b51111ccd74a60d51d13ba4059abf5a90fb342847df1f1","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-23","para":"55-23","html":"
If the debentures had been sold before January 1, 19X6, the $8,000,000 of obligations to be paid would be excluded from current liabilities in the balance sheet at that date if the $8,000,000 in funds were excluded from current assets.
","snippet":"If the debentures had been sold before January 1, 19X6, the $8,000,000 of obligations to be paid would be excluded from current liabilities in the balance sheet at that date if the $8,000,000 in funds were excluded from …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7937bd45aed94b5f6d7d03579e57480582cdf1a1b67da7873c9ac0f66b75c835","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-24","para":"55-24","html":"
If, instead of issuing the 10-year debentures, the Entity had issued $8,000,000 of equity securities and all other facts in this Case remained unchanged, both the 6 percent debt due February 19X6 and the 9 percent notes payable due July 19X6 would be classified as liabilities other than current liabilities, such as Indebtedness Due in 19X6 Refinanced in January 19X6.
","snippet":"If, instead of issuing the 10-year debentures, the Entity had issued $8,000,000 of equity securities and all other facts in this Case remained unchanged, both the 6 percent debt due February 19X6 and the 9 percent notes …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d62e47c4f5d5f9e6bfffcbebfbcae7f4383bfc916c4699eed994cb209033b7e3","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-25","para":"55-25","html":"
In December 19X5 the Entity negotiates a revolving credit agreement providing for unrestricted borrowings up to $10,000,000. Borrowings will bear interest at 1 percent over the prevailing prime rate of the bank with which the agreement is arranged but in any event not less than 8 percent, will have stated maturities of 90 days, and will be continuously renewable for 90-day periods at the Entity's option for 3 years provided there is compliance with the terms of the agreement. Provisions of the agreement are similar to those cited in paragraph 470-10-55-16(d). Further, the Entity intends to renew obligations incurred under the agreement for a period extending beyond one year from the balance sheet date. There are no outstanding borrowings under the agreement at December 31, 19X5.
","snippet":"In December 19X5 the Entity negotiates a revolving credit agreement providing for unrestricted borrowings up to $10,000,000. Borrowings will bear interest at 1 percent over the prevailing prime rate of the bank with whic…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:53591d30be7b1f925bee24771359f71b0ba27b9ed2d310e858b9b33a874a6bfc","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-26","para":"55-26","html":"
In this instance, the long-term debt maturing in February 19X6 and the 9 percent notes payable maturing in July 19X6 would be excluded from current liabilities because the Entity consummated a financing agreement meeting the conditions set forth in paragraph 470-10-45-14(b) before the issuance of the balance sheet.
","snippet":"In this instance, the long-term debt maturing in February 19X6 and the 9 percent notes payable maturing in July 19X6 would be excluded from current liabilities because the Entity consummated a financing agreement meeting…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d190922490a2174a3675d3d868cff092dbc7df2f2358a37cf901d4bed9e0ddc6","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-27","para":"55-27","html":"
Assume that the agreement cited in Case D included an additional provision limiting the amount to be borrowed by the Entity to the amount of its inventory, which is pledged as collateral and is expected to range between a high of $8,000,000 during the second quarter of 19X6 and a low of $4,000,000 during the fourth quarter of 19X6.
","snippet":"Assume that the agreement cited in Case D included an additional provision limiting the amount to be borrowed by the Entity to the amount of its inventory, which is pledged as collateral and is expected to range between …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4b3b2b5de22651deb6a536add14dea66082fd1c6d82a73fb2f031bab83a72094","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-28","para":"55-28","html":"
The terms of the agreement comply with the conditions required by this Subtopic; however, because the minimum amount expected to be available from February to December 19X6 is $4,000,000, only that amount of short-term obligations can be excluded from current liabilities (see paragraphs
470-10-45-16 through 45-19
). Whether the obligation to be excluded is a portion of the currently maturing long-term debt or some portions of both it and the 9 percent notes payable depends on the intended timing of the borrowing.
","snippet":"The terms of the agreement comply with the conditions required by this Subtopic; however, because the minimum amount expected to be available from February to December 19X6 is $4,000,000, only that amount of short-term o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:899c114acff9bcdab4dcbfb2d07fc7fcdb03a55ba289eb12fc7e12ab79e0a5d9","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-29","para":"55-29","html":"
If the Entity intended to refinance only the 9 percent notes payable due July 19X6 and the amount of its inventory is expected to reach a low of approximately $2,000,000 during the second quarter of 19X6 but be at least $3,000,000 in July 19X6 and thereafter during 19X6, the $3,000,000 9 percent notes payable would be excluded from current liabilities at December 31, 19X5 (see paragraphs
470-10-45-16 through 45-19
).
","snippet":"If the Entity intended to refinance only the 9 percent notes payable due July 19X6 and the amount of its inventory is expected to reach a low of approximately $2,000,000 during the second quarter of 19X6 but be at least …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a3527a214f09e665b3042a47aa6854a57cd0b20c76517f434741e74aee585b92","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-30","para":"55-30","html":"
In lieu of the facts given in paragraph 470-10-55-15(c) through (d), assume that during 19X5 the Entity entered into a contract to have a warehouse built. The warehouse is expected to be financed by issuance of the Entity's commercial paper. In addition, the Entity negotiated a standby agreement with a commercial bank that provides for maximum borrowings equal to the expected cost of the warehouse, which will be pledged as collateral. The agreement also requires that the proceeds from the sale of commercial paper be used to pay construction costs. Borrowings may be made under the agreement only if the Entity is unable to issue new commercial paper. The proceeds of borrowings must be used to retire outstanding commercial paper and to liquidate additional liabilities incurred in the construction of the warehouse. At December 31, 19X5, the Entity has $7,000,000 of commercial paper outstanding and $1,000,000 of unpaid construction costs resulting from a progress billing through December 31.
","snippet":"In lieu of the facts given in paragraph 470-10-55-15(c) through (d), assume that during 19X5 the Entity entered into a contract to have a warehouse built. The warehouse is expected to be financed by issuance of the Entit…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b9be4cd231d4f6f3d99895f258ef2a8b2674ee6651d60e28415aae5216abeb1d","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-31","para":"55-31","html":"
Because the commercial paper will be refinanced on a long-term basis, either by uninterrupted renewal or, failing that, by a borrowing under the agreement, the commercial paper would be excluded from current liabilities. The $1,000,000 liability for the unpaid progress billing results from the construction of a noncurrent asset and will be refinanced on the same basis as the commercial paper and, therefore, it would also be excluded from current liabilities (see paragraph 470-10-45-13).
","snippet":"Because the commercial paper will be refinanced on a long-term basis, either by uninterrupted renewal or, failing that, by a borrowing under the agreement, the commercial paper would be excluded from current liabilities.…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ca1a8283bc677ba6f4944dce58ee9657229a25c02966989253dcfc34764baec9","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-32","para":"55-32","html":"
The following are two methods of presenting liabilities in Entity A's balance sheet at December 31, 19X5, assuming the Entity intends to refinance the 6 percent debt maturing in February 19X6 and the 9 percent notes payable maturing in July 19X6 but has not met the conditions required by this Subtopic to exclude those obligations from current liabilities.
","snippet":"The following are two methods of presenting liabilities in Entity A's balance sheet at December 31, 19X5, assuming the Entity intends to refinance the 6 percent debt maturing in February 19X6 and the 9 percent notes paya…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:78c597319e15301b4275af6130e95885e8da2ff9e18ee831b007317b8777a28d","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-33","para":"55-33","html":"
This Example illustrates the guidance in paragraph 470-10-45-15.
","snippet":"This Example illustrates the guidance in paragraph 470-10-45-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dcee7d80e532ccff5f4fe7072866481056efd47cf3e7cddf2899ffca15810052","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-34","para":"55-34","html":"
This Example has the following assumptions:
  1. a
    An Entity has issued $3,000,000 of short-term commercial paper during the year to finance construction of a plant.
  2. b
    At June 30, 1976, the Entity's fiscal year end, the Entity intends to refinance the commercial paper by issuing long-term debt. However, because the Entity temporarily has excess cash, in July 1976 it liquidates $1,000,000 of the commercial paper as the paper matures.
  3. c
    In August 1976, the Entity completes a $6,000,000 long-term debt offering.
  4. d
    Later during the month of August, it issues its June 30, 1976, financial statements.
  5. e
    The proceeds of the long-term debt offering are to be used to do all of the following:
    1. 1
      Replenish $1,000,000 in working capital
    2. 2
      Pay $2,000,000 of commercial paper as it matures in September 1976
    3. 3
      Pay $3,000,000 of construction costs expected to be incurred later that year to complete the plant.
","snippet":"This Example has the following assumptions:\n(a) An Entity has issued $3,000,000 of short-term commercial paper during the year to finance construction of a plant.\n(b) At June 30, 1976, the Entity's fiscal year end, the E…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eeb543ed392e42b979ab2f4e65649fd438d2a266fc80b71a7b32224104961f7c","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-35","para":"55-35","html":"
The $1,000,000 of commercial paper liquidated in July would be classified as a current liability in the Entity's balance sheet at June 30, 1976. The $2,000,000 of commercial paper liquidated in September 1976 but refinanced by the long-term debt offering in August 1976 would be excluded from current liabilities in balance sheets at the end of June 1976, July 1976, and August 1976. It should be noted that the existence of a financing agreement at the date the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) rather than a completed financing at that date would not change these classifications.
","snippet":"The $1,000,000 of commercial paper liquidated in July would be classified as a current liability in the Entity's balance sheet at June 30, 1976. The $2,000,000 of commercial paper liquidated in September 1976 but refinan…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a978044a5498ff43e56931d7ef866a7df1bc756a3e541348178c4e0a63dfa06c","downloaded_from":"2026-09-10T00:30:39.266Z","last_downloaded_at":"2026-09-10T00:30:39.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481515","source_sha256":"7e560fcc40237db344c17f8a470f4320afb2361e781069619313b03c4790d118"}},{"citation":"470-10-55-36","para":"55-36","html":"
At the end of August 1976, $2,000,000 of cash would be excluded from current assets or, if included in current assets, a like amount of debt would be classified as a current liability.
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For classification guidance on a liability representing the underfunded status of a single-employer defined benefit postretirement plan, see Subtopic 715-20.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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For guidance on the appropriate accounting if the face amount of a note does not reasonably represent the present value of the consideration given or received in the exchange, see paragraphs
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For guidance on the classification of obligations under leases, see paragraphs
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The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
Annual Report Superseded Accounting Standards Update No. 2020-09 10/22/2020
Finance Subsidiary Superseded Accounting Standards Update No. 2020-09 10/22/2020
Full and Unconditional Guarantee Superseded Accounting Standards Update No. 2020-09 10/22/2020
Minor Subsidiary Superseded Accounting Standards Update No. 2020-09 10/22/2020
Operating Subsidiary Superseded Accounting Standards Update No. 2020-09 10/22/2020
Parent Company with No Independent Assets or Operations Superseded Accounting Standards Update No. 2020-09 10/22/2020
Quarterly Report Superseded Accounting Standards Update No. 2020-09 10/22/2020
Wholly Owned Subsidiary Superseded Accounting Standards Update No. 2020-09 10/22/2020
470-10-S50-6 through S50-8
 Amended Accounting Standards Update No. 2020-09 10/22/2020
470-10-S50-9 through S50-11
 Superseded Accounting Standards Update No. 2020-09 10/22/2020
470-10-S65-1 Added Accounting Standards Update No. 2020-09 10/22/2020
470-10-S99-1 Amended Accounting Standards Update No. 2020-09 10/22/2020
470-10-S99-1 Amended Accounting Standards Update No. 2019-07 07/26/2019
470-10-S99-1 Amended Accounting Standards Update No. 2010-21 08/02/2010
470-10-S99-1A Added Accounting Standards Update No. 2020-09 10/22/2020
470-10-S99-1B Added Accounting Standards Update No. 2020-09 10/22/2020
470-10-S99-3 Amended Accounting Standards Update No. 2012-03 08/27/2012
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See paragraph 210-10-S99-2, SAB Topic 6.H.1, for SEC Staff views on the applicability of the disclosure requirements pertaining to compensating balances and short-term borrowing arrangements.
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See paragraph 340-10-S99-2, SAB Topic 2.A.6, Question 2, for SEC Staff views on the amortization of debt issue costs for interim \"bridge financing.\"
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See paragraph 470-10-S99-4, SEC Observer Comment: Classification of Subsidiary's Loan Payable in Consolidated Balance Sheet when Subsidiary's and Parent's Fiscal Years Differ, for SEC Staff views on the presentation of such loans.
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Paragraph superseded on 08/19/2021 after the end of the transition period stated in SEC Release No. 33-10762, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities.
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The following is the text of Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered (17 CFR 210.3-10).
","snippet":"The following is the text of Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered (17 CFR 210.3-10).\n(a) If an issuer or guarantor of a guarante…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d79000792243d4d48f523e86fb117224239b81f507a57684901c5e48ecac4103","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}},{"citation":"470-10-S99-1A","para":"S99-1A","html":"
The following is the text of Regulation S-X Rule 13-01, Guarantors and Issuers of Guaranteed Securities Registered or Being Registered (17 CFR 210.13-01).
","snippet":"The following is the text of Regulation S-X Rule 13-01, Guarantors and Issuers of Guaranteed Securities Registered or Being Registered (17 CFR 210.13-01).\n(a) For each guaranteed security subject to Section 13(a) or 15(d…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:21bd756e842e7c874bf1c39fe20f9bef74acb9479c4543ed3221aaa04706596a","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}},{"citation":"470-10-S99-1B","para":"S99-1B","html":"
The following is the text of Regulation S-X Rule 13-02, Affiliates Whose Securities Collateralize Securities Registered or Being Registered (17 CFR 210.13-02).
","snippet":"The following is the text of Regulation S-X Rule 13-02, Affiliates Whose Securities Collateralize Securities Registered or Being Registered (17 CFR 210.13-02).\nThe requirements of this section shall apply to each securit…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7cbcb6f3deeb9d6346480ce204b0cb4329a316c4adc5833ac6e197ecb6519cc1","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a23da1e025dc20fd13b1b66dfddd770b9ca6c5228e202fb2b2343faff5965dd7","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}},{"block":null,"heading":"SEC Staff Guidance","paragraphs":[{"citation":"470-10-S99-2","para":"S99-2","html":"
The following is the text of SAB Topic 4.A, Subordinated Debt.
","snippet":"The following is the text of SAB Topic 4.A, Subordinated Debt.\nFacts: Company E proposes to include in its registration statement a balance sheet showing its subordinate debt as a portion of stockholders' equity.\nQuestio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:682fbf7639799fb08427e1a08c73628446f9ecab5464e8bbcb84a6409600566a","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}},{"citation":"470-10-S99-3","para":"S99-3","html":"
The following is the text of SAB Topic 6.H.2, Classification of Short-term Obligations—Debt Related to Long-Term Projects.
","snippet":"The following is the text of SAB Topic 6.H.2, Classification of Short-term Obligations—Debt Related to Long-Term Projects.\nFacts: Companies engaging in significant long-term construction programs frequently arrange for r…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0dd2813225bb1198e415848a10a87dfe9fc00b0819cfdb5fb8780bb34c0a2db2","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}},{"citation":"470-10-S99-4","para":"S99-4","html":"
The following is the text of SEC Observer Comment: Classification of Subsidiary's Loan Payable in Consolidated Balance Sheet when Subsidiary's and Parent's Fiscal Years Differ.
","snippet":"The following is the text of SEC Observer Comment: Classification of Subsidiary's Loan Payable in Consolidated Balance Sheet when Subsidiary's and Parent's Fiscal Years Differ.\nIssues periodically occur related to classi…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:39b37961c3350fc3b740985276b479203312b504cfd5e9b787263b3e572369dd","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8db7e7646da4e72ef3850bb2d5c5aad93d7aa789d13e965ca09e4eb788b61825","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7c601dc9f634878bcdd4e2890e39f620df58e6fbf076e75b7f83d33f7b76ef01","downloaded_from":"2026-09-10T00:31:04.047Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480097","source_sha256":"88d41c9f0f528ef1a0f15485c40ddb678d5ebeea5d10c692fe0d63e565c3fb0f"}}],"enrichment":{"summary":"ASC 470-10 is the Overall subtopic of the Debt topic and governs a borrower's balance sheet classification (current vs. noncurrent) of specific obligations: short-term obligations expected to be refinanced, due-on-demand loans, callable debt and covenant violations, revolving credit agreements with lock-box arrangements and subjective acceleration clauses, increasing-rate debt, sales of future revenue, and indexed debt. Core rules: callable and demand obligations are current unless a waiver/cure exception applies (470-10-45-10 through 45-11), and a short-term obligation may be excluded from current liabilities only if the entity intends to refinance long term and demonstrates ability via post-balance-sheet issuance of long-term debt/equity or a qualifying financing agreement (470-10-45-14). It also sets debt-versus-deferred-income classification for proceeds from sales of future revenue and disclosure requirements for maturities, unused lines of credit, and refinancings.","key_points":["Obligations due on demand, or that will become due on demand within one year (or operating cycle, if longer) of the balance sheet date, are current liabilities even if liquidation is not expected; a demand provision is not a subjective acceleration clause (470-10-45-10).","Long-term obligations that are or will be callable because of a covenant violation at the balance sheet date are current liabilities unless the creditor has waived or lost the right to demand repayment for more than one year, or it is probable the violation will be cured within a stated grace period (470-10-45-11).","Where a lender waives its call right for more than one year while retaining future covenant tests, the debt is noncurrent unless both a violation existed (or would have absent modification) at the balance sheet date and it is probable the borrower cannot cure at measurement dates within the next 12 months (470-10-45-1; Example 1 at 470-10-55-2).","A short-term obligation is excluded from current liabilities only if the entity intends to refinance on a long-term basis and that intent is supported by post-balance-sheet-date issuance of long-term debt or equity securities, or by a financing agreement meeting the noncancelable/objectively determinable-covenant, no-violation, and financially capable lender conditions (470-10-45-14); the excluded amount is capped by proceeds or amounts available (470-10-45-16 through 45-19).","Repaying a short-term obligation with current assets after the balance sheet date and later replenishing working capital with long-term financing does not permit exclusion from current liabilities (470-10-45-15; Example 5 at 470-10-55-33).","Revolver borrowings subject to both a subjective acceleration clause and a lock-box arrangement are short-term obligations classified as current unless the 470-10-45-14 refinancing conditions are met under a separate agreement (470-10-45-5); a springing lock-box arrangement leaves the borrowings long term, with the subjective acceleration clause evaluated under 470-10-45-2.","For sales of future revenue, factors such as the transaction not purporting to be a sale, significant continuing involvement, cancelability, a capped investor return, or investor recourse create a rebuttable presumption of debt classification (470-10-25-2); debt is amortized under the interest method and deferred income under the units-of-revenue method (470-10-35-3)."],"categories":["Presentation","Debt and equity","Disclosure","Financial statement presentation"],"audience_level":"intermediate","student_note":"Balance sheet classification of debt is a recurring exam and practice issue: the classic trap is assuming that a post-year-end covenant waiver or a rollover of short-term borrowings automatically supports noncurrent classification — the waiver must extend more than one year (or a grace-period cure must be probable), and refinancing ability must be demonstrated by an actual long-term issuance or a qualifying, noncancelable financing agreement before the statements are issued.","related_topics":["470-20","470-50","470-60","480-10","835-30","210-10"],"key_concepts":["current versus noncurrent classification","short-term obligations expected to be refinanced","subjective acceleration clause","lock-box arrangement","debt covenant violation and waiver","callable debt","sales of future revenue","increasing-rate debt"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4df18be23243eb8eb2a52e6d3ed1cc24b635a61bdffb5501334b1c479847252c","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"470-50","title":"Modifications and Extinguishments","topic_title":"Debt","score":0.7938,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b86364890d5f4a714ab6360d2511de2cae2c6693d1cda259deebd9d131bda0d7","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-60","title":"Troubled Debt Restructurings by Debtors","topic_title":"Debt","score":0.7753,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:32acc5a2c30cf248839a94ab71166f4f566d82957b0a8ccb670b3014624abc84","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"480-10","title":"Overall","topic_title":"Distinguishing Liabilities from Equity","score":0.7618,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3814aff8e873064d831e048746d4e72dbbc19f808d30eaf48b6cf2a2bbc8d1d3","downloaded_from":"2026-09-10T00:35:26.644Z","last_downloaded_at":"2026-09-10T00:36:28.293Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"860-30","title":"Secured Borrowing and Collateral","topic_title":"Transfers and Servicing","score":0.7597,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:967e66be6286447ca41cb7a8697876bb964136b52b7dfdb056a5759ee1d55ff6","downloaded_from":"2026-09-10T02:06:50.852Z","last_downloaded_at":"2026-09-10T02:07:35.766Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"852-10","title":"Overall","topic_title":"Reorganizations","score":0.7543,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42fdb374d39c181dcffe37f0eaab4c6b8f25b9a6c5b55d7db4544e5bd6b415a1","downloaded_from":"2026-09-10T02:02:52.609Z","last_downloaded_at":"2026-09-10T02:03:24.197Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by 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Entities","topic_title":"Guarantees","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a4eca5945ca1f95f76b9c9969eee9716650391f79e44cbc1394902b5d4322a97","downloaded_from":"2026-09-10T00:30:04.732Z","last_downloaded_at":"2026-09-10T00:30:11.673Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-20","title":"Debt with Conversion and Other Options","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b60bbcd2f7d8d52bc7b6902e21d0d52bf29048dbe5dd7764955344d55d3e6a2","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:53.248Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f898f591fca07f08a38195886e12f3ba58a8ef83f6f1b68e90e2ed7985fe632c","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-20","topic":"470","title":"Debt with Conversion and Other Options","area":"Liabilities","paragraphs":276,"summary":"ASC 470-20 governs the issuer's accounting for debt with detachable warrants, convertible debt instruments, interest forfeited on conversion, induced conversions, conversions triggered by the issuer's call, and own-share lending arrangements entered into in contemplation of a convertible debt offering. After ASU 2020-06 eliminated the cash conversion and beneficial conversion feature models, the default rule is that convertible debt is accounted for in its entirety as a liability with no proceeds allocated to the conversion feature (470-20-25-12), unless the feature must be bifurcated as a derivative under 815-15 or the debt was issued at a substantial premium (470-20-25-13). Proceeds of debt issued with detachable warrants, by contrast, are allocated between the debt and the warrants based on relative fair values (470-20-25-2).","concepts":["convertible debt instrument","detachable warrants","relative fair value allocation","substantive conversion feature","induced conversion","debt conversion expense","share-lending arrangement","stock-settled debt"],"categories":["Debt and equity","Financial instruments","Derecognition","Disclosure"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-20-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Beneficial Conversion FeatureSupersededAccounting Standards Update No. 2020-0608/05/2020
Contingently Convertible InstrumentsAddedAccounting Standards Update No. 2020-0608/05/2020
Convertible SecurityAddedAccounting Standards Update No. 2012-0410/01/2012
DebtSupersededAccounting Standards Update No. 2016-1912/14/2016
Firm Commitment (2nd def.)SupersededAccounting Standards Update No. 2020-0608/05/2020
Issued, Issuance, or Issuing of an Equity InstrumentSupersededAccounting Standards Update No. 2020-0608/05/2020
Not-for-Profit EntityAddedAccounting Standards Update No. 2020-0608/05/2020
ProbableAddedAccounting Standards Update No. 2009-1510/13/2009
Public Business EntityAddedAccounting Standards Update No. 2020-0608/05/2020
Public Entity (2nd def.)SupersededAccounting Standards Update No. 2020-0608/05/2020
Security (2nd def.)AddedAccounting Standards Update No. 2020-0608/05/2020
Troubled Debt RestructuringSupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-05-1AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-05-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-05-1AmendedAccounting Standards Update No. 2009-1510/13/2009
470-20-05-1ASupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-05-4 through 05-7
AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-05-5AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-05-6AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-05-7AAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-05-8AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-05-8AAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-05-9AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-05-10AmendedAccounting Standards Update No. 2024-0411/26/2024
470-20-05-12SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-05-12A through 05-12C
AddedAccounting Standards Update No. 2009-1510/13/2009
470-20-05-13SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-10-1SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-10-2SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-15-2AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-15-2AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-15-2AmendedAccounting Standards Update No. 2009-1510/13/2009
470-20-15-2A through 2DAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-15-3 through 15-6
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-25-1AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-25-1AmendedAccounting Standards Update No. 2009-1510/13/2009
470-20-25-2AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-25-4 through 25-11
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-25-4AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-25-11AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-25-11AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-25-12AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-25-13AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-25-14AddedAccounting Standards Update No. 2020-0608/05/2020
470-20-25-15AddedAccounting Standards Update No. 2020-0608/05/2020
470-20-25-16 through 25-20
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-25-18AmendedMaintenance Update 2017-06 (PDF)04/07/2017
470-20-25-20AAddedAccounting Standards Update No. 2009-1510/13/2009
470-20-25-21 through 25-27
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-30-1AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-30-2AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-30-2AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-30-3 through 30-26
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-30-22AmendedAccounting Standards Update No. 2019-0811/11/2019
470-20-30-22 through 30-25
AmendedAccounting Standards Update No. 2018-0706/20/2018
470-20-30-26AAddedAccounting Standards Update No. 2009-1510/13/2009
470-20-30-27 through 30-31
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-35-1 through 35-5
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-35-4AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-35-6AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-35-7 through 35-10
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-35-7AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-35-7AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-35-11AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-35-11AAddedAccounting Standards Update No. 2009-1510/13/2009
470-20-35-12 through 35-20
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-40-1 through 40-3
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-40-4AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-40-4AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-40-4ASupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-40-5 through 40-7
AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-40-11AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-40-13 through 40-17
AmendedAccounting Standards Update No. 2024-0411/26/2024
470-20-40-13AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-40-13AAddedAccounting Standards Update No. 2024-0411/26/2024
470-20-40-16AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-40-18AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-40-19 through 40-26
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-45-1SupersededAccounting Standards Update No. 2015-0101/09/2015
470-20-45-1AAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-45-1BAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-45-2SupersededAccounting Standards Update No. 2015-0101/09/2015
470-20-45-2AAddedAccounting Standards Update No. 2009-1510/13/2009
470-20-45-3SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-45-3AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-50-1SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-50-1A through 50-1I
AddedAccounting Standards Update No. 2020-0608/05/2020
470-20-50-2A through 50-2C
AddedAccounting Standards Update No. 2009-1510/13/2009
470-20-50-2CAmendedAccounting Standards Update No. 2025-1112/08/2025
470-20-50-2CAmendedAccounting Standards Update No. 2024-0311/04/2024
470-20-50-3 through 50-6
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-55-1SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-55-1AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-55-1AAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-55-1BAmendedAccounting Standards Update No. 2024-0411/26/2024
470-20-55-1BAddedAccounting Standards Update No. 2020-0608/05/2020
470-20-55-1CAddedAccounting Standards Update No. 2024-0411/26/2024
470-20-55-3 through 55-8
AmendedAccounting Standards Update No. 2024-0411/26/2024
470-20-55-3AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-55-4AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-55-5AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-55-6AmendedAccounting Standards Update No. 2012-0410/01/2012
470-20-55-7AAddedAccounting Standards Update No. 2024-0411/26/2024
470-20-55-9A through 55-9J
AddedAccounting Standards Update No. 2024-0411/26/2024
470-20-55-10 through 55-17
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-55-18AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-55-19AmendedAccounting Standards Update No. 2020-0608/05/2020
470-20-55-19A through 55-66
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-55-28AmendedMaintenance Update 2016-05 (PDF)04/12/2016
470-20-55-30AmendedAccounting Standards Update No. 2016-1912/14/2016
470-20-55-69A through 55-69F
AddedAccounting Standards Update No. 2020-0608/05/2020
470-20-55-69 through 55-82
SupersededAccounting Standards Update No. 2020-0608/05/2020
470-20-65-3AddedAccounting Standards Update No. 2009-1510/13/2009
470-20-65-4AddedAccounting Standards Update No. 2024-0411/26/2024
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nBeneficial Conversion Feature | Superseded | Accounting Standards Update No. 2020-06 | 0…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8dbeb2a95cd0b7d15dd304ca079f6cace87dc202a354614cc807195183b16ee0","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:05.799Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481429","source_sha256":"6af880683c0ea621e875cc3a27c4ba480596c2facca7bf768a6e7cf948add34b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f2c6fbd6f0e5e559e3cbbcc0a237708353b8b43cfac232c120adbd484e802ae3","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:05.799Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481429","source_sha256":"6af880683c0ea621e875cc3a27c4ba480596c2facca7bf768a6e7cf948add34b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a2c2e84524b2889df2cd23dac570327e3984898e931965660b7dca8cd110db90","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:05.799Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481429","source_sha256":"6af880683c0ea621e875cc3a27c4ba480596c2facca7bf768a6e7cf948add34b"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-20-05-1","para":"05-1","html":"
This Subtopic provides accounting and reporting guidance for debt (and certain preferred stock) with specific conversion features and other options as follows:
  1. a
    Debt instruments with detachable warrants
  2. b
    Convertible debt instruments
  3. c
    Subparagraph superseded by Accounting Standards Update No. 2020-06.
  4. d
    Interest forfeiture
  5. e
    Induced conversions
  6. f
    Conversion upon issuer's exercise of call option
  7. g
    Subparagraph superseded by Accounting Standards Update No. 2020-06.
  8. h
    Own-share lending arrangements issued in contemplation of convertible debt issuance or other financing.
","snippet":"This Subtopic provides accounting and reporting guidance for debt (and certain preferred stock) with specific conversion features and other options as follows:\n(a) Debt instruments with detachable warrants\n(b) Convertibl…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:087c4169c17615909f32d37cf2959d1977516bf980d6ea13d5b193dfd5ac3a10","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-1A","para":"05-1A","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-06.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6e0e97b7e848a7d09d2eb0fecc13778ccfcdb03e29ad07a2463bdcfdfd8bf601","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7f986a3efffb86682ff46b718adef49fab2cb8d71e37f8b6f857772f36833d77","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":null,"heading":"Debt Instruments with Detachable Warrants","paragraphs":[{"citation":"470-20-05-2","para":"05-2","html":"
Unlike convertible debt, debt with detachable warrants (detachable call options) to purchase stock is usually issued with the expectation that the debt will be repaid when it matures. The provisions of the debt agreement are usually more restrictive on the issuer and more protective of the investor than those for convertible debt. The terms of the warrants are influenced by the desire for a successful debt financing. Detachable warrants often trade separately from the debt instrument. Thus, the two elements of the security exist independently and may be treated as separate securities.
","snippet":"Unlike convertible debt, debt with detachable warrants (detachable call options) to purchase stock is usually issued with the expectation that the debt will be repaid when it matures. The provisions of the debt agreement…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4cc1a405835c607cc323f6b60622b3bff0bf964ac77ef0fa054ffcbf4abfe6ec","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-3","para":"05-3","html":"
From the point of view of the issuer, the sale of a debt security with warrants results in a lower cash interest cost than would otherwise be possible or permits financing not otherwise practicable. The issuer usually cannot force the holders of the warrants to exercise them and purchase the stock. The issuer may, however, be required to issue shares of stock at some future date at a price lower than the market price existing at that time, as is true in the case of the conversion option of convertible debt. Under different conditions the warrants may expire without exercise. The outcome of the warrant feature thus cannot be determined at time of issuance. In either case the debt must generally be paid at maturity or earlier redemption date whether or not the warrants are exercised.
","snippet":"From the point of view of the issuer, the sale of a debt security with warrants results in a lower cash interest cost than would otherwise be possible or permits financing not otherwise practicable. The issuer usually ca…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bae86f533d2c0b1d9a6e120d41fec617be6754dfa32e774af39f0eef2ae5412e","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:90ed7d7391e36c499eb7c6976a7a91b425e28198fe7e1ad968fe1cb0d54e6e82","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":null,"heading":"Convertible Debt Instruments","paragraphs":[{"citation":"470-20-05-4","para":"05-4","html":"
A convertible debt instrument is a complex hybrid instrument bearing an option, the alternative choices of which cannot exist independently of one another. The holder ordinarily does not sell one right and retain the other. Furthermore, the two choices are mutually exclusive; they cannot both be consummated. Thus, the instrument will either be converted or be redeemed. The holder cannot exercise the option to convert unless he forgoes the right to redemption, and vice versa.
","snippet":"A convertible debt instrument is a complex hybrid instrument bearing an option, the alternative choices of which cannot exist independently of one another. The holder ordinarily does not sell one right and retain the oth…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a2a14bdf6f5cce294402779c4dbc4a28de14365ad97041332eb891caba32e87e","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-5","para":"05-5","html":"
A convertible debt instrument may offer advantages to both the issuer and the purchaser. From the point of view of the issuer, convertible debt has a lower interest rate than does nonconvertible debt. Furthermore, the issuer of convertible debt instruments, in planning its long-range financing, may view convertible debt as essentially a means of raising equity capital. Thus, if the fair value of the underlying common stock increases sufficiently in the future, the issuer can force conversion of the convertible debt into common stock by calling the issue for redemption. Under these market conditions, the issuer can effectively terminate the conversion option and eliminate the debt. If the fair value of the stock does not increase sufficiently to result in conversion of the debt, the issuer will have received the benefit of the cash proceeds to the scheduled maturity dates at a relatively low cash interest cost.
","snippet":"A convertible debt instrument may offer advantages to both the issuer and the purchaser. From the point of view of the issuer, convertible debt has a lower interest rate than does nonconvertible debt. Furthermore, the is…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0caff1c4fac2215baba7b60ca2295df5571c3cf0b877c3aaabb1e0ec76102877","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-6","para":"05-6","html":"
On the other hand, the purchaser obtains an option to receive either the face or redemption amount of the instrument or the number of common shares into which the instrument is convertible. If the fair value of the underlying common stock increases above the conversion price, the purchaser (either through conversion or through holding the convertible debt containing the conversion option) benefits through appreciation. The purchaser may at that time require the issuance of the common stock at a price lower than the fair value. However, should the fair value of the underlying common stock not increase in the future, the purchaser has the protection of a debt security. Thus, in the absence of default by the issuer, the purchaser would receive the principal and interest if the conversion option is not exercised.
","snippet":"On the other hand, the purchaser obtains an option to receive either the face or redemption amount of the instrument or the number of common shares into which the instrument is convertible. If the fair value of the under…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:18fb992d832a272642bcd3d9fc55da260c64f86a9d45dd97caea8c15ac493e38","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-7","para":"05-7","html":"
Entities may issue convertible debt instruments that may be convertible into common stock at the lower of a conversion rate fixed at time of issuance and a fixed discount to the market price of the common stock at the date of conversion.
","snippet":"Entities may issue convertible debt instruments that may be convertible into common stock at the lower of a conversion rate fixed at time of issuance and a fixed discount to the market price of the common stock at the da…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f725d6d2b69d6026abc57b2d0cfb6706a945ebccb22820468f0f074a9409d6b2","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-7A","para":"05-7A","html":"
Entities also may issue convertible debt instruments that, by their stated terms, may be settled in cash (or other assets) upon conversion, including partial cash settlement.
","snippet":"Entities also may issue convertible debt instruments that, by their stated terms, may be settled in cash (or other assets) upon conversion, including partial cash settlement.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a976a0091b387823ecc4203988c24b97bc1a757e7217a3f94bbfe0e8381d2ab8","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-8","para":"05-8","html":"
Certain convertible debt instruments may have a contingently adjustable conversion ratio; that is, a conversion price that is variable based on future events such as any of the following:
  1. a
    A liquidation or a change in control of an entity
  2. b
    A subsequent round of financing at a price lower than the convertible security'soriginal conversion price
  3. c
    An initial public offering at a share price lower than an agreed-upon amount.
","snippet":"Certain convertible debt instruments may have a contingently adjustable conversion ratio; that is, a conversion price that is variable based on future events such as any of the following:\n(a) A liquidation or a change in…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7667729413e3dc2d702e726e9e39da22acd310b7b9cff3cafb716c09a060b2d5","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-8A","para":"05-8A","html":"
Certain convertible debt instruments may become convertible only upon the occurrence of a future event that is outside the control of the issuer or holder.
","snippet":"Certain convertible debt instruments may become convertible only upon the occurrence of a future event that is outside the control of the issuer or holder.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bac8ea1afa1d9fa9bdc83e8927aaf479188054b85e17415cfb31e8a3b8c20608","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c63b4c54bd48fbcbd7065609481abc3f529d30abce7914b8a9c4acfbeae3f815","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":null,"heading":"Interest Forfeiture","paragraphs":[{"citation":"470-20-05-9","para":"05-9","html":"
When a convertible debt instrument is converted to equity securities, sometimes the terms of conversion provide that any accrued but unpaid interest at the date of conversion is forfeited by the former debt holder. This occurs either because the conversion date falls between interest payment dates or because there are no interest payment dates (a zero coupon convertible debt instrument).
","snippet":"When a convertible debt instrument is converted to equity securities, sometimes the terms of conversion provide that any accrued but unpaid interest at the date of conversion is forfeited by the former debt holder. This …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7e9bd72d02dcf22398305647e18f32d9ea5ffa84b96bcc50b57ba85481085e3f","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d790a78f5e3ff52b78de2a4bf6cff19f9c7acbd4e508651113aa36eb58ba404","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":null,"heading":"Induced Conversions","paragraphs":[{"citation":"470-20-05-10","para":"05-10","html":"
Some convertible debt instruments include provisions allowing the debtor to alter terms of the debt to the benefit of debt holders. In some circumstances, conversion privileges for a convertible debt instrument are changed or additional consideration is paid to debt holders for the purpose of inducing prompt conversion of the debt to equity securities (sometimes referred to as a convertible debt sweetener). Such provisions may be general in nature, permitting the debtor or trustee to take actions to protect the interests of the debt holders, or they may be specific, for example, specifically authorizing the debtor to temporarily reduce the conversion price for the purpose of inducing conversion.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Some convertible debt instruments include provisions allowing the debtor to alter terms of the debt to the benefit of debt holders. In some circumstances, conversion privileges for a convertible debt instrument are changed or additional consideration is paid to debt holders for the purpose of inducing prompt conversion of the debt instrument (sometimes referred to as a convertible debt sweetener). Such provisions may be general in nature, permitting the debtor or trustee to take actions to protect the interests of the debt holders, or they may be specific, for example, specifically authorizing the debtor to temporarily reduce the conversion price for the purpose of inducing conversion.
","snippet":"Some convertible debt instruments include provisions allowing the debtor to alter terms of the debt to the benefit of debt holders. In some circumstances, conversion privileges for a convertible debt instrument are chang…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bafcad530e3fdc286836d19c06d4e783a5aea64edb5e7024ca77ae0d5cf7c337","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3a0626d724c0609bba93399ce7de78f62f22f67b31c39b25b067d822596743c8","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":null,"heading":"Conversion Upon Issuer's Exercise of Call Option","paragraphs":[{"citation":"470-20-05-11","para":"05-11","html":"
An entity may issue equity securities to settle a debt instrument that was not otherwise currently convertible but became convertible upon the issuer's exercise of a call option when the issuance of equity securities is pursuant to the instrument's original conversion terms. This Subtopic provides related guidance.
","snippet":"An entity may issue equity securities to settle a debt instrument that was not otherwise currently convertible but became convertible upon the issuer's exercise of a call option when the issuance of equity securities is …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d6c82ec50f54bc66e59ca07d1bd070f662bcb2188a680b40dfc997cc4eecc94d","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-12","para":"05-12","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-06.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:61b1137944472edeebfbd0672977b1ba815ace2bb24a05a1001f45148e526169","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2b54613cdbdef0cc9df1f5795d9d5a44a427b54de3b645a807ea6c7072f93ab5","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":null,"heading":"Own-Share Lending Arrangements Issued in Contemplation of Convertible Debt Issuance or Other Financing","paragraphs":[{"citation":"470-20-05-12A","para":"05-12A","html":"
An entity for which the cost to an investment banking firm (investment bank) or third-party investors (investors) of borrowing its shares is prohibitive (for example, due to a lack of liquidity or extensive open short positions in the shares) may enter into share-lending arrangements that are executed separately but in connection with a convertible debt offering. Although the convertible debt instrument is ultimately sold to investors, the share-lending arrangement is an agreement between the entity (share lender) and an investment bank (share borrower) and is intended to facilitate the ability of the investors to hedge the conversion option in the entity's convertible debt.
","snippet":"An entity for which the cost to an investment banking firm (investment bank) or third-party investors (investors) of borrowing its shares is prohibitive (for example, due to a lack of liquidity or extensive open short po…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5c21c9e065c4d3fa645752fa1e4883264789ab1cada5f3507cc1a846ca07d10d","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-12B","para":"05-12B","html":"
The terms of a share-lending arrangement require the entity to issue shares (loaned shares) to the investment bank in exchange for a nominal loan processing fee. Although the loaned shares are legally outstanding, the nominal loan processing fee is typically equal to the par value of the common stock, which is significantly less than the fair value of the loaned shares or the share-lending arrangement. Generally, upon maturity or conversion of the convertible debt, the investment bank is required to return the loaned shares to the entity for no additional consideration.
","snippet":"The terms of a share-lending arrangement require the entity to issue shares (loaned shares) to the investment bank in exchange for a nominal loan processing fee. Although the loaned shares are legally outstanding, the no…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ff114041dc2f2385efdb456fdd892b89582d26027076f111037563b818aba88b","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"citation":"470-20-05-12C","para":"05-12C","html":"
Other terms of a share-lending arrangement typically require the investment bank to reimburse the entity for any dividends paid on the loaned shares. Typically, the arrangement precludes the investment bank from voting on any matters submitted to a vote of the entity's shareholders to the extent the investment bank is the owner of the shares.
","snippet":"Other terms of a share-lending arrangement typically require the investment bank to reimburse the entity for any dividends paid on the loaned shares. Typically, the arrangement precludes the investment bank from voting o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3d6234b7b351f68888e87a45ef9601e9948b7d74287cda47840099492b5663a9","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e72f499cb65e0212811452a82fe9b766fafcb0f19e9baa1a6acba1c515906709","downloaded_from":"2026-09-10T00:31:09.755Z","last_downloaded_at":"2026-09-10T00:31:09.755Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481399","source_sha256":"b2589d2d872dccdb1f415fc3f0d53bf191ea84f711b6d33b55d84a96d3bbbc30"}},{"block":"Cash Conversion","heading":null,"paragraphs":[{"citation":"470-20-05-13","para":"05-13","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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The guidance in this Subtopic applies to all entities.
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The guidance in this Subtopic applies to all debt instruments. The guidance on own-share lending arrangements applies to an equity-classified share-lending arrangement on an entity's own shares when executed in contemplation of a convertible debt offering or other financing.
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The guidance on convertible debt instruments in this Subtopic shall be considered after considering the guidance in the Fair Value Option Subsections of Subtopic 825-10 on financial instruments.
","snippet":"The guidance on convertible debt instruments in this Subtopic shall be considered after considering the guidance in the Fair Value Option Subsections of Subtopic 825-10 on financial instruments.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:296325d3bad3fd0ecf86813847308ab825e1636f768d761efa1e5f85402ca057","downloaded_from":"2026-09-10T00:31:15.782Z","last_downloaded_at":"2026-09-10T00:31:15.782Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481343","source_sha256":"198ad456ca2c3f8214552dfb10939c0f16b6780cac4e3610ae3230564c636477"}},{"citation":"470-20-15-2B","para":"15-2B","html":"
The guidance on convertible debt instruments in this Subtopic shall be considered after considering the guidance in Subtopic 815-15 on bifurcation of embedded derivatives for an embedded conversion option or other embedded feature (for example, an embedded prepayment option) as applicable (see paragraph 815-15-55-76A). The relevant guidance in this Subtopic does not affect an issuer's determination under Subtopic 815-15 of whether an embedded conversion option or other embedded feature shall be separately accounted for as a derivative instrument.
","snippet":"The guidance on convertible debt instruments in this Subtopic shall be considered after considering the guidance in Subtopic 815-15 on bifurcation of embedded derivatives for an embedded conversion option or other embedd…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:024ce589cea6dee277250809266afe9b6392a86c2bbb26a139ad9b71f87b0543","downloaded_from":"2026-09-10T00:31:15.782Z","last_downloaded_at":"2026-09-10T00:31:15.782Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481343","source_sha256":"198ad456ca2c3f8214552dfb10939c0f16b6780cac4e3610ae3230564c636477"}},{"citation":"470-20-15-2C","para":"15-2C","html":"
The guidance in this Subtopic does not apply to a convertible debt instrument award issued to a grantee that is subject to the guidance in Topic 718 on stock compensation unless the instrument is modified as described in and no longer subject to the guidance in that Topic. The guidance in this Subtopic does not apply to stock-settled debt that is subject to the guidance in Subtopic 480-10 on distinguishing liabilities from equity or other Subtopics (see paragraph 470-20-25-14), unless the stock-settled debt also contains a substantive conversion feature (as discussed in paragraphs
470-20-40-7 through 40-10
) for which all relevant guidance in this Subtopic shall be considered in addition to the relevant guidance in other Subtopics.
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For purposes of determining whether an instrument is within the scope of this Subtopic, a convertible preferred stock shall be considered a convertible debt instrument if it has both of the following characteristics:
  1. a
    It is a mandatorily redeemable financial instrument.
  2. b
    It is classified as a liability under Subtopic 480-10.
For related implementation guidance, see paragraph 470-20-55-1A.
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The guidance in this Section shall be considered after consideration of the guidance in the Fair Value Option Subsections of Subtopic 825-10 on financial instruments and the guidance in Subtopic 815-15 on bifurcation of embedded derivatives, as applicable. The guidance in this Section is organized as follows:
  1. a
    Debt instruments with detachable warrants
  2. b
    Subparagraph superseded by Accounting Standards Update No. 2020-06.
  3. c
    Subparagraph superseded by Accounting Standards Update No. 2020-06.
  4. d
    Convertible debt instruments
  5. e
    Subparagraph superseded by Accounting Standards Update No. 2020-06.
  6. f
    Own-share lending arrangements issued in contemplation of convertible debt issuance.
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Proceeds from the sale of a debt instrument with stock purchase warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt instrument without the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to the warrants shall be accounted for as paid-in capital. The remainder of the proceeds shall be allocated to the debt instrument portion of the transaction. This usually results in a discount (or, occasionally, a reduced premium), which shall be accounted for under Topic 835.
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The same accounting treatment applies to issues of debt instruments (issued with detachable warrants) that may be surrendered in settlement of the exercise price of the warrant. However, if stock purchase warrants are not detachable from the debt instrument and the debt instrument must be surrendered to exercise the warrant, the two instruments taken together are substantially equivalent to a convertible debt instrument and the accounting specified in paragraph 470-20-25-12 shall apply.
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A debt with an embedded conversion feature shall be accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument shall be accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative under Subtopic 815-15 or the conversion feature results in a premium that is subject to the guidance in paragraph 470-20-25-13.
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If a convertible debt instrument is issued at a substantial premium, there is a presumption that such premium represents paid-in capital.
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If a debt instrument has a conversion option that continuously resets as the underlying stock price increases or decreases so as to provide a fixed value of common stock to the holder at any conversion date, the instrument shall be considered stock-settled debt that is subject to the guidance in Subtopic 480-10 or other Subtopics (such as Subtopic 718-10, 815-15, or 825-10). Example 4 (see paragraph 470-20-55-18) illustrates application of the guidance in this paragraph.
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If the issuance transaction for a convertible debt instrument within the scope of this Subtopic includes other unstated (or stated) rights or privileges in addition to the convertible debt instrument, a portion of the initial proceeds shall be attributed to those rights and privileges based on the guidance in other applicable U.S. generally accepted accounting principles (GAAP).
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At the date of issuance, a share-lending arrangement entered into on an entity's own shares in contemplation of a convertible debt offering or other financing shall be measured at fair value (in accordance with Topic 820) and recognized as an issuance cost, with an offset to additional paid-in capital in the financial statements of the entity.
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The following guidance addresses accounting for the issuance of equity securities to settle a debt instrument (pursuant to the instrument's original conversion terms) that became convertible upon the issuer's exercise of a call option:
  1. a
    Substantive conversion feature. If the debt instrument contained a substantive conversion feature as of time of issuance, the issuance of equity securities shall be accounted for as a contractual conversion. That is, no gain or loss shall be recognized related to the equity securities issued to settle the instrument.
  2. b
    No substantive conversion feature. If the debt instrument did not contain a substantive conversion feature as of time of issuance, the issuance of equity securities shall be accounted for as a debt extinguishment. That is, the fair value of the equity securities issued should be considered a component of the reacquisition price of the debt.
","snippet":"The following guidance addresses accounting for the issuance of equity securities to settle a debt instrument (pursuant to the instrument's original conversion terms) that became convertible upon the issuer's exercise of…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1c88721ac927c22cf75d85e78babee9a09f5d097a89e838f1a9ef083f9cf7929","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-6","para":"40-6","html":"
The assessment of whether the conversion feature is substantive may be performed after time of issuance but shall be based only on assumptions, considerations, and marketplace information available as of time of issuance.
","snippet":"The assessment of whether the conversion feature is substantive may be performed after time of issuance but shall be based only on assumptions, considerations, and marketplace information available as of time of issuance…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:57158180c88bc6d673173683f2001fab09af257114d0388f2591be63db44c760","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-7","para":"40-7","html":"
By definition, a substantive conversion feature is at least reasonably possible of being exercised in the future. If the conversion price of an instrument at issuance is extremely high so that conversion of the instrument is not deemed at least reasonably possible as of time of issuance, then the conversion feature would not be considered substantive.
","snippet":"By definition, a substantive conversion feature is at least reasonably possible of being exercised in the future. If the conversion price of an instrument at issuance is extremely high so that conversion of the instrumen…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a6018aeff1fd9b12b0d73714c9449c80cea7bb7eaaa5ef1ebac380c32e5272d1","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-8","para":"40-8","html":"
For purposes of determining whether a conversion feature is reasonably possible of being exercised, the assessment of the holder's intent is not necessary. Therefore, even if such an instrument included a conversion feature that provided for conversion due solely to the passage of time (for example, the instrument will become convertible at a date before its maturity date), it would be inappropriate to conclude that the conversion feature is substantive. Also, an instrument that became convertible only upon the issuer's exercise of its call option does not possess a substantive conversion feature.
","snippet":"For purposes of determining whether a conversion feature is reasonably possible of being exercised, the assessment of the holder's intent is not necessary. Therefore, even if such an instrument included a conversion feat…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:05a63c87337a6990eb80bd9988f96321dbe85ca54af85c22a994e1aadfb4fe77","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-9","para":"40-9","html":"
Methods that may be helpful in assessing whether a conversion feature is substantive include the following:
  1. a
    The fair value of the conversion feature relative to the fair value of the debt instrument. Comparing the fair value of a conversion feature to the fair value of the debt instrument (that is, the complete instrument as issued) may provide evidence that the conversion feature is substantive.
  2. b
    The effective annual interest rate per the terms of the debt instrument relative to the estimated effective annual rate of a nonconvertible debt instrument with an equivalent expected term and credit risk. Comparing the effective annual interest rate of the debt instrument to the effective annual rate the issuer estimates it could obtain on a similar nonconvertible instrument may provide evidence that a conversion feature is substantive.
  3. c
    The fair value of the debt instrument relative to an instrument that is identical except for which the conversion option is not contingent. Comparing the fair value of the debt instrument to the fair value of an identical instrument for which conversion is not contingent isolates the effect of the contingencies and may provide evidence about the substance of a conversion feature. If the fair value of the debt instrument is similar to the fair value of an identical convertible debt instrument for which conversion is not contingent, then it may indicate that the conversion feature is substantive. However, this approach may not be appropriate unless it is clear that the conversion feature, not considering the contingencies, is substantive.
  4. d
    Qualitative evaluation of the conversion provisions. The nature of the conditions under which the instrument may become convertible may provide evidence that the conversion feature is substantive. For example, if an instrument may become convertible upon the occurrence of a specified contingent event, the likelihood that the contingent event will occur before the instrument's maturity date may indicate that the conversion feature is substantive. However, this approach may not be appropriate unless it is clear that the conversion feature, not considering the contingencies, is substantive.
","snippet":"Methods that may be helpful in assessing whether a conversion feature is substantive include the following:\n(a) The fair value of the conversion feature relative to the fair value of the debt instrument. Comparing the fa…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cbcb7940fdcf07cc0b945940b81822e3cf33933805cf21aec03b370236d6d6f2","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-10","para":"40-10","html":"
The guidance in paragraphs
470-20-40-7 through 40-9
does not address the treatment of an instrument for purposes of applying Subtopic 260-10.
","snippet":"The guidance in paragraphs 470-20-40-7 through 40-9 does not address the treatment of an instrument for purposes of applying Subtopic 260-10.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8233c6420a03049bd9654ab4a78aee44874d40a93ece2eed9812446df837fd35","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:95fc8f385abf2e12128d98f077445a0b8464488c3a5262825613fe8a6feb83f3","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"block":null,"heading":"Interest Forfeiture","paragraphs":[{"citation":"470-20-40-11","para":"40-11","html":"
If the terms of conversion of a convertible debt instrument provide that any accrued but unpaid interest at the date of conversion is forfeited by the former debt holder, accrued interest from the last interest payment date, if applicable, to the date of conversion, net of related income tax effects, if any, shall be charged to interest expense and credited to capital as part of the cost of securities issued. Thus, the accrued interest is accounted for in the same way as the principal amount of the debt converted and any unamortized premium, discount, or issuance costs; the net carrying amount of the debt, including any unamortized premium, discount, or issuance costs and the related accrual for interest to the date of conversion, net of any related income tax effects, is a credit to the entity's capital.
","snippet":"If the terms of conversion of a convertible debt instrument provide that any accrued but unpaid interest at the date of conversion is forfeited by the former debt holder, accrued interest from the last interest payment d…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7dae1c8f9e47f6f3c790f20b19145d563cb541c256a35b9d554d590e3ef63710","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-12","para":"40-12","html":"
Paragraph not used.
","snippet":"Paragraph not used.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:00dc21196b9c75a25925a28cf6496dadd09016ab315e039901e83617fe1bff73","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1e98ae5d169339a11b127bc9315a794632d68f6a2aff456ce130a3dfcfcddc88","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"block":null,"heading":"Induced Conversions","paragraphs":[{"citation":"470-20-40-13","para":"40-13","html":"
The guidance in paragraph 470-20-40-16 applies to conversions of convertible debt to equity securities pursuant to terms that reflect changes made by the debtor to the conversion privileges provided in the terms of the debt at issuance (including changes that involve the payment of consideration) for the purpose of inducing conversion. That guidance applies only to conversions that both:
  1. a
    Occur pursuant to changed conversion privileges that are exercisable only for a limited period of time (inducements offered without a restrictive time limit on their exercisability are not, by their structure, changes made to induce prompt conversion)
  2. b
    Include the issuance of all of the equity securities issuable pursuant to conversion privileges included in the terms of the debt at issuance for each debt instrument that is converted, regardless of the party that initiates the offer or whether the offer relates to all debt holders.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The guidance in paragraph 470-20-40-16 applies to conversions of convertible debt instruments pursuant to terms that reflect changes made by the issuer to the conversion privileges provided in the terms of the existing debt instrument (including changes that involve the payment of consideration) for the purpose of inducing conversion. That guidance applies only to conversions for which all of the following criteria are satisfied:
  1. a
    The conversion occurs pursuant to changed conversion privileges that are exercisable only for a limited period of time (inducements offered without a restrictive time limit on their exercisability are not, by their structure, changes made to induce prompt conversion).
  2. b
    The conversion includes the issuance of all of the consideration (in form and amount) issuable pursuant to conversion privileges provided in the terms of the existing debt instrument for each debt instrument that is converted, regardless of the party that initiates the offer or whether the offer relates to all debt holders. See paragraph 470-20-40-13A for additional guidance applicable to debt instruments whose conversion privileges permit the entity to issue cash (or other assets) or a combination of shares and cash (or other assets) upon conversion. The examples in paragraphs
    470-20-55-9A through 55-9J
    illustrate the application of this guidance.
  3. c
    The existing debt instrument, regardless of whether it is currently convertible, contained a substantive conversion feature as of both the time of issuance and the date the inducement offer is accepted by the convertible debt holder. See paragraphs
    470-20-40-6 through 40-10
    for additional guidance on determining whether a conversion feature is substantive.
","snippet":"The guidance in paragraph 470-20-40-16 applies to conversions of convertible debt to equity securities pursuant to terms that reflect changes made by the debtor to the conversion privileges provided in the terms of the d…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:218f66d447af1f9d17e12b0317d5889fc1ccdf2fe3710443fe4fe852c4692b72","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-13A","para":"40-13A","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4In applying the guidance in paragraph 470-20-40-13(b), an entity shall compare the amount of cash (or other assets) and number of shares issuable under the conversion privileges provided in the terms of the existing instrument with the amount of cash (or other assets) and number of shares issuable under the inducement offer. An entity shall consider the following:
  1. a
    For purposes of comparing the amount of cash (or other assets) and number of shares issuable, if the settlement terms under either the existing conversion privileges or the inducement offer are based on a future share price or average of future share prices (such as a volume-weighted average price), then an entity shall use the fair value of the shares as of the date the inducement offer is accepted. For example, the incorporation, elimination, or modification of a volume-weighted average price formula that is based on future share prices does not affect the determination of the amount of cash or number of shares issuable for the induced conversion assessment because the fair value of the shares as of the date the inducement offer is accepted would be used instead of the future volume-weighted average price. A future share price refers to a share price measured after the inducement offer is accepted.
  2. b
    Changes that result in the amount of cash (or other assets) and number of shares being indexed to something other than the future price of the issuer’s shares (for example, the fair value of a commodity) shall be considered a change in the form of settlement.
  3. c
    If within the one-year period preceding the date the inducement offer is accepted by the convertible debt holder the existing debt has been exchanged or modified (without being deemed to be substantially different in accordance with the guidance in Subtopic 470-50), then the conversion privileges provided in the debt terms that existed one year before the date the offer is accepted by the convertible debt holder shall be used in place of the conversion privileges provided in the terms of the existing debt instrument.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4In applying the guidance in paragraph 470-20-40-13(b), an entity shall compare the amount of cash (or other assets) and number of…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dc43bb359cbe620a92f3c1c55fdf462bc924ab75416b8eec33de2f66084bd948","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-14","para":"40-14","html":"
A conversion includes an exchange of a convertible debt instrument for equity securities or a combination of equity securities and other consideration, whether or not the exchange involves legal exercise of the contractual conversion privileges included in terms of the debt. The preceding paragraph also includes conversions pursuant to amended or altered conversion privileges on such instruments, even though they are literally provided in the terms of the debt at issuance.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4A conversion includes an exchange of a convertible debt instrument for equity securities or other consideration, whether or not the exchange involves legal exercise of the contractual conversion privileges included in terms of the debt. The guidance in paragraphs
470-20-40-13 through 40-13A
also applies to conversions pursuant to amended or altered conversion privileges on such instruments, even though the right to amend the terms is provided in the terms of the existing debt instrument.
","snippet":"A conversion includes an exchange of a convertible debt instrument for equity securities or a combination of equity securities and other consideration, whether or not the exchange involves legal exercise of the contractu…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:93ba9c41f31fe4fe211281f3b3e6f6b4c45166be59c8d8708195f087a5980679","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-15","para":"40-15","html":"
The changed terms may involve any of the following:
  1. a
    A reduction of the original conversion price thereby resulting in the issuance of additional shares of stock
  2. b
    An issuance of warrants or other securities not provided for in the original conversion terms
  3. c
    A payment of cash or other consideration to those debt holders that convert during the specified time period.
The guidance in the following paragraph does not apply to conversions pursuant to other changes in conversion privileges or to changes in terms of convertible debt instruments that are different from those described in this paragraph.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The changed terms may involve any of the following:
  1. a
    A reduction of the conversion price thereby resulting in the issuance of additional shares of stock
  2. b
    An issuance of warrants or other securities not provided for in the conversion privileges in the terms of the existing instrument
  3. c
    A payment of cash or other consideration to those debt holders that convert during the specified time period.
The guidance in paragraph 470-20-40-16does not apply to conversions pursuant to other changes in conversion privileges or to changes in terms of convertible debt instruments that are different from those described in this paragraph.
","snippet":"The changed terms may involve any of the following:\n(a) A reduction of the original conversion price thereby resulting in the issuance of additional shares of stock\n(b) An issuance of warrants or other securities not pro…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:96b8dab0d1f24563bda9d69a9329a6f5214d1e07daee7cdc33275e56c33034b3","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-16","para":"40-16","html":"
If a convertible debt instrument is converted to equity securities of the debtor pursuant to an inducement offer (see paragraph 470-20-40-13), the debtor shall recognize an expense equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of securities issuable pursuant to the original conversion terms. The fair value of the securities or other consideration shall be measured as of the date the inducement offer is accepted by the convertible debt holder. That date normally will be the date the debt holder converts the convertible debt into equity securities or enters into a binding agreement to do so. Until the debt holder accepts the offer, no exchange has been made between the debtor and the debt holder. Example 1 (see paragraph 470-20-55-1B) illustrates the application of this guidance.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4If a convertible debt instrument is converted pursuant to an inducement offer (see paragraph 470-20-40-13), the issuer shall recognize an expense equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of securities and other consideration issuable pursuant to the conversion privileges provided in the terms of the existing instrument. The fair value of the securities or other consideration shall be measured as of the date the inducement offer is accepted by the convertible debt holder. That date normally will be the date the debt holder converts the convertible debt or enters into a binding agreement to do so. Until the debt holder accepts the offer, no exchange has been made between the issuer and the debt holder. Example 1 (see paragraph 470-20-55-1B) illustrates the application of this guidance.
","snippet":"If a convertible debt instrument is converted to equity securities of the debtor pursuant to an inducement offer (see paragraph 470-20-40-13), the debtor shall recognize an expense equal to the fair value of all securiti…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dc245149444f67391073ad814f54d4cd558bafb8d6fd3a8272c6847b6098ec09","downloaded_from":"2026-09-10T00:31:32.200Z","last_downloaded_at":"2026-09-10T00:31:32.200Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481194","source_sha256":"0060014e6e9bd7e210544d610d1488c0aa09012ad29bc7e587efb94892783ac4"}},{"citation":"470-20-40-17","para":"40-17","html":"
The guidance in the preceding paragraph does not require recognition of gain or loss with respect to the shares issuable pursuant to the original conversion privileges of the convertible debt when additional securities or assets are transferred to a debt holder to induce prompt conversion of the debt to equity securities. In a conversion pursuant to original conversion terms, debt is extinguished in exchange for equity pursuant to a preexisting contract that is already recognized in the financial statements, and no gain or loss is recognized upon conversion.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The guidance in paragraph 470-20-40-16does not require recognition of gain or loss with respect to the shares (or other consideration) issuable pursuant to the conversion privileges provided in the terms of the existing convertible debt instrument when additional securities, instruments, or assets are transferred to a debt holder to induce prompt conversion of the existing debt instrument. In a conversion pursuant to the conversion privileges provided in the terms of the existing instrument, debt is settled in exchange for shares, cash (or other assets), or any combination of shares and cash (or other assets) pursuant to a preexisting contract that is already recognized in the financial statements, and no gain or loss is recognized upon conversion.
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Transaction costs incurred with third parties other than the investor(s) and that directly relate to the issuance of convertible debt instruments within the scope of this Subtopic shall be reported in accordance with the guidance in Section 835-30-45.
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The guidance on convertible debt instruments in this Subtopic does not affect an issuer's determination of whether the instruments should be classified as a current liability or a long-term liability. For purposes of applying other applicable U.S. generally accepted accounting principles (GAAP) to make that determination, all terms of the convertible debt instrument shall be considered.
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Loaned shares are excluded from basic and diluted earnings per share unless default of the share-lending arrangement occurs, at which time the loaned shares would be included in the basic and diluted earnings-per-share calculation. If dividends on the loaned shares are not reimbursed to the entity, any amounts, including contractual (accumulated) dividends and participation rights in undistributed earnings, attributable to the loaned shares shall be deducted in computing income available to common shareholders, in a manner consistent with the two-class method in paragraph 260-10-45-60B.
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    Information about the terms and features of convertible debt instruments
  2. b
    An understanding of how those instruments have been reported in an entity's statement of financial position and statement of financial performance
  3. c
    Information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity's future cash flows related to those instruments.
","snippet":"The objective of the disclosure about convertible debt instruments is to provide users of financial statements with:\n(a) Information about the terms and features of convertible debt instruments\n(b) An understanding of ho…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d537cba854b4bc311f2e3a914632d0e1cc18304ebb9b342b3b56a1381a2f2a93","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1B","para":"50-1B","html":"
An entity shall explain the pertinent rights and privileges of each convertible debt instrument outstanding, including, but not limited to, the following information:
  1. a
    Principal amount
  2. b
    Coupon rate
  3. c
    Conversion or exercise prices or rates and number of shares into which the instrument is potentially convertible
  4. d
    Pertinent dates, such as conversion date(s) and maturity date
  5. e
    Parties that control the conversion rights
  6. f
    Manner of settlement upon conversion and any alternative settlement methods, such as cash, shares, or a combination of cash and shares
  7. g
    Terms that may change conversion or exercise prices, number of shares to be issued, or other conversion rights and the timing of those rights (excluding standard antidilution provisions)
  8. h
    Liquidation preference and unusual voting rights, if applicable
  9. i
    Other material terms and features of the instrument that are not listed above.
","snippet":"An entity shall explain the pertinent rights and privileges of each convertible debt instrument outstanding, including, but not limited to, the following information:\n(a) Principal amount\n(b) Coupon rate\n(c) Conversion o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a1c5d1967b2dd3ab432c787f164a8d1f22b4403d7d9f7c813f4246b7a255318b","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1C","para":"50-1C","html":"
An entity shall provide the following incremental information for contingently convertible instruments or the instruments that are described in paragraphs 470-20-05-8 through 05-8A:
  1. a
    Events or changes in circumstances that would adjust or change the contingency or would cause the contingency to be met
  2. b
    Information on whether the shares that would be issued if the contingently convertible securities were converted are included in the calculation of diluted earnings per share (EPS) and the reasons why or why not
  3. c
    Other information that is helpful in understanding both the nature of the contingencies and the potential impact of conversion.
","snippet":"An entity shall provide the following incremental information for contingently convertible instruments or the instruments that are described in paragraphs 470-20-05-8 through 05-8A:\n(a) Events or changes in circumstances…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0633bf234791262f11b89324bfbb9b6b4107a08a17b1de0147c00547b37835c4","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1D","para":"50-1D","html":"
An entity shall disclose the following information for each convertible debt instrument as of each date for which a statement of financial position is presented.
  1. a
    The unamortized premium, discount, or issuance costs and, if applicable, the premium amount recorded as paid-in capital in accordance with paragraph 470-20-25-13
  2. b
    The net carrying amount
  3. c
    For public business entities, the fair value of the entire instrument and the level of the fair value hierarchy in accordance with paragraphs
    825-10-50-10 through 50-15
    .
See Example 11 (paragraph 470-20-55-69A) for an illustration of this disclosure requirement.
","snippet":"An entity shall disclose the following information for each convertible debt instrument as of each date for which a statement of financial position is presented.\n(a) The unamortized premium, discount, or issuance costs a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:282176f581c3bc0cba27d3b7cb977db29e1f7c2bbbbe39cd32f1b67cf3154bc9","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1E","para":"50-1E","html":"
An entity shall disclose the following information as of the date of the latest statement of financial position presented:
  1. a
    Changes to conversion or exercise prices that occur during the reporting period other than changes due to standard antidilution provisions
  2. b
    Events or changes in circumstances that occur during the reporting period that cause conversion contingencies to be met or conversion terms to be significantly changed
  3. c
    Number of shares issued upon conversion, exercise, or satisfaction of required conditions during the reporting period
  4. d
    Maturities and sinking fund requirements for convertible debt instruments for each of the five years following the date of most recent statement of financial position presented in accordance with paragraph 470-10-50-1.
","snippet":"An entity shall disclose the following information as of the date of the latest statement of financial position presented:\n(a) Changes to conversion or exercise prices that occur during the reporting period other than ch…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4264782c783c9025990cf27cae25e8011199ddbf7c8d06bf4bd6542c3cc9a4fa","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1F","para":"50-1F","html":"
An entity shall disclose the following information about interest recognized for each period for which a statement of financial performance is presented:
  1. a
    The effective interest rate for the period
  2. b
    The amount of interest recognized for the period disaggregated by both of the following (see Example 12 [paragraph 470-20-55-69D] for an illustration of this disclosure requirement):
    1. 1
      The contractual interest expense
    2. 2
      The amortization of the premium, discount, or issuance costs.
","snippet":"An entity shall disclose the following information about interest recognized for each period for which a statement of financial performance is presented:\n(a) The effective interest rate for the period\n(b) The amount of i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:320741f0922e8194a23005932ae8e1863e09834c7e6ba25fbe71946e140ff2b8","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1G","para":"50-1G","html":"
If the conversion option of a convertible debt instrument is accounted for as a derivative in accordance with Subtopic 815-15, an entity shall provide disclosures in accordance with Topic 815 for the conversion option in addition to the disclosures required by this Section, if applicable.
","snippet":"If the conversion option of a convertible debt instrument is accounted for as a derivative in accordance with Subtopic 815-15, an entity shall provide disclosures in accordance with Topic 815 for the conversion option in…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ed4c2d5f2fcb82e63b7e62df765a9b7597c31f9161aa0f59517a33214428f96","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1H","para":"50-1H","html":"
If a convertible debt instrument is measured at fair value in accordance with the Fair Value Option Subsections of Subtopic 825-10, an entity shall provide disclosures in accordance with Subtopic 820-10 and Subtopic 825-10 in addition to the disclosures required by this Section, if applicable.
","snippet":"If a convertible debt instrument is measured at fair value in accordance with the Fair Value Option Subsections of Subtopic 825-10, an entity shall provide disclosures in accordance with Subtopic 820-10 and Subtopic 825-…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:87abcd350fc0cb0e83d883a02c70b98c7fcaab4009e5c8b01d9b39b8852118f3","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-1I","para":"50-1I","html":"
An entity shall disclose the following information about derivative transactions entered into in connection with the issuance of convertible debt instruments within the scope of this Subtopic regardless of whether such derivative transactions are accounted for as assets, liabilities, or equity instruments:
  1. a
    The terms of those derivative transactions (including the terms of settlement)
  2. b
    How those derivative transactions relate to the instruments within the scope of this Subtopic
  3. c
    The number of shares underlying the derivative transactions
  4. d
    The reasons for entering into those derivative transactions.
An example of a derivative transaction entered into in connection with the issuance of a convertible debt instrument within the scope of this Subtopic is the purchase of call options that are expected to substantially offset changes in the fair value or the potential dilutive effect of the conversion option. Derivative instruments also are subject to the disclosure guidance in Topic 815.
","snippet":"An entity shall disclose the following information about derivative transactions entered into in connection with the issuance of convertible debt instruments within the scope of this Subtopic regardless of whether such d…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cc6f8abd0fddc011a748f06acc0b205ceba46ebcf22999490a8e29d2856e40f9","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9a9042312125f078e9e7ae566097566f45a3c97a508b7c59da6fbba01ecb53b2","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"block":null,"heading":"EPS","paragraphs":[{"citation":"470-20-50-2","para":"50-2","html":"
For disclosures about securities in relationship to earnings per share (EPS) disclosures, see paragraph 260-10-50-1(c).
","snippet":"For disclosures about securities in relationship to earnings per share (EPS) disclosures, see paragraph 260-10-50-1(c).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:94d621e41d6a47e8d272245ad0b5374efa2159a2788ccad09d619574fb0d7873","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:12d620fbc5f0a616da0aeb6501a79e3a6445526c69d8a6f66db91bc556106ec3","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"block":null,"heading":"Own-Share Lending Arrangements Issued in Contemplation of Convertible Debt Issuance","paragraphs":[{"citation":"470-20-50-2A","para":"50-2A","html":"
An entity that enters into a share-lending arrangement on its own shares in contemplation of a convertible debt offering or other financing shall disclose all of the following. The disclosures must be made on an annual and interim basis in any period in which a share-lending arrangement is outstanding.
  1. a
    A description of any outstanding share-lending arrangements on the entity's own stock
  2. b
    All significant terms of the share-lending arrangement including all of the following:
    1. 1
      The number of shares
    2. 2
      The term
    3. 3
      The circumstances under which cash settlement would be required
    4. 4
      Any requirements for the counterparty to provide collateral.
  3. c
    The entity's reason for entering into the share-lending arrangement
  4. d
    The fair value of the outstanding loaned shares as of the balance sheet date
  5. e
    The treatment of the share-lending arrangement for the purposes of calculating earnings per share
  6. f
    The unamortized amount of the issuance costs associated with the share-lending arrangement at the balance sheet date
  7. g
    The classification of the issuance costs associated with the share-lending arrangement at the balance sheet date
  8. h
    The amount of interest cost recognized relating to the amortization of the issuance cost associated with the share-lending arrangement for the reporting period
  9. i
    Any amounts of dividends paid related to the loaned shares that will not be reimbursed.
","snippet":"An entity that enters into a share-lending arrangement on its own shares in contemplation of a convertible debt offering or other financing shall disclose all of the following. The disclosures must be made on an annual a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2a3db18e9e9732ee4448e4d4ab0d2a471a5eab251eb0e35b3f0810f1679dd83b","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-2B","para":"50-2B","html":"
An entity that enters into a share-lending arrangement on its own shares in contemplation of a convertible debt offering or other financing shall also make the disclosures required by Topic 505.
","snippet":"An entity that enters into a share-lending arrangement on its own shares in contemplation of a convertible debt offering or other financing shall also make the disclosures required by Topic 505.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3614ed4d468f3271c9f345d5a469103f4b4971f2263b9c84ce99cc0e55f89a0f","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-2C","para":"50-2C","html":"
In the period in which an entity concludes that it is probable that the counterparty to its share-lending arrangement will default, the entity shall disclose the amount of expense reported in the statement of earnings related to the default. The entity shall disclose in any subsequent period any material changes in the amount of expense as a result of changes in the fair value of the entity's shares or the probable recoveries. If default is probable but has not yet occurred, the entity shall disclose the number of shares related to the share-lending arrangement that will be reflected in basic and diluted earnings per share when the counterparty defaults.
Transition date:(P) December 16, 2026; (N) December 16, 2026Transition guidance:
220-40-65-1In the period in which an entity concludes that it is probable that the counterparty to its share-lending arrangement will default, the entity shall disclose the amount of expense reported in the statement of earnings related to the default. The entity shall disclose in any subsequent period any material changes in the amount of expense as a result of changes in the fair value of the entity's shares or the probable recoveries. If default is probable but has not yet occurred, the entity shall disclose the number of shares related to the share-lending arrangement that will be reflected in basic and diluted earnings per share when the counterparty defaults. See paragraphs
220-40-50-21 through 50-25
for additional disclosure requirements.
Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance:
270-10-65-1In the interim or annual reporting period in which an entity concludes that it is probable that the counterparty to its share-lending arrangement will default, the entity shall disclose the amount of expense reported in the statement of earnings related to the default. The entity shall disclose in any subsequent interim and annual reporting periods any material changes in the amount of expense as a result of changes in the fair value of the entity's shares or the probable recoveries. If default is probable but has not yet occurred, the entity shall disclose the number of shares related to the share-lending arrangement that will be reflected in basic and diluted earnings per share when the counterparty defaults. See paragraphs
220-40-50-21 through 50-25
for additional disclosure requirements.
","snippet":"In the period in which an entity concludes that it is probable that the counterparty to its share-lending arrangement will default, the entity shall disclose the amount of expense reported in the statement of earnings re…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6d67a08cf210385e2917b3bd04971576675e4fa382a564a0fb3664ac6adc114f","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bc240e157d5f32158ad6db7220ebbd32caf56cefaebdea669f65c0b8262cd11d","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"block":"Cash Conversion","heading":null,"paragraphs":[{"citation":"470-20-50-3","para":"50-3","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-06.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b1deac785d45bab7ff14f722234ac93da163ba1610eb3770191e38a6544e2f97","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-4","para":"50-4","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-06.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:99f7c1554f2e1037dde083d268ca0100e716a39457a9f4e1cf3f975941ff5ea5","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-5","para":"50-5","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-06.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ee3167c691be27e5b685ecf8717940304e4b7a797594d2c71d9a7f7aff62e721","downloaded_from":"2026-09-10T00:31:40.076Z","last_downloaded_at":"2026-09-10T00:31:40.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481139","source_sha256":"506876c45cc0e0fb60af3d628a39a7c7236e26b0be100c4422bf50d08371b614"}},{"citation":"470-20-50-6","para":"50-6","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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An example of a convertible preferred stock that paragraph 470-20-15-2D requires an entity consider as a convertible debt instrument for purposes of the scope application of this Subtopic is a convertible preferred stock that has a stated redemption date and also would require the issuer to settle the face amount of the instrument in cash upon exercise of the conversion option.Such a convertible preferred stock is a mandatorily redeemable financial instrument and is classified as a liability under Subtopic 480-10 because it embodies an unconditional obligation to redeem the instrument by transferring assets at a specified or determinable date (or dates).
","snippet":"An example of a convertible preferred stock that paragraph 470-20-15-2D requires an entity consider as a convertible debt instrument for purposes of the scope application of this Subtopic is a convertible preferred stock…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:07a806915635250ea91e2fd186937da0a763dcd54c29058e1283f873d7627e29","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f98c99ffc9442ada2b911725e125667c6c83d343e4e3dfad2130960f98ae5095","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"470-20-55-1B","para":"55-1B","html":"
The following Cases illustrate application of the guidance in paragraph 470-20-40-16 to induced conversions of convertible securities:
  1. a
    Reduced conversion price for conversion before determination date, increase in bond fair value (Case A)
  2. b
    Reduced conversion price for conversion before determination date, decrease in bond fair value (Case B).
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The Cases in paragraphs
470-20-55-3 through 55-9
 illustrate application of the guidance in paragraph 470-20-40-16for measuring an expense when a convertible debt instrument is converted pursuant to an inducement offer:
  1. a
    Reduced conversion price for conversion, increase in bond fair value (Case A)
  2. b
    Reduced conversion price for conversion, decrease in bond fair value (Case B).
","snippet":"The following Cases illustrate application of the guidance in paragraph 470-20-40-16 to induced conversions of convertible securities:\n(a) Reduced conversion price for conversion before determination date, increase in bo…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3da40695311a10886494f966de83903746a62fa803b4952177916553ec24ccc5","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-1C","para":"55-1C","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The Cases in paragraphs
470-20-55-9A through 55-9J
illustrate application of the guidance in paragraphs 470-20-40-13(b) and 470-20-40-13A for determining whether an inducement offer includes the issuance of all of the consideration (in form and amount) issuable pursuant to conversion privileges provided in the terms of the existing debt instrument:
  1. a
    Offer to settle convertible debt instrument in cash and warrants (Case C)
  2. b
    Offer to settle convertible debt instrument in cash and shares (Case D)
  3. c
    Offer to settle convertible debt instrument in shares and warrants (Case E).
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4The Cases in paragraphs 470-20-55-9A through 55-9J illustrate application of the guidance in paragraphs 470-20-40-13(b) and 470-2…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1893968f4892d2b3ecdedfe2bf71d31dcf7a5a1cbaa2f86581a9ea883f242d38","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-2","para":"55-2","html":"
For simplicity, the face amount of each security is assumed to be equal to its carrying amount in the financial statements (that is, no original issue premium or discount exists).
","snippet":"For simplicity, the face amount of each security is assumed to be equal to its carrying amount in the financial statements (that is, no original issue premium or discount exists).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b26f3106f2066a32e99bc57323e86e5e23747a48d61ac895076bbfc3fce2d93d","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-3","para":"55-3","html":"
On January 1, 19X4, Entity A issues a $1,000 face amount 10 percent convertible bond maturing December 31, 20X3. The carrying amount of the bond in the financial statements of Entity A is $1,000, and it is convertible into common shares of Entity A at a conversion price of $25 per share. On January 1, 19X6, the convertible bond has a fair value of $1,700. To induce convertible bondholders to convert their bonds promptly, Entity A reduces the conversion price to $20 for bondholders that convert before February 29, 19X6 (within 60 days).
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4
Editor's Note: The heading that precedes paragraph 470-20-55-3 will be amended upon transition as shown below. The content of the paragraph will not change.
• • > Case A: Reduced Conversion Price, Increase in Bond Fair Value
On January 1, 19X4, Entity A issues a $1,000 face amount 10 percent convertible bond maturing December 31, 20X3. The carrying amount of the bond in the financial statements of Entity A is $1,000, and it is convertible into common shares of Entity A at a conversion price of $25 per share. On January 1, 19X6, the convertible bond has a fair value of $1,700. To induce convertible bondholders to convert their bonds promptly, Entity A reduces the conversion price to $20 for bondholders that convert before February 29, 19X6 (within 60 days).
","snippet":"On January 1, 19X4, Entity A issues a $1,000 face amount 10 percent convertible bond maturing December 31, 20X3. The carrying amount of the bond in the financial statements of Entity A is $1,000, and it is convertible in…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:20e10b32546c64966c1030f5d5532f8f86082d14e891c36844dc3d31958a14f2","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-4","para":"55-4","html":"
Assuming the market price of Entity A's common stock on the date of conversion is $40 per share, the fair value of the incremental consideration paid by Entity A upon conversion is calculated as follows for each $1,000 bond that is converted before February 29, 19X6.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Assuming the market price of Entity A's common stock on the date the inducement offer was accepted is $40 per share, the fair value of the incremental consideration that will be paid by Entity A is calculated as follows for each $1,000 bond that is converted before February 29, 19X6.
","snippet":"Assuming the market price of Entity A's common stock on the date of conversion is $40 per share, the fair value of the incremental consideration paid by Entity A upon conversion is calculated as follows for each $1,000 b…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa4e87d3578bf8211eca57a944c610337d2135dfe12a2b76a26513bc599896f9","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-5","para":"55-5","html":"
Therefore, Entity A records debt conversion expense equal to the fair value of the incremental consideration paid as follows.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Entity A concludes that it meets all of the criteria in paragraph 470-20-40-13. Therefore, upon conversion, Entity A records debt conversion expense equal to the fair value of the incremental consideration paid as follows.
","snippet":"Therefore, Entity A records debt conversion expense equal to the fair value of the incremental consideration paid as follows.\nTransition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4Ent…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:44fb3f32343f5011e88a83a7c6d740ed3325521400f0ed6fd5604c6e98a0080a","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-6","para":"55-6","html":"
On January 1, 19X1, Entity B issues a $1,000 face amount 4 percent convertible bond maturing December 31, 20X0. The carrying amount of the bond in the financial statements of Entity B is $1,000, and it is convertible into common shares of Entity B at a conversion price of $25. On June 1, 19X4, the convertible bond has a fair value of $500. To induce convertible bondholders to convert their bonds promptly, Entity B reduces the conversion price to $20 for bondholders that convert before July 1, 19X4 (within 30 days).
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4
Editor's Note: The heading that precedes paragraph 470-20-55-6 will be amended upon transition as shown below. The content of the paragraph will not change.
• • > Case B: Reduced Conversion Price, Decrease in Bond Fair Value
On January 1, 19X1, Entity B issues a $1,000 face amount 4 percent convertible bond maturing December 31, 20X0. The carrying amount of the bond in the financial statements of Entity B is $1,000, and it is convertible into common shares of Entity B at a conversion price of $25. On June 1, 19X4, the convertible bond has a fair value of $500. To induce convertible bondholders to convert their bonds promptly, Entity B reduces the conversion price to $20 for bondholders that convert before July 1, 19X4 (within 30 days).
","snippet":"On January 1, 19X1, Entity B issues a $1,000 face amount 4 percent convertible bond maturing December 31, 20X0. The carrying amount of the bond in the financial statements of Entity B is $1,000, and it is convertible int…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:50318e915c229f6cd2da670959c5fd9a14f4aa622f987db4d1a6d2bec9f355de","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-7","para":"55-7","html":"
Assuming the market price of Entity B's common stock on the date of conversion is $12 per share, the fair value of the incremental consideration paid by Entity B upon conversion is calculated as follows for each $1,000 bond that is converted before July 1, 19X4.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Assuming the market price of Entity B's common stock on the date the inducement offer was accepted is $12 per share, the fair value of the incremental consideration that will be paid by Entity B is calculated as follows for each $1,000 bond that is converted before July 1, 19X4.
","snippet":"Assuming the market price of Entity B's common stock on the date of conversion is $12 per share, the fair value of the incremental consideration paid by Entity B upon conversion is calculated as follows for each $1,000 b…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:99b1ab023d5fb5b7b715deb5b38f68a12a055360c08ad0df2dfb6d33f374279a","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-7A","para":"55-7A","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Entity B is required to assess whether the criteria in paragraph 470-20-40-13 are met, including whether the conversion feature is substantive (in accordance with the guidance in paragraphs
470-20-40-6 through 40-10
) as of both the time of issuance and the date the inducement offer is accepted by the convertible debt holder. If Entity B concludes that, on the basis of its facts and circumstances, all of the criteria in paragraph 470-20-40-13 are met, then it would account for the transaction as illustrated in paragraph 470-20-55-8. If Entity B determines that the criteria in paragraph 470-20-40-13 are not met, it should not account for the settlement transaction as an induced conversion.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4Entity B is required to assess whether the criteria in paragraph 470-20-40-13 are met, including whether the conversion feature i…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:be07d0baaf6fe146e68987923e4f6424cb3b8ebc18882be779c2eb70a4f15d79","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-8","para":"55-8","html":"
Therefore, Entity B records debt conversion expense equal to the fair value of the incremental consideration paid as follows.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4If Entity B determines that the criteria in paragraph 470-20-40-13 are met, upon conversion, Entity B would record debt conversion expense equal to the fair value of the incremental consideration paid as follows.
","snippet":"Therefore, Entity B records debt conversion expense equal to the fair value of the incremental consideration paid as follows.\nTransition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4If …","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9ba25bf57b3883119fe83f1adb3d6eabd94dbeae4c07968cede1205ccf18e85f","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9","para":"55-9","html":"
The same accounting would apply if, instead of reducing the conversion price, Entity B issued shares pursuant to a tender offer of 50 shares of its common stock for each $1,000 bond surrendered to the entity before July 1, 19X4. See paragraph 470-20-40-14.
","snippet":"The same accounting would apply if, instead of reducing the conversion price, Entity B issued shares pursuant to a tender offer of 50 shares of its common stock for each $1,000 bond surrendered to the entity before July …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:987439b17afc7987d0ddd00b576f831c09271bb1f1d66389ed2be8e6c7fb3a36","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9A","para":"55-9A","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4On January 1, 2X24, Entity A issues a $1,000 face amount 10 percent convertible bond maturing December 31, 2X33. The bond has a conversion price of $25 per share. The terms of the existing instrument require that, upon conversion, the issuer settle the principal in cash and the conversion premium in any combination of cash and shares. Under the existing conversion privileges, the total amount of cash (or the total value of the cash and shares) required to be issued upon conversion equals the product of 40 shares per $1,000 bond and a volume-weighted average price of Entity A’s common stock. The volume-weighted average price is calculated over a period of 40 days beginning the day after the holder notifies the issuer that it will convert the debt instrument. On May 15, 2X27, to induce convertible bondholders to convert their bonds promptly, Entity A offers the following consideration in exchange for each $1,000 bond that is converted within 60 days (for purposes of this Example, assume the offer meets the other criteria in paragraph 470-20-40-13 and that the offer is accepted by bondholders on June 1, 2X27):
  1. a
    A cash payment equal to 40 shares multiplied by the volume-weighted average price of Entity A’s common stock calculated over a period of 15 days (beginning the day after the holder accepts the inducement offer)
  2. b
    Five warrants (offered as a sweetener). Each warrant enables the holder to acquire a share of Entity A’s common stock at a fixed exercise price of $40. The warrants are exercisable upon issuance and expire five years after issuance.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4On January 1, 2X24, Entity A issues a $1,000 face amount 10 percent convertible bond maturing December 31, 2X33. The bond has a c…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2f536625f4ee8736bc8f1fb70f37a8e830afdef79ab1d82a52086c44b70841f5","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9B","para":"55-9B","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Assume that the fair value of Entity A’s common stock on the date the inducement offer was accepted (June 1, 2X27) is $40 per share. To evaluate whether the inducement offer meets the criterion in paragraph 470-20-40-13(b), Entity A would compare the form and amount of consideration offered with the form and amount of consideration that would be issued upon conversion pursuant to the terms of the existing instrument. The conversion privileges in the existing instrument require Entity A to settle the principal in cash and permit Entity A to settle the conversion premium in any combination of cash and shares.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4Assume that the fair value of Entity A’s common stock on the date the inducement offer was accepted (June 1, 2X27) is $40 per sha…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:76d2f391ac1aa8b2ae25644afa3c2f1e46424b9f56e4e41c3e8946f860bc8b12","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9C","para":"55-9C","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4In this Case, the inducement offer includes the form (entirely cash) and amount ($1,600) of consideration required to settle both the principal ($1,000) and the conversion premium ($600) pursuant to the conversion privileges provided in the terms of the existing debt instrument. The amount of $1,600 is the product of 40 shares and the fair value of Entity A’s shares at the offer acceptance date ($40).
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4In this Case, the inducement offer includes the form (entirely cash) and amount ($1,600) of consideration required to settle both…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a21ed3b578111af6521afc45f6ec1a49e27fbaad93d0918ada3ba3a1fd5ea19","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9D","para":"55-9D","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The offer of warrants to induce conversion does not affect the assessment of whether the inducement offer includes the form and amount of consideration issuable under the existing conversion privileges because the existing conversion privileges did not provide for the issuance of warrants (however, the offer of warrants as a sweetener affects the measurement of the debt conversion expense recognized in accordance with paragraph 470-20-40-16). Similarly, the fact that the inducement offer changes the number of days over which the volume-weighted average price of Entity A’s shares is measured does not affect whether the inducement offer includes the amount of consideration issuable under the existing conversion privileges because Entity A would use the fair value of its common stock as of the offer acceptance date to calculate the amount of cash payable under both the conversion privileges in the existing instrument and the inducement offer in accordance with paragraph 470-20-40-13A(a). Therefore, the inducement offer satisfies the criterion in paragraph 470-20-40-13(b).
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4The offer of warrants to induce conversion does not affect the assessment of whether the inducement offer includes the form and a…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9757da6de5c6373d8c86457e6ee4ba544de92cd7d964995fd9555e5395adc661","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9E","para":"55-9E","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Assume the same facts as in Case C, except that Entity A offers the following consideration (instead of the consideration listed in paragraph 470-20-55-9A):
  1. a
    A cash payment of $1,400
  2. b
    Ten shares of Entity A’s common stock.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4Assume the same facts as in Case C, except that Entity A offers the following consideration (instead of the consideration listed …","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f3e8c8a99ef1c595f544d8fda3a0e3ab7417a1eff69e130215cf4f50bbda1f45","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9F","para":"55-9F","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4To evaluate whether the inducement offer meets the criterion in paragraph 470-20-40-13(b), Entity A would compare the form and amount of consideration offered with the form and amount of consideration that would be issued upon conversion pursuant to the terms of the existing instrument. The conversion privileges in the terms of the existing instrument require Entity A to settle the principal in cash and permit Entity A to settle the conversion premium in any combination of cash and shares.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4To evaluate whether the inducement offer meets the criterion in paragraph 470-20-40-13(b), Entity A would compare the form and am…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:89f10deec86c2f477e5c33b9b552b01cfe8799c3e7beb67cf11f75296770cd13","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9G","para":"55-9G","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4In this Case, the inducement offer includes the form (cash) and amount ($1,000) of consideration required to settle the principal pursuant to the conversion privileges provided in the terms of the existing debt instrument. Under the existing conversion privileges, the remaining settlement value of $600 can be settled in any combination of cash and shares. If $400 ($1,400 total cash payment − $1,000 principal) of the conversion premium is settled in cash, then the inducement offer must provide for at least 5 shares ($200 remaining conversion premium ÷ $40 share price) of Entity A’s common stock to provide the same form (cash and shares) and at least the same amount of cash and shares that would have been provided under the conversion privileges of the existing instrument. Because the inducement offer illustrated in Case D includes 10 shares, it would satisfy the criterion in paragraph 470-20-40-13(b). The fact that the inducement offer eliminates the volume-weighted average price formula contained in the existing conversion privileges and instead offers a specified amount of cash and shares does not affect whether the inducement offer includes the amount of consideration issuable under the existing conversion privileges because Entity A would use the fair value of its common stock as of the offer acceptance date to calculate the amount of cash payable and shares issuable under the conversion privileges in the existing instrument in accordance with paragraph 470-20-40-13A(a).
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4In this Case, the inducement offer includes the form (cash) and amount ($1,000) of consideration required to settle the principal…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0b44a606896f97d673760ab2c9d3ae726308b91284c41af1b39bf345c7671fd7","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9H","para":"55-9H","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4Assume the same facts as in Case C, except that Entity A offers the following consideration (instead of the consideration listed in paragraph 470-20-55-9A):
  1. a
    Forty shares of Entity A’s common stock
  2. b
    Five warrants (offered as a sweetener). Each warrant enables the holder to acquire a share of Entity A’s common stock at a fixed exercise price of $40. The warrants are exercisable upon issuance and expire five years after issuance.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4Assume the same facts as in Case C, except that Entity A offers the following consideration (instead of the consideration listed …","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:236c468340f30886985ae37468a9034d454015de45df62bbd7552bc8ef004196","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9I","para":"55-9I","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4To evaluate whether the inducement offer meets the criterion in paragraph 470-20-40-13(b), Entity A would compare the form and amount of consideration offered with the form and amount of consideration that would be issued upon conversion pursuant to the terms of the existing instrument. The conversion privileges in the terms of the existing instrument require Entity A to settle the principal in cash and permit Entity A to settle the conversion premium in any combination of cash and shares.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4To evaluate whether the inducement offer meets the criterion in paragraph 470-20-40-13(b), Entity A would compare the form and am…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d585f9763b3a174f30e2fb11f6247cb9c9068fd9d629bda0a90c55760c60414","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-9J","para":"55-9J","html":"
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4In contrast to Case C and Case D, the inducement offer does not include the issuance of all the consideration (in form and amount) issuable pursuant to the conversion privileges included in the terms of the existing instrument. The terms of the existing instrument require settlement of the principal amount in cash, but Entity A did not offer cash consideration in the inducement offer. Therefore, Entity A would conclude that the criterion in paragraph 470-20-40-13(b) is not satisfied.
","snippet":"Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:470-20-65-4In contrast to Case C and Case D, the inducement offer does not include the issuance of all the consideration (in form and amount…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:500b7275e67092f164b8cf1e44589ed3ddbd0384fd13ddd0ab675c2c6c07b947","downloaded_from":"2026-09-10T00:31:43.124Z","last_downloaded_at":"2026-09-10T00:31:43.124Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481568","source_sha256":"0a206e722d460cfe6fe4293a1c842c7fec18b475e46ab9c1ea1f767962e1a04e"}},{"citation":"470-20-55-10","para":"55-10","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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Paragraph superseded by Accounting Standards Update No. 2020-06.
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This Example illustrates the guidance in paragraph 470-20-25-14.
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This Example illustrates an instrument subject to the guidance in paragraphs
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An entity issues a contingently convertible instrument on January 1, 2006, with a market price trigger, a $1,000 par amount, and a maturity date of December 31, 2020. The debt instrument is convertible at the option of the holder if the share price of the issuer exceeds a specified amount. The issuer can call the debt at any time between 2009 and the maturity date of the debt. If the issuer calls the debt, the holder has the option to receive cash for the call amount or a fixed number of shares as specified in the terms of the instrument upon issuance, regardless of whether the market price trigger has been met. In 2010, the issuer calls the debt before the market price trigger being met and the holder elects to receive a fixed number of shares (as specified in the terms of the instrument).
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This Example provides an illustration of the guidance in paragraph 470-20-50-1D based on the assumption that Entity A is a public business entity and has two convertible debt instruments outstanding as of December 31, 20X7, and 20X6.
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The following illustrates the disclosures in a tabular format.
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The disclosures may be provided alternatively in narrative descriptions.
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This Example provides an illustration of the guidance in paragraph 470-20-50-1F(b) based on the assumption that Entity A has two convertible debt instruments issued before January 1, 20X5, and still outstanding as of December 31, 20X7.
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The following illustrates the disclosures in a tabular format.
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The disclosures may be provided alternatively in narrative descriptions.
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Paragraph superseded on 03/23/2010 after the end of the transition period stated in FASB Staff Position APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement).
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Paragraph superseded on 06/20/2011 after the end of the transition period stated in Accounting Standards Update No. 2009-15, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing.
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Accounting Standards Update No. 2024-04
2027-06-14
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
2025-12-16
The following represents the transition and effective date information related to Accounting Standards Update No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments:
Effective date and early adoption
  1. a
    All entities shall apply the pending content that links to this paragraph for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.
  2. b
    Early adoption of the pending content that links to this paragraph is permitted in an interim or annual reporting period in which financial statements have not yet been issued (or made available for issuance), but no earlier than the adoption of the pending content that links to paragraph 815-40-65-1. If an entity adopts the pending content that links to this paragraph in an interim reporting period, it shall adopt the pending content as of the beginning of the annual reporting period that includes that interim reporting period.
Transition method
  1. c
    An entity shall apply the pending content that links to this paragraph prospectively to settlements of convertible debt instruments that occur during annual reporting periods (and interim reporting periods within those annual reporting periods) beginning after the effective date of the pending content.
  2. d
    An entity may elect to apply the pending content that links to this paragraph retrospectively as of the beginning of the first comparative reporting period in accordance with the guidance on accounting changes in paragraphs
    250-10-45-5 through 45-10
    . This transition method shall be applied only to convertible debt instruments settled after the adoption of the pending content that links to paragraph 815-40-65-1.
Transition disclosures
  1. e
    An entity that applies the pending content that links to this paragraph prospectively in accordance with (c) shall disclose the nature of and reason for the change in accounting principle in the financial statements of both the interim reporting period (if applicable) and the annual reporting period of the change.
  2. f
    An entity applying the pending content that links to this paragraph retrospectively in accordance with (d) shall provide the following transition disclosures in the financial statements of both the interim reporting period (if applicable) and the annual reporting period of the change:
    1. 1
      The nature of the change in accounting principle, including an explanation of the newly adopted accounting principle
    2. 2
      The method of applying the change
    3. 3
      The cumulative effect of the change on retained earnings or other components of equity in the statement of financial position as of the beginning of the first period for which the pending content that links to this paragraph is initially applied
    4. 4
      The effect of the change on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), any other affected financial statement line item, and any affected per-share amounts for any prior periods retrospectively adjusted.
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The following is the text of the SEC Observer Comment: Debt Exchangeable for the Stock of Another Entity.
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After ASU 2020-06 eliminated the cash conversion and beneficial conversion feature models, the default rule is that convertible debt is accounted for in its entirety as a liability with no proceeds allocated to the conversion feature (470-20-25-12), unless the feature must be bifurcated as a derivative under 815-15 or the debt was issued at a substantial premium (470-20-25-13). Proceeds of debt issued with detachable warrants, by contrast, are allocated between the debt and the warrants based on relative fair values (470-20-25-2).","key_points":["Proceeds from debt sold with detachable stock purchase warrants are allocated between the debt and the warrants based on their relative fair values at issuance, with the warrant portion credited to paid-in capital and the resulting debt discount accounted for under Topic 835 (470-20-25-2; 470-20-30-1); nondetachable warrants requiring surrender of the debt are treated like convertible debt (470-20-25-3).","A convertible debt instrument is accounted for in its entirety as a liability with no proceeds allocated to the conversion feature, unless the feature must be separated as an embedded derivative under Subtopic 815-15 or the instrument was issued at a substantial premium, which is presumed to be paid-in capital (470-20-25-12; 470-20-25-13).","Scope is applied only after considering the fair value option in 825-10 and embedded derivative bifurcation in 815-15; debt with a conversion option that continuously resets to deliver a fixed value of stock is stock-settled debt under Subtopic 480-10 or other Subtopics (470-20-15-2A through 15-2B; 470-20-25-14; 470-20-55-19).","On conversion under the instrument's own terms, the carrying amount (including unamortized premium, discount, and issuance costs) is reduced by any cash or other assets transferred and the remainder is credited to the capital accounts, with no gain or loss recognized (470-20-40-4); forfeited accrued interest is charged to interest expense and credited to capital (470-20-35-11; 470-20-40-11).","When equity is issued to settle debt that became convertible only upon the issuer's exercise of a call option, the transaction is a contractual conversion if the instrument had a substantive conversion feature at issuance and a debt extinguishment if it did not; a feature is substantive only if exercise was at least reasonably possible as of issuance (470-20-40-5 through 40-9).","An induced conversion (changed conversion privileges exercisable for a limited time that still deliver all consideration issuable under the existing conversion privileges) requires the issuer to recognize debt conversion expense equal to the fair value of consideration transferred in excess of that issuable under the existing terms, measured at the date the offer is accepted (470-20-40-13 through 40-17).","A share-lending arrangement on an entity's own shares executed in contemplation of a convertible debt offering is measured at fair value under Topic 820 and recognized as an issuance cost with an offset to APIC; loaned shares are excluded from basic and diluted EPS unless default becomes probable, at which point an expense equal to the fair value of unreturned shares net of probable recoveries is recognized (470-20-25-20A; 470-20-35-11A; 470-20-45-2A)."],"categories":["Debt and equity","Financial instruments","Derecognition","Disclosure"],"audience_level":"intermediate","student_note":"ASU 2020-06 gutted this Subtopic: the cash conversion and beneficial conversion feature separation models are gone, so most convertible debt is now a single liability — students who memorized the old bifurcation rules will get the answer wrong. Also remember the asymmetry: detachable warrants get proceeds allocated by relative fair value, while an embedded conversion option generally does not.","related_topics":["815-15","815-40","470-50","480-10","825-10","260-10"],"key_concepts":["convertible debt instrument","detachable warrants","relative fair value allocation","substantive conversion feature","induced conversion","debt conversion expense","share-lending arrangement","stock-settled debt"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0645a26d844e1b942c57a86b9878680ff8f2ee49ad2f916c349a135d675cfa48","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:53.248Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"470-50","title":"Modifications and Extinguishments","topic_title":"Debt","score":0.822,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9ae6bda1bce6a0856de2d28ada5ddb6136a6cb5547cc75e2caa64378afb1153e","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"815-40","title":"Contracts in Entity's Own Equity","topic_title":"Derivatives and Hedging","score":0.8106,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0526ba8ad5f6fdc565fb768c536d41570a0e954535c6a3e8bd6eefbadfdb517d","downloaded_from":"2026-09-10T01:38:46.766Z","last_downloaded_at":"2026-09-10T01:39:22.945Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"260-10","title":"Overall","topic_title":"Earnings Per Share","score":0.7816,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1647350ab74d372e6fd4423d95d76c4e9de317cd2952c29f710a67cde0b4fda7","downloaded_from":"2026-09-09T23:18:42.116Z","last_downloaded_at":"2026-09-09T23:19:35.348Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"320-10","title":"Overall","topic_title":"Investments—Debt Securities","score":0.7803,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3d2aad8e90c2220d3587967ecf1ee3ea7e7df07ad9657e889339200c9629916a","downloaded_from":"2026-09-09T23:34:37.849Z","last_downloaded_at":"2026-09-09T23:35:28.596Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-60","title":"Troubled Debt Restructurings by Debtors","topic_title":"Debt","score":0.7708,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1bd48e7c2a0c69812557d2d548a67c3298549326bcf67cc36560c3df4e931373","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"480-10","title":"Overall","topic_title":"Distinguishing Liabilities from Equity","score":0.7685,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:94b875f0bf0f5a3f7c1cef0ce6757573623dfbac527c5b796ac287cdb819b374","downloaded_from":"2026-09-10T00:35:26.644Z","last_downloaded_at":"2026-09-10T00:36:28.293Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-10","title":"Overall","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c36943126192872426f37fc26ef8c2bcd7fde31f829d7dfd3f8252f504605ecc","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-30","title":"Participating Mortgage Loans","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ed5960aebc9d54520c1dcbc8386474399858661d825d70a35a76a93281b6948","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:32:26.321Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4aa49f3b91656c603b934960442b88f363af0b7a1349ad0cd122dd0f8145f367","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:53.248Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-30","topic":"470","title":"Participating Mortgage Loans","area":"Liabilities","paragraphs":31,"summary":"ASC 470-30 governs how a *borrower* accounts for a participating mortgage loan — a mortgage in which the lender is entitled to share in appreciation in the fair value of the mortgaged real estate project, in its results of operations, or both. If the lender participates in fair value appreciation, the borrower recognizes a participation liability at the fair value of the participation feature at loan inception with an offsetting debt discount, remeasures the liability to current fair value each reporting period (adjusting the discount), and amortizes the discount to interest expense using the interest method. Participations in results of operations are charged to interest expense in the period incurred with a credit to the participation liability.","concepts":["participating mortgage loan","participation liability","debt discount","interest method","effective interest rate","fair value appreciation participation","participation in results of operations","debt extinguishment gain or loss"],"categories":["Recognition","Subsequent measurement","Disclosure","Fair value"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
DebtSupersededAccounting Standards Update No. 2016-1912/14/2016
470-30-05-1AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-05-4AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-05-6AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-05-7AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-05-9AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-15-3AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-25-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-25-1AmendedAccounting Standards Update No. 2015-1006/12/2015
470-30-30-1AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-35-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-35-2AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-35-4AmendedAccounting Standards Update No. 2015-1006/12/2015
470-30-35-4AmendedAccounting Standards Update No. 2012-0410/01/2012
470-30-35-4AAddedAccounting Standards Update No. 2015-1006/12/2015
470-30-40-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-45-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-45-3SupersededAccounting Standards Update No. 2015-0101/09/2015
470-30-50-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-30-50-1AmendedAccounting Standards Update No. 2012-0410/01/2012
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nDebt | Superseded | Accounting Standards Update No. 2016-19 | 12/14/2016 |\n| | | |\n470-3…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d32300b0128fcc6a13d4c9b20784453fc0c2d67e91b0b9499a7114857a43ed90","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:31:54.980Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481478","source_sha256":"57fc2b12784c0914a51d96c2dfd964bd0f8d32dfb0e355e7652a26b50e897baa"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7142cf611e93f9b4957994aaa49d860736bdb38b00aeeda607c1ed24d61d22b0","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:31:54.980Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481478","source_sha256":"57fc2b12784c0914a51d96c2dfd964bd0f8d32dfb0e355e7652a26b50e897baa"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6950b34e7ac470917a93eb3b7847f41cb3bdc0b9b9fd7d7b9e1795e272c5b585","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:31:54.980Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481478","source_sha256":"57fc2b12784c0914a51d96c2dfd964bd0f8d32dfb0e355e7652a26b50e897baa"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-05-1","para":"05-1","html":"
This Subtopic establishes the borrower's accounting for a participating mortgage loan if the lender is entitled to participate in any of the following:
  1. a
    Appreciation in the fair value of the mortgaged real estate project
  2. b
    The results of operations of the mortgaged real estate project.
","snippet":"This Subtopic establishes the borrower's accounting for a participating mortgage loan if the lender is entitled to participate in any of the following:\n(a) Appreciation in the fair value of the mortgaged real estate proj…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:62d24965808b260b4c09738253e5e50c01d9fa919f6d1bd953c0466aaf49d756","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-2","para":"05-2","html":"
The desire for instruments in which the return to the lenders was tied more closely to the performance of the property led to the introduction of participating mortgage loans.
","snippet":"The desire for instruments in which the return to the lenders was tied more closely to the performance of the property led to the introduction of participating mortgage loans.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ed4210f659f8ad2b872a136e624207eb6557640cf77573ba992333647d720c1","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-3","para":"05-3","html":"
Participating mortgage loans and nonparticipating mortgage loans share all of the following characteristics:
  1. a
    Debtor-creditor relationships between those who provide initial cash outlays and hold the mortgages, and those who are obligated to make subsequent payments to the mortgage holders
  2. b
    Real estate collateral
  3. c
    Periodic fixed-rate or floating-rate interest payments
  4. d
    Fixed maturity dates for stated principal amounts.
","snippet":"Participating mortgage loans and nonparticipating mortgage loans share all of the following characteristics:\n(a) Debtor-creditor relationships between those who provide initial cash outlays and hold the mortgages, and th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:59133c3612685e732c5c976050afd84163e85cd8471ecc17ef5935fbd0619e2d","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-4","para":"05-4","html":"
However, unlike a nonparticipating mortgage loan arrangement, in a participating mortgage loan, the lender participates in appreciation in the fair value of the mortgaged real estate project or the results of operations of the mortgaged real estate project, or in both.
","snippet":"However, unlike a nonparticipating mortgage loan arrangement, in a participating mortgage loan, the lender participates in appreciation in the fair value of the mortgaged real estate project or the results of operations …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e361b63c2913a66395bfca77a0d4fc8182956bd3d026e1b05ee5d5a48db6549","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-5","para":"05-5","html":"
The terms and economics of participating mortgage loan agreements vary by agreement. The terms and economics of one agreement may create a circumstance in which any participation payment is remote. In another agreement, the terms and economics may transfer many of the risks and rewards of property ownership.
","snippet":"The terms and economics of participating mortgage loan agreements vary by agreement. The terms and economics of one agreement may create a circumstance in which any participation payment is remote. In another agreement, …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:20f4d9cfe93040e0679e62675fb8cc421705f17a556d726e873e4a1d39216528","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-6","para":"05-6","html":"
A lender may be entitled to participate in appreciation in the fair value of a project at any one of the following times:
  1. a
    Upon the sale of the project
  2. b
    At a deemed sale date
  3. c
    At the maturity or refinancing of the loan.
","snippet":"A lender may be entitled to participate in appreciation in the fair value of a project at any one of the following times:\n(a) Upon the sale of the project\n(b) At a deemed sale date\n(c) At the maturity or refinancing of t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bd75fcb3986a9ee3be904364e0a279b9a08abc670b90268bbe2e2512e3d039df","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-7","para":"05-7","html":"
In agreements in which lenders participate in results of operations, the definition of the results of operations may vary among agreements. Examples of these definitions include, but are not limited to, the following:
  1. a
    Revenue
  2. b
    Income
  3. c
    Cash flows before or after debt service.
","snippet":"In agreements in which lenders participate in results of operations, the definition of the results of operations may vary among agreements. Examples of these definitions include, but are not limited to, the following:\n(a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e3ffb6e4cf176ef46f621dc02a64fbe9eb067be00a57a11d9f03d347769fb87a","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-8","para":"05-8","html":"
The participation terms of a participating mortgage loan agreement usually are negotiated concurrently with the other terms of the underlying mortgage loan. A borrower agrees to participation rights generally because of market conditions, or in exchange for concessions granted by the lender on some other term(s) of the loan, such as a lower interest rate or a higher loan-to-value ratio.
","snippet":"The participation terms of a participating mortgage loan agreement usually are negotiated concurrently with the other terms of the underlying mortgage loan. A borrower agrees to participation rights generally because of …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a8fdf1eb2d107857032bab45900a349627810b00040b5f445f7fd1316847fb2d","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"citation":"470-30-05-9","para":"05-9","html":"
The lender's participation reduces the borrower's potential realization of operating results or gain on the sale of the real estate. However, the participation also may reduce any of the following:
  1. a
    The contract interest the borrower is required to pay
  2. b
    The risk that the borrower will be unable to pay interest at the stated or floating rate in the loan agreement and, consequently, the risk that the borrower will default on the loan and need to sell the property
  3. c
    The amount of capital the borrower has at risk, because the loan-to-value ratio normally is higher.
Further, the obligation to pay the lender a share of the property appreciation does not increase the current exposure of the borrower to loss in its investment, because the participation payments are made only if the fair value of the property appreciates.
","snippet":"The lender's participation reduces the borrower's potential realization of operating results or gain on the sale of the real estate. However, the participation also may reduce any of the following:\n(a) The contract inter…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:012224be308d74f32acdb45ae545af2d179485932928cf95990fdbb3b1a38515","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bbd6304351330e71fd201c2954d8fb9313a748fa03867e8644b0a1a3121f56f2","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b8f96a20df8a7b79f4b4144225a5b7a6925e9f34d82564deccf9237b3f2e5404","downloaded_from":"2026-09-10T00:31:58.075Z","last_downloaded_at":"2026-09-10T00:31:58.075Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481448","source_sha256":"de1b3afeb4c1d151d23bb59866577185b0579cd40a045efc83123b83a9e1fe31"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Entities","paragraphs":[{"citation":"470-30-15-1","para":"15-1","html":"
The guidance in this Subtopic applies to the following entities:
  1. a
    All borrowers in participating mortgage loan arrangements.
","snippet":"The guidance in this Subtopic applies to the following entities:\n(a) All borrowers in participating mortgage loan arrangements.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9acd2f576cc5c93150b3e7f42b2753883b65707dc8d5518e44d34f94abca5dc3","downloaded_from":"2026-09-10T00:32:01.971Z","last_downloaded_at":"2026-09-10T00:32:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481417","source_sha256":"e3c0212779ac2ca9c4af74d875449da34d6adcc9a6505124cc2556bb8d6897a6"}},{"citation":"470-30-15-2","para":"15-2","html":"
The guidance in this Subtopic does not apply to the following entities:
  1. a
    Creditors in participating mortgage loan arrangements.
","snippet":"The guidance in this Subtopic does not apply to the following entities:\n(a) Creditors in participating mortgage loan arrangements.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:83fc35285e4f6212d518236b63c97e40c3fbec8b8f7b0a862134c8635ac955a2","downloaded_from":"2026-09-10T00:32:01.971Z","last_downloaded_at":"2026-09-10T00:32:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481417","source_sha256":"e3c0212779ac2ca9c4af74d875449da34d6adcc9a6505124cc2556bb8d6897a6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ceb48491a8200d485ce4d9227f16c9074c4382f32b7aa8f495d47e65a7cb8893","downloaded_from":"2026-09-10T00:32:01.971Z","last_downloaded_at":"2026-09-10T00:32:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481417","source_sha256":"e3c0212779ac2ca9c4af74d875449da34d6adcc9a6505124cc2556bb8d6897a6"}},{"block":null,"heading":"Transactions","paragraphs":[{"citation":"470-30-15-3","para":"15-3","html":"
The guidance in this Subtopic does not apply to the following transactions and activities:
  1. a
    Participating leases
  2. b
    Debt convertible at the option of the lender into equity ownership of the property
  3. c
    Participating loans resulting from troubled debt restructurings.
","snippet":"The guidance in this Subtopic does not apply to the following transactions and activities:\n(a) Participating leases\n(b) Debt convertible at the option of the lender into equity ownership of the property\n(c) Participating…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d2939a84c91ef16c7152924c4740cbac95ef1927cbf66adb2ee5b307fef8887c","downloaded_from":"2026-09-10T00:32:01.971Z","last_downloaded_at":"2026-09-10T00:32:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481417","source_sha256":"e3c0212779ac2ca9c4af74d875449da34d6adcc9a6505124cc2556bb8d6897a6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:91a9b6f537c371b78fda901771ecf6358ad6713ba11e5d2d063f1013cf3dfde8","downloaded_from":"2026-09-10T00:32:01.971Z","last_downloaded_at":"2026-09-10T00:32:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481417","source_sha256":"e3c0212779ac2ca9c4af74d875449da34d6adcc9a6505124cc2556bb8d6897a6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b83df8c006fc6f82de38bf1ff71256814e411d5767c15844b76a42d7d8f7c029","downloaded_from":"2026-09-10T00:32:01.971Z","last_downloaded_at":"2026-09-10T00:32:01.971Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481417","source_sha256":"e3c0212779ac2ca9c4af74d875449da34d6adcc9a6505124cc2556bb8d6897a6"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-25-1","para":"25-1","html":"
If a lender is entitled to participate in the appreciation of the market value of a mortgaged real estate project, the borrower shall recognize a participation liability with a corresponding debit to a debt discount account.
","snippet":"If a lender is entitled to participate in the appreciation of the market value of a mortgaged real estate project, the borrower shall recognize a participation liability with a corresponding debit to a debt discount acco…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ec939cce2345761f570082e0e7ff581990940656c8106cd205605bd260946d1","downloaded_from":"2026-09-10T00:32:09.032Z","last_downloaded_at":"2026-09-10T00:32:09.032Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481359","source_sha256":"a75fc1b4564bf85ff29913234b5c7ecaea6d7085a2ab94c1de7b8475e23767b5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:90b548729a388fec78b6a3fd3dde6381d0dc9e39800f7df6e9dbf33ba90ae101","downloaded_from":"2026-09-10T00:32:09.032Z","last_downloaded_at":"2026-09-10T00:32:09.032Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481359","source_sha256":"a75fc1b4564bf85ff29913234b5c7ecaea6d7085a2ab94c1de7b8475e23767b5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:28853a10184bb708aacac826d448fa89a62d76ea21df2a932f42c50360aecfd3","downloaded_from":"2026-09-10T00:32:09.032Z","last_downloaded_at":"2026-09-10T00:32:09.032Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481359","source_sha256":"a75fc1b4564bf85ff29913234b5c7ecaea6d7085a2ab94c1de7b8475e23767b5"}},{"number":"30","label":"30 Initial Measurement","anchor":"30-initial-measurement","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-30-1","para":"30-1","html":"
If the lender is entitled to participate in appreciation in the fair value of the mortgaged real estate project, the borrower shall determine the fair value (see Subtopic 820-10) of the participation feature at the inception of the loan (see paragraph 470-30-25-1 for guidance on how to recognize the participation feature).
","snippet":"If the lender is entitled to participate in appreciation in the fair value of the mortgaged real estate project, the borrower shall determine the fair value (see Subtopic 820-10) of the participation feature at the incep…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:160d4f4ff7ea9a51fd3606b47111bd1ef32b05951ab103f4983648ddadf78efc","downloaded_from":"2026-09-10T00:32:11.186Z","last_downloaded_at":"2026-09-10T00:32:11.186Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481328","source_sha256":"252059aa57a80984898d45b7d2638b9cfd5419ebd923cabb37f2680ba436436d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a9fd4be047e9222cb68d59035be631a9af6ba4bc78728cdec7373592c3660b59","downloaded_from":"2026-09-10T00:32:11.186Z","last_downloaded_at":"2026-09-10T00:32:11.186Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481328","source_sha256":"252059aa57a80984898d45b7d2638b9cfd5419ebd923cabb37f2680ba436436d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fbabfe973e7209a541409cc7cb95dc2d6369a672bb6c03f081ecb322c9e1e414","downloaded_from":"2026-09-10T00:32:11.186Z","last_downloaded_at":"2026-09-10T00:32:11.186Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481328","source_sha256":"252059aa57a80984898d45b7d2638b9cfd5419ebd923cabb37f2680ba436436d"}},{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-35-1","para":"35-1","html":"
The debt discount shall be amortized by the interest method, using the effective interest rate.
","snippet":"The debt discount shall be amortized by the interest method, using the effective interest rate.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0117dbfda6423977fcf57dcc2306d1a64b4cc9bb71757e75b563cc9078fff522","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}},{"citation":"470-30-35-2","para":"35-2","html":"
Interest expense on participating mortgage loans consists of the following three components:
  1. a
    Amounts designated in the mortgage agreement as interest
  2. b
    Amounts related to the lender's participation in results of operations
  3. c
    Amortization of debt discount related to the lender's participation in the fair value appreciation of the mortgaged real estate project.
","snippet":"Interest expense on participating mortgage loans consists of the following three components:\n(a) Amounts designated in the mortgage agreement as interest\n(b) Amounts related to the lender's participation in results of op…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ff2aa5e29a4b76bb14632113d8131a0fc0fa7304e23d4c809c060695bdaa51d2","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}},{"citation":"470-30-35-3","para":"35-3","html":"
Amounts designated in the mortgage agreement as interest shall be charged to income in the period in which the interest is incurred. If the loan's stated interest rate varies based on changes in an independent factor, such as an index or rate (for example, the prime rate, the London Interbank Offered Rate [LIBOR], or the U.S. Treasury bill weekly average rate), the calculation of the interest shall be based on the factor (the index or the rate) as it changes over the life of the loan. Interest recognized pursuant to this guidance is subject to the requirements of Subtopic 835-20. Once capitalized, amounts shall not be adjusted for the effects of reversals of appreciation.
","snippet":"Amounts designated in the mortgage agreement as interest shall be charged to income in the period in which the interest is incurred. If the loan's stated interest rate varies based on changes in an independent factor, su…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:41af7f73a787d611a5d5a94ab58a30ba80151b1d4c4296976be58deb45739b5b","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}},{"citation":"470-30-35-4","para":"35-4","html":"
Amounts due to a lender pursuant to the lender's participation in the real estate project's results of operations (as defined in the participating mortgage loan agreement) shall be charged to interest expense in the borrower's corresponding financial reporting period, with a corresponding credit to the participation liability.
  1. a
    Subparagraph superseded by Accounting Standards Update No. 2015-10.
  2. b
    Subparagraph superseded by Accounting Standards Update No. 2015-10.
","snippet":"Amounts due to a lender pursuant to the lender's participation in the real estate project's results of operations (as defined in the participating mortgage loan agreement) shall be charged to interest expense in the borr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c264ec8382159bb498c4c173177659ea17e34c317d067bf5b34fe7bd16865d74","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}},{"citation":"470-30-35-4A","para":"35-4A","html":"
If a lender is entitled to participate in the appreciation of the market value of a mortgaged real estate project, both of the following are required at the end of each reporting period:
  1. a
    The balance of the participation liability shall be adjusted to equal the current fair value of the participation feature.
  2. b
    The corresponding debit or credit shall be recorded in the related debt-discount account.
","snippet":"If a lender is entitled to participate in the appreciation of the market value of a mortgaged real estate project, both of the following are required at the end of each reporting period:\n(a) The balance of the participat…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e18842d6af04d0a0cd8fd92b40e2167052182e48bb82cd81d3299c9272c9440c","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}},{"citation":"470-30-35-5","para":"35-5","html":"
The revised debt discount shall be amortized prospectively, using the effective interest rate.
","snippet":"The revised debt discount shall be amortized prospectively, using the effective interest rate.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:02a84b3578c1776b399c0ce1bd9e3e8188dc02e479539e01159ba4d2bfe7a388","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bd55ad75e5a2d8b66b1d29f875f105c47deeafbc5eb8d40ab42adb5db90d4334","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:514377c2f7127340d3a4d5a43c59fb4a264d134bdc7d6fc2c7302f37db747d8c","downloaded_from":"2026-09-10T00:32:12.876Z","last_downloaded_at":"2026-09-10T00:32:12.876Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481298","source_sha256":"df41dcbab8a5fb82e676a7639307d1a7e766f03ab71aa448f789d39025d73acf"}},{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-40-1","para":"40-1","html":"
If the participating mortgage loan is extinguished before its due date, the difference between the recorded amount of the debt (including the unamortized debt discount and the participation liability) and the amount exchanged to extinguish the debt is a debt extinguishment gain or loss.
","snippet":"If the participating mortgage loan is extinguished before its due date, the difference between the recorded amount of the debt (including the unamortized debt discount and the participation liability) and the amount exch…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a726b049a4d9a6f90113d193f38b607784e40a4a225380ddc2aac9038b1c8095","downloaded_from":"2026-09-10T00:32:14.766Z","last_downloaded_at":"2026-09-10T00:32:14.766Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481269","source_sha256":"cc8be5f792c2c4465b5586cdae8aa405c229450ecea6478d26365085c3d3a9ee"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e8d550cbd7fb87d0f40dc72f9f5b6906d8b7b270191dec438e191e8f0458ee80","downloaded_from":"2026-09-10T00:32:14.766Z","last_downloaded_at":"2026-09-10T00:32:14.766Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481269","source_sha256":"cc8be5f792c2c4465b5586cdae8aa405c229450ecea6478d26365085c3d3a9ee"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e27040948363532772f3e801638fb486dc5c5e77f6827486f64a616354ee630a","downloaded_from":"2026-09-10T00:32:14.766Z","last_downloaded_at":"2026-09-10T00:32:14.766Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481269","source_sha256":"cc8be5f792c2c4465b5586cdae8aa405c229450ecea6478d26365085c3d3a9ee"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-45-1","para":"45-1","html":"
The amortization of the debt discount relating to the participation liability shall be included in interest expense.
","snippet":"The amortization of the debt discount relating to the participation liability shall be included in interest expense.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5f9779b7537fb631f07171d31f0fc7cf5b699cc3a43aa290e6cf5c50fafa4867","downloaded_from":"2026-09-10T00:32:18.105Z","last_downloaded_at":"2026-09-10T00:32:18.105Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481241","source_sha256":"37ee43112478734725292a5feba357ad98217b4bc4c30eb387e6a7a86e8e51e1"}},{"citation":"470-30-45-2","para":"45-2","html":"
If the participating mortgage loan is extinguished before its due date, the debt extinguishment gain or loss shall be reported as required by paragraph 470-50-40-2.
","snippet":"If the participating mortgage loan is extinguished before its due date, the debt extinguishment gain or loss shall be reported as required by paragraph 470-50-40-2.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:254d0359469e5af72af99ce1c96fcbca0b756b4fa6ab79207522246f12a0639d","downloaded_from":"2026-09-10T00:32:18.105Z","last_downloaded_at":"2026-09-10T00:32:18.105Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481241","source_sha256":"37ee43112478734725292a5feba357ad98217b4bc4c30eb387e6a7a86e8e51e1"}},{"citation":"470-30-45-3","para":"45-3","html":"
Paragraph superseded by Accounting Standards Update No. 2015-01.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2015-01.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f02251dfe276cfcfad13e440c901f21998f3d22cb697a5e44282aade4e3a55d","downloaded_from":"2026-09-10T00:32:18.105Z","last_downloaded_at":"2026-09-10T00:32:18.105Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481241","source_sha256":"37ee43112478734725292a5feba357ad98217b4bc4c30eb387e6a7a86e8e51e1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bef6375362afa08f510de3ff4356596ef0253d4d518ce98cd0b0d34d853d33fe","downloaded_from":"2026-09-10T00:32:18.105Z","last_downloaded_at":"2026-09-10T00:32:18.105Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481241","source_sha256":"37ee43112478734725292a5feba357ad98217b4bc4c30eb387e6a7a86e8e51e1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e1438d1763070af7b6c15768203f0cee688dbcf545a43e5333be8f88bf8f211d","downloaded_from":"2026-09-10T00:32:18.105Z","last_downloaded_at":"2026-09-10T00:32:18.105Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481241","source_sha256":"37ee43112478734725292a5feba357ad98217b4bc4c30eb387e6a7a86e8e51e1"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-30-50-1","para":"50-1","html":"
The borrower's financial statements shall disclose both of the following:
  1. a
    The aggregate amount of participating mortgage obligations at the balance sheet date, with separate disclosure of the aggregate participation liabilities and related debt discounts
  2. b
    Terms of the participations by the lender in either the appreciation in the fair value of the mortgaged real estate project or the results of operations of the mortgaged real estate project, or both.
","snippet":"The borrower's financial statements shall disclose both of the following:\n(a) The aggregate amount of participating mortgage obligations at the balance sheet date, with separate disclosure of the aggregate participation …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0dc16a3e09c3aa20045775a60e4f9e432dba82033db4e8be7eb92f8a408f2736","downloaded_from":"2026-09-10T00:32:19.774Z","last_downloaded_at":"2026-09-10T00:32:19.774Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481212","source_sha256":"21bb1c9a9021129800680f55056dcf15dab1f352cb13ab14f485e9cbce5c35a9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:365d683ed64c6c7c5983f589ed1329a4f166be7f60671687e529e005987c4c2f","downloaded_from":"2026-09-10T00:32:19.774Z","last_downloaded_at":"2026-09-10T00:32:19.774Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481212","source_sha256":"21bb1c9a9021129800680f55056dcf15dab1f352cb13ab14f485e9cbce5c35a9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f916b685bd5e9d638ed67e36fef18f688aa9585a7d7e80cb16545a73528bfc6e","downloaded_from":"2026-09-10T00:32:19.774Z","last_downloaded_at":"2026-09-10T00:32:19.774Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481212","source_sha256":"21bb1c9a9021129800680f55056dcf15dab1f352cb13ab14f485e9cbce5c35a9"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"470-30-55-1","para":"55-1","html":"
This Example illustrates the guidance in this Subtopic.
","snippet":"This Example illustrates the guidance in this Subtopic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6333593e876d6a621d863098878f72989f59e3cf5a8d5cc51ec7574687f81193","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}},{"citation":"470-30-55-2","para":"55-2","html":"
Assume that on January 1, 19X1, Borrower Co. purchased a property for $10 million. On that date, Borrower paid $1 million cash and entered into a participating mortgage loan agreement with Lender Co. in the amount of $9 million.
","snippet":"Assume that on January 1, 19X1, Borrower Co. purchased a property for $10 million. On that date, Borrower paid $1 million cash and entered into a participating mortgage loan agreement with Lender Co. in the amount of $9 …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cc046e36092c7bb6c65ad7fde4bda6aa29564bd296f342ee9c3078268e81cc17","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}},{"citation":"470-30-55-3","para":"55-3","html":"
The loan agreement has the following terms:
  1. a
    15 year term
  2. b
    Interest-only periodic payments, principal to be repaid at end of term
  3. c
    5% stated interest rate
  4. d
    20% participation in appreciation in the value of the property above $10 million, payable at maturity (or earlier if the asset is sold or the loan is refinanced).
","snippet":"The loan agreement has the following terms:\n(a) 15 year term\n(b) Interest-only periodic payments, principal to be repaid at end of term\n(c) 5% stated interest rate\n(d) 20% participation in appreciation in the value of th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d9a6f9505ec13a95e41557f7bb532621bffe66052c7e1fc6722f6d821c3c626d","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}},{"citation":"470-30-55-4","para":"55-4","html":"
Assumptions related to the fair value of the participation feature are as follows.
","snippet":"Assumptions related to the fair value of the participation feature are as follows.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a0f2595a048569f392e6d3b3a2fdf2e689f4d25b26554414d9622fcac5cd51bb","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}},{"citation":"470-30-55-5","para":"55-5","html":"
Based on the preceding assumptions, Borrower Co. should make the following journal entries for this participating mortgage loan.
","snippet":"Based on the preceding assumptions, Borrower Co. should make the following journal entries for this participating mortgage loan.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:189e317b3d5d058bae84fdef915bef28a51c2233e9f51ed7bc3f60f3926d2514","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0f004e88878d4b12c14d81d3bb6b4318ae53b37844409782f43f6d6ce96c8f1b","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d8e7b5eeff85ad524271a70560f4d1c95e9e2e17af231f34e9bd9bd6dfb57447","downloaded_from":"2026-09-10T00:32:22.883Z","last_downloaded_at":"2026-09-10T00:32:22.883Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481177","source_sha256":"92eb1a5856a10d51fd6bbb4441a489d3804161cec6213b18d1905ae43f9a48b2"}}],"enrichment":{"summary":"ASC 470-30 governs how a *borrower* accounts for a participating mortgage loan — a mortgage in which the lender is entitled to share in appreciation in the fair value of the mortgaged real estate project, in its results of operations, or both. If the lender participates in fair value appreciation, the borrower recognizes a participation liability at the fair value of the participation feature at loan inception with an offsetting debt discount, remeasures the liability to current fair value each reporting period (adjusting the discount), and amortizes the discount to interest expense using the interest method. Participations in results of operations are charged to interest expense in the period incurred with a credit to the participation liability.","key_points":["A participation liability with a corresponding debit to a debt discount account is recognized when the lender is entitled to participate in appreciation in the market value of the mortgaged real estate project (470-30-25-1).","The participation feature is measured at fair value (per Subtopic 820-10) at inception of the loan (470-30-30-1).","Interest expense has three components: stated interest, amounts for the lender's participation in results of operations, and amortization of the debt discount related to participation in fair value appreciation (470-30-35-2); the discount is amortized by the interest method using the effective interest rate (470-30-35-1).","At the end of each reporting period the participation liability is adjusted to the current fair value of the participation feature, with the offsetting debit or credit to the debt discount account (470-30-35-4A), and the revised discount is amortized prospectively at the effective interest rate (470-30-35-5).","Amounts due for participation in results of operations are charged to interest expense in the corresponding reporting period with a credit to the participation liability (470-30-35-4); stated interest is charged to income as incurred, based on the index/rate as it changes, and is subject to Subtopic 835-20 capitalization rules, with capitalized amounts not adjusted for reversals of appreciation (470-30-35-3).","Early extinguishment produces a gain or loss equal to the difference between the recorded amount of the debt (including unamortized discount and the participation liability) and the amount exchanged, reported as required by 470-50-40-2 (470-30-40-1; 470-30-45-2).","Borrowers must disclose the aggregate amount of participating mortgage obligations at the balance sheet date, separately showing aggregate participation liabilities and related debt discounts, plus the terms of the lender's participations (470-30-50-1)."],"categories":["Recognition","Subsequent measurement","Disclosure","Fair value"],"audience_level":"intermediate","student_note":"Exam traps: this Subtopic applies only to borrowers (not lenders) and excludes participating leases, lender-option equity-convertible debt, and participations arising from troubled debt restructurings. Remember the participation liability is remeasured to fair value every period through the debt discount (not through earnings directly) — earnings are affected only via prospective amortization of the revised discount.","related_topics":["470-50","835-20","820-10","470-60","310-10"],"key_concepts":["participating mortgage loan","participation liability","debt discount","interest method","effective interest rate","fair value appreciation participation","participation in results of operations","debt extinguishment gain or loss"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:09a486ff56b7161393389ab609712dcd8f6149725fa5fb4baeafe591060b5dff","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:32:26.321Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"310-20","title":"Nonrefundable Fees and Other Costs","topic_title":"Receivables","score":0.7299,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:719cb7e14833ccfaffc20e02aa6a8e822a4daaa8377fc998babfee64ad7bce58","downloaded_from":"2026-09-09T23:25:44.299Z","last_downloaded_at":"2026-09-09T23:26:21.150Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"310-948","title":"Financial Services—Mortgage Banking","topic_title":"Receivables","score":0.6963,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:923e93fb47f6dbd28379878166990dfe4882ad913a0ef8657107abbd1f2f6357","downloaded_from":"2026-09-09T23:30:42.417Z","last_downloaded_at":"2026-09-09T23:31:26.845Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"310-10","title":"Overall","topic_title":"Receivables","score":0.6962,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9cfc2fc92aa1b433e5fc88e96d7f0274f8694c4121c73afaac10e2c85ba6adcd","downloaded_from":"2026-09-09T23:24:42.337Z","last_downloaded_at":"2026-09-09T23:25:40.463Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-926","title":"Entertainment—Films","topic_title":"Liabilities","score":0.6847,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:15e34fd82e23e95696c6533b379fcb7e118f52735add90903b876e32b9caa5f7","downloaded_from":"2026-09-10T00:17:22.936Z","last_downloaded_at":"2026-09-10T00:17:44.605Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"860-50","title":"Servicing Assets and Liabilities","topic_title":"Transfers and Servicing","score":0.6819,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a5b0ed53951ad5054aa34c8709004ff8dd3de8f86b2a53718b8fcd72564771c9","downloaded_from":"2026-09-10T02:08:04.325Z","last_downloaded_at":"2026-09-10T02:08:35.803Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-50","title":"Modifications and Extinguishments","topic_title":"Debt","score":0.68,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c2388d19a6cb18695c3f4eb3a20bd8b45ec41fe3e6077d3752e9f6bf1c7ae188","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-20","title":"Debt with Conversion and Other Options","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b60bbcd2f7d8d52bc7b6902e21d0d52bf29048dbe5dd7764955344d55d3e6a2","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:53.248Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-40","title":"Product Financing Arrangements","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bfe507df06cf6768299a1e7dce9dd02c418a608d636aa1efca78d02ba5e5df1b","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ac788dd9918b7ed3648a15848c4f4178ccc7654f97b8dcff643b6b0abe628f4f","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:32:26.321Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-40","topic":"470","title":"Product Financing Arrangements","area":"Liabilities","paragraphs":22,"summary":"ASC 470-40 governs product financing arrangements — transactions in which a \"sponsor\" arranges for another entity to buy and hold inventory on its behalf (or controls the disposition of such product) with a related commitment to buy it back at specified prices covering the other entity's financing and holding costs. Because the sponsor is in substance the owner of the product, the arrangement is accounted for as a borrowing rather than a sale: the sponsor records the inventory as an asset and a corresponding liability when the other entity buys the product (470-40-25-1 through 25-2). After ASU 2014-09, sale-and-repurchase legs are handled under Topic 606, leaving this Subtopic focused on purchases made by another entity on the sponsor's behalf.","concepts":["product financing arrangement","sponsor","in-substance borrowing","repurchase agreement","specified prices","financing and holding costs","resale price guarantee","unconditional purchase obligation"],"categories":["Recognition","Debt and equity","Inventory and PP&E","Revenue"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-40-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
Contract Added Accounting Standards Update No. 2014-09 05/28/2014
Customer Added Accounting Standards Update No. 2014-09 05/28/2014
Revenue Added Accounting Standards Update No. 2014-09 05/28/2014
Unconditional Purchase Obligation Added Maintenance Update 2014-20 (PDF) 09/29/2014
470-40-05-3 Amended Accounting Standards Update No. 2014-09 05/28/2014
470-40-05-5 Amended Maintenance Update 2014-20 (PDF) 09/29/2014
470-40-15-2 Amended Accounting Standards Update No. 2014-09 05/28/2014
470-40-15-3 Amended Maintenance Update 2015-11 (PDF) 06/19/2015
470-40-15-3 Amended Maintenance Update 2014-20 (PDF) 09/29/2014
470-40-15-3 Amended Accounting Standards Update No. 2014-09 05/28/2014
470-40-25-1 through 25-3
 Amended Accounting Standards Update No. 2014-09 05/28/2014
470-40-55-1 Amended Accounting Standards Update No. 2014-09 05/28/2014
470-40-55-2 Amended Accounting Standards Update No. 2014-09 05/28/2014
470-40-55-3 through 55-5
 Superseded Accounting Standards Update No. 2014-09 05/28/2014
470-40-55-6 Amended Accounting Standards Update No. 2014-09 05/28/2014
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nContract | Added | Accounting Standards Update No. 2014-09 | 05/28/2014 |\nCustomer | Add…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:418ba73e25ae8ee9cca29a40e8423cae04d65a56b1c16bf6cd2ab3b1c1cc0a30","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:28.409Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481118","source_sha256":"9d7138dbdd81d5be495f5d1c344fbc412688a1dc4992403094d5b5498a8570e9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9b77fd1ac8c0905f1c60247f6a706f31e8d256063f156f3ecf57425b10c2b380","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:28.409Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481118","source_sha256":"9d7138dbdd81d5be495f5d1c344fbc412688a1dc4992403094d5b5498a8570e9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2b3c1635270fa9e21f4593d3069efcf403a276e70805abe2368f8fdd04994cb9","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:28.409Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481118","source_sha256":"9d7138dbdd81d5be495f5d1c344fbc412688a1dc4992403094d5b5498a8570e9"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-40-05-1","para":"05-1","html":"
This Subtopic establishes guidance for determining whether an arrangement involving the sale of inventory is in substance a financing arrangement.
","snippet":"This Subtopic establishes guidance for determining whether an arrangement involving the sale of inventory is in substance a financing arrangement.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9b969c65bd94ee31f6f95e45587463a95b86ae7ded1381689521b3b3ef682d8c","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}},{"citation":"470-40-05-2","para":"05-2","html":"
Product financing arrangements include agreements in which a sponsor (the entity seeking to finance product pending its future use or resale) does any of the following:
  1. a
    Sells the product to another entity (the entity through which the financing flows), and in a related transaction agrees to repurchase the product (or a substantially identical product)
  2. b
    Arranges for another entity to purchase the product on the sponsor's behalf and, in a related transaction, agrees to purchase the product from the other entity
  3. c
    Controls the disposition of the product that has been purchased by another entity in accordance with the arrangements described in either (a) or (b).
","snippet":"Product financing arrangements include agreements in which a sponsor (the entity seeking to finance product pending its future use or resale) does any of the following:\n(a) Sells the product to another entity (the entity…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6c1a8c1fa25764a23aa43dfa1effd520c71500e7288b4a18a90e3b4172c8d9cd","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}},{"citation":"470-40-05-3","para":"05-3","html":"
In all of the foregoing cases, the sponsor agrees to purchase the product, or processed goods of which the product is a component, from the other entity at specified prices over specified periods or, to the extent that it does not do so, guarantees resale prices to third parties (see paragraph 470-40-15-2(a)(1)). The Implementation Guidance in Section 470-40-55 illustrates the arrangement described in (b) of the preceding paragraph. For an arrangement described in (a), see Topic 606 on revenue from contracts with customers for guidance on repurchase agreements in paragraphs
606-10-55-66 through 55-78
and an illustration on repurchase agreements in Example 62, Case A, paragraphs
606-10-55-401 through 55-404
.
","snippet":"In all of the foregoing cases, the sponsor agrees to purchase the product, or processed goods of which the product is a component, from the other entity at specified prices over specified periods or, to the extent that i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ee989b361f452ac1af79cacabaa23412f4f2e8ef26d9a5f9cc432143371e9fab","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}},{"citation":"470-40-05-4","para":"05-4","html":"
Other characteristics that commonly exist in product financing arrangements but that are not necessarily present in all such arrangements include the following:
  1. a
    The entity that purchases the product from the sponsor or purchases it directly from a third party on behalf of the sponsor was established expressly for that purpose or is an existing trust, nonbusiness entity, or credit grantor.
  2. b
    The product covered by the financing arrangement is to be used or sold by the sponsor, although a portion may be sold by the other entity directly to third parties.
  3. c
    The product covered by the financing arrangement is stored on the sponsor's premises.
  4. d
    The debt of the entity that purchases the product being financed is guaranteed by the sponsor.
","snippet":"Other characteristics that commonly exist in product financing arrangements but that are not necessarily present in all such arrangements include the following:\n(a) The entity that purchases the product from the sponsor …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d21408e8c5f94b8952174e7d37ee18d1fba35183fc5de8f000bd90e38cccbf6a","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}},{"citation":"470-40-05-5","para":"05-5","html":"
The following are similarities between a sponsor's rights and obligations under a product financing arrangement and a purchaser's rights and obligations under an unconditional purchase obligation (see Topic 440):
  1. a
    Both the sponsor and the purchaser obtain probable future economic benefits from the assured source of product.
  2. b
    Both are obligated to make future cash payments to the other party to the agreement.
","snippet":"The following are similarities between a sponsor's rights and obligations under a product financing arrangement and a purchaser's rights and obligations under an unconditional purchase obligation (see Topic 440):\n(a) Bot…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:99135683640b1edcbd26f28fc35880291bca296f31c07195d0ec16a1df3904b1","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}},{"citation":"470-40-05-6","para":"05-6","html":"
Beyond those similarities, however, there is a substantial difference in the related accounting issues. Under a product financing arrangement, the product already exists and the other entity's purchase cost is known.
","snippet":"Beyond those similarities, however, there is a substantial difference in the related accounting issues. Under a product financing arrangement, the product already exists and the other entity's purchase cost is known.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:242037841a5524f4da9fd53163c96fea21bcd8a1a0893683b69f5b7720b78600","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:edc2ab8e494a53ecbafe4b0cd2327896a12032c5ca26d931653a53c606ec5274","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:86b4bf214db67307f9c8273e861c24890109c4809b5d57b4d7dc6cfd69902b74","downloaded_from":"2026-09-10T00:32:31.270Z","last_downloaded_at":"2026-09-10T00:32:31.270Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481567","source_sha256":"1f1f85916b39c821aa14a805991796663341e4f99891b19ac92eeae1c38d40f1"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Entities","paragraphs":[{"citation":"470-40-15-1","para":"15-1","html":"
The guidance in this Subtopic applies to all entities.
","snippet":"The guidance in this Subtopic applies to all entities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42dc5d2d130299dcff511a796d16839eaa2156e7ba2edd7a8275245bbd4bcab3","downloaded_from":"2026-09-10T00:32:34.310Z","last_downloaded_at":"2026-09-10T00:32:34.310Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481537","source_sha256":"12c1bf6070f3b27afac5e6132a60f12fe460ae793c38ba5c9cf448fe56d64f60"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:72679b291f05e68c11901b89daf6705ee21309ba9d2fee68c873840dd9dc4aba","downloaded_from":"2026-09-10T00:32:34.310Z","last_downloaded_at":"2026-09-10T00:32:34.310Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481537","source_sha256":"12c1bf6070f3b27afac5e6132a60f12fe460ae793c38ba5c9cf448fe56d64f60"}},{"block":null,"heading":"Transactions","paragraphs":[{"citation":"470-40-15-2","para":"15-2","html":"
The guidance in this Subtopic applies to product financing arrangements for products that have been purchased by another entity on behalf of the sponsor and have both of the following characteristics:
  1. a
    The financing arrangement requires the sponsor to purchase the product, a substantially identical product, or processed goods of which the product is a component at specified prices. The specified prices are not subject to change except for fluctuations due to finance and holding costs. This characteristic of predetermined prices also is present if any of the following circumstances exist:
    1. 1
      The specified prices in the financing arrangement are in the form of resale price guarantees under which the sponsor agrees to make up any difference between the specified price and the resale price for products sold to third parties.
    2. 2
      The sponsor is not required to purchase the product but has an option to purchase the product, the economic effect of which compels the sponsor to purchase the product; for example, an option arrangement that provides for a significant penalty if the sponsor does not exercise the option to purchase.
    3. 3
      The sponsor is not required by the agreement to purchase the product but the other entity has an option whereby it can require the sponsor to purchase the product.
  2. b
    The payments that the other entity will receive on the transaction are established by the financing arrangement, and the amounts to be paid by the sponsor will be adjusted, as necessary, to cover substantially all fluctuations in costs incurred by the other entity in purchasing and holding the product (including interest). This characteristic ordinarily is not present in purchase commitments or contractor-subcontractor relationships.
","snippet":"The guidance in this Subtopic applies to product financing arrangements for products that have been purchased by another entity on behalf of the sponsor and have both of the following characteristics:\n(a) The financing a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ffa4d5f034f683c9937c87456a99e987a2324e0c628df71294bef802e713a6e9","downloaded_from":"2026-09-10T00:32:34.310Z","last_downloaded_at":"2026-09-10T00:32:34.310Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481537","source_sha256":"12c1bf6070f3b27afac5e6132a60f12fe460ae793c38ba5c9cf448fe56d64f60"}},{"citation":"470-40-15-3","para":"15-3","html":"
The guidance in this Subtopic does not apply to the following transactions and activities:
  1. a
    Ordinary purchase commitments in which control of the good or service is retained by the seller (for example, a manufacturer or other supplier) until the good or service is transferred to a purchaser.
  2. b
    Typical contractor-subcontractor relationships in which the contractor is not in substance the owner of product held by the subcontractor and the obligation of the contractor is contingent on substantial performance on the part of the subcontractor.
  3. c
    Long-term unconditional purchase obligations (for example, take-or-pay contracts) specified by Subtopic 440-10 on commitments. At the time a take-or-pay contract is entered into, which is an unconditional purchase obligation, either the product does not yet exist (for example, electricity) or the product exists in a form unsuitable to the purchaser (for example, unmined coal); the purchaser has a right to receive future product but is not the substantive owner of existing product.
  4. d
    Unmined or unharvested natural resources and financial instruments.
  5. e
    Contracts within the scope of Topic 606 on revenue from contracts with customers. For example, contracts that are subject to a right of return as described in paragraph 606-10-32-10 and paragraphs
    606-10-55-22 through 55-29
    and contracts in which a sponsor (the entity seeking to finance product pending its future use or resale) sells the product to another entity (the entity through which the financing flows) and in a related transaction agrees to repurchase the product (or a substantially identical product). Such contracts are within the scope of Topic 606; see paragraphs
    606-10-55-66 through 55-78
    on repurchase agreements and paragraphs
    606-10-55-36 through 55-40
    on principal versus agent considerations.
  6. f
    Typical purchases by a subcontractor on behalf of a contractor. In a typical contractor-subcontractor relationship, the purchase of product by a subcontractor on behalf of a contractor ordinarily leaves a significant portion of the subcontractor's obligation unfulfilled. The subcontractor has the risks of ownership of the product until it has met all the terms of a contract. Accordingly, the typical contractor-subcontractor relationship shall not be considered a product financing arrangement.
","snippet":"The guidance in this Subtopic does not apply to the following transactions and activities:\n(a) Ordinary purchase commitments in which control of the good or service is retained by the seller (for example, a manufacturer …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cb8c7879fbd012dad42892f039dbc73a59614dde2ae24ddfa9ecb723d682bc18","downloaded_from":"2026-09-10T00:32:34.310Z","last_downloaded_at":"2026-09-10T00:32:34.310Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481537","source_sha256":"12c1bf6070f3b27afac5e6132a60f12fe460ae793c38ba5c9cf448fe56d64f60"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f1fa82f8076af333987e4fc7c4e6a81ef7428b9b40c6916718981f10b0fed484","downloaded_from":"2026-09-10T00:32:34.310Z","last_downloaded_at":"2026-09-10T00:32:34.310Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481537","source_sha256":"12c1bf6070f3b27afac5e6132a60f12fe460ae793c38ba5c9cf448fe56d64f60"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f47faa398238791b6d8ae2de1fdb411520c83b3133a915e0064bdd2db74e1356","downloaded_from":"2026-09-10T00:32:34.310Z","last_downloaded_at":"2026-09-10T00:32:34.310Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481537","source_sha256":"12c1bf6070f3b27afac5e6132a60f12fe460ae793c38ba5c9cf448fe56d64f60"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-40-25-1","para":"25-1","html":"
This Subtopic requires that a product financing arrangement within the scope of this Subtopic be accounted for as a borrowing rather than as a sale. The sponsor is in substance the owner of the product and the sponsor shall, therefore, report the product as an asset and the related obligation as a liability.
","snippet":"This Subtopic requires that a product financing arrangement within the scope of this Subtopic be accounted for as a borrowing rather than as a sale. The sponsor is in substance the owner of the product and the sponsor sh…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4384fe838066cc7ac36a726a94378499d4239dd4e382ebf14a448dfcd3227cd9","downloaded_from":"2026-09-10T00:32:39.081Z","last_downloaded_at":"2026-09-10T00:32:39.081Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481466","source_sha256":"4458d6dd0c8ccd5634eb3b9c690b35bc0b9b58e0740e1df0e2b5be5bad6b14a0"}},{"citation":"470-40-25-2","para":"25-2","html":"
If the sponsor is a party to an arrangement whereby another entity purchases a product on the sponsor's behalf and, in a related transaction, the sponsor agrees to purchase the product or processed goods of which the product is a component from the entity, the sponsor shall record the asset and the related liability when the product is purchased by the other entity.
","snippet":"If the sponsor is a party to an arrangement whereby another entity purchases a product on the sponsor's behalf and, in a related transaction, the sponsor agrees to purchase the product or processed goods of which the pro…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d0cfa1efe73ee685bda390bcfe1bf425a96a001d4f2e460ddf33227f20ef062b","downloaded_from":"2026-09-10T00:32:39.081Z","last_downloaded_at":"2026-09-10T00:32:39.081Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481466","source_sha256":"4458d6dd0c8ccd5634eb3b9c690b35bc0b9b58e0740e1df0e2b5be5bad6b14a0"}},{"citation":"470-40-25-3","para":"25-3","html":"
Costs of the product, excluding processing costs, in excess of the other entity's purchase costs represent financing and holding costs. The sponsor shall account for such costs in accordance with the sponsor's accounting policies applicable to financing and holding costs as those costs are incurred by the other entity. For example, if insurance costs ordinarily are accounted for as period costs by the sponsor, similar costs associated with the product covered by financing arrangements shall be expensed by the sponsor as those costs are incurred by the other entity.
","snippet":"Costs of the product, excluding processing costs, in excess of the other entity's purchase costs represent financing and holding costs. The sponsor shall account for such costs in accordance with the sponsor's accounting…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f2725c64f71ab6aa9d28332e5b75f2af6ff64c2ea645c1fc92ff225efa702895","downloaded_from":"2026-09-10T00:32:39.081Z","last_downloaded_at":"2026-09-10T00:32:39.081Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481466","source_sha256":"4458d6dd0c8ccd5634eb3b9c690b35bc0b9b58e0740e1df0e2b5be5bad6b14a0"}},{"citation":"470-40-25-4","para":"25-4","html":"
Interest costs associated with the product covered by financing arrangements shall be identified separately and accounted for by the sponsor in accordance with Topic 835 as those costs are incurred by the other entity.
","snippet":"Interest costs associated with the product covered by financing arrangements shall be identified separately and accounted for by the sponsor in accordance with Topic 835 as those costs are incurred by the other entity.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a6d547b3fc2f92944b16a23b7cbef6bfc762e8d01b272e647f64c24ebc15d1ed","downloaded_from":"2026-09-10T00:32:39.081Z","last_downloaded_at":"2026-09-10T00:32:39.081Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481466","source_sha256":"4458d6dd0c8ccd5634eb3b9c690b35bc0b9b58e0740e1df0e2b5be5bad6b14a0"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8b8e03163d3fdbe5a33c95b4ec2d80f17db8f3de27b4100963262efaec7356a9","downloaded_from":"2026-09-10T00:32:39.081Z","last_downloaded_at":"2026-09-10T00:32:39.081Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481466","source_sha256":"4458d6dd0c8ccd5634eb3b9c690b35bc0b9b58e0740e1df0e2b5be5bad6b14a0"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:be9324821833c5e5e98210f766b4a8e5414ecbff88649d33a83ab07e218b9c4a","downloaded_from":"2026-09-10T00:32:39.081Z","last_downloaded_at":"2026-09-10T00:32:39.081Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481466","source_sha256":"4458d6dd0c8ccd5634eb3b9c690b35bc0b9b58e0740e1df0e2b5be5bad6b14a0"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"470-40-55-1","para":"55-1","html":"
This Example illustrates how the guidance in paragraphs
470-40-25-1 through 25-4
applies to product financing arrangements in which a sponsor arranges for another entity to purchase the product on the sponsor's behalf and, in a related transaction, agrees to purchase the product from the other entity.
  1. a
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
  2. b
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"This Example illustrates how the guidance in paragraphs 470-40-25-1 through 25-4 applies to product financing arrangements in which a sponsor arranges for another entity to purchase the product on the sponsor's behalf an…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:712a037067a28ed4a0ee979d939bda199c0358a32d4c2c0bc99fd9189468c6f8","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-2","para":"55-2","html":"
The facts assumed in this Example are illustrative only and are not intended to modify or limit in any way the provisions of this Subtopic. The facts assumed in the Example could vary in one or more respects without altering the application of the provisions of this Subtopic.
","snippet":"The facts assumed in this Example are illustrative only and are not intended to modify or limit in any way the provisions of this Subtopic. The facts assumed in the Example could vary in one or more respects without alte…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:55d52d9192097b3bc7544f951e2e1b68a1ec20f8adace09d18534639d1d4fc1b","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-3","para":"55-3","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4751182c079548a17209a3c325f3b3a19b6b8831ef3bab82540e897870e11c73","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-4","para":"55-4","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:78b81f2cdfa995d84d5a2cded2855fb17f04e0872ba7a7c9df3fba9c82540739","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-5","para":"55-5","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a9b5feed6fbcfa293b58bf7f6bb461954c82fb34d4a5fa5b143cd72d0078dde9","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-6","para":"55-6","html":"
A sponsor arranges for another entity to buy product on the sponsor's behalf with a related agreement to purchase the product from the other entity.
","snippet":"A sponsor arranges for another entity to buy product on the sponsor's behalf with a related agreement to purchase the product from the other entity.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aacb6c649fb7d54920f04a6d792f5367f7bf740020e0592f9c15a5e8d4450730","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-7","para":"55-7","html":"
The sponsor arranges for the other entity to purchase on its behalf an existing supply of fuel. In a related agreement, the sponsor agrees to purchase the fuel from the other entity over a specified period and at specified prices. The prices established are adequate to cover all financing and holding costs of the other entity. The other entity finances the purchase of fuel using the fuel and the agreement as collateral.
","snippet":"The sponsor arranges for the other entity to purchase on its behalf an existing supply of fuel. In a related agreement, the sponsor agrees to purchase the fuel from the other entity over a specified period and at specifi…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:927eec4c9996371a86e700ae62607c4d7334781bc940a5f2d18c65ceae855c1f","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}},{"citation":"470-40-55-8","para":"55-8","html":"
In this product financing arrangement, both of the characteristics in paragraphs
470-40-15-2 through 15-3
are present; accordingly, the sponsor reports the asset (fuel) and the related liability on its balance sheet when the fuel is acquired by the other entity. Financing and holding costs are accrued by the sponsor as incurred by the other entity and accounted for in accordance with the sponsor's accounting policies for financing and holding costs. Interest costs are separately identified and accounted for in accordance with Topic 835.
","snippet":"In this product financing arrangement, both of the characteristics in paragraphs 470-40-15-2 through 15-3 are present; accordingly, the sponsor reports the asset (fuel) and the related liability on its balance sheet when…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5a5db85c1da1adb7d0325097f606489a46eb3ee836b627328e6dfcb346ca2312","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eb5e657406d42f473f0154c90659b8ab0673b29adde370841182d1e6e31cdf63","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:65c509b9e8323f6667284be95a8d0dcc30fae687acba645d400b60c0f18b8735","downloaded_from":"2026-09-10T00:32:41.026Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481445","source_sha256":"89e9b706ac2c62cafa24a424e5a3ed16b473d4f64a9c2e8604d97b95239e4caf"}}],"enrichment":{"summary":"ASC 470-40 governs product financing arrangements — transactions in which a \"sponsor\" arranges for another entity to buy and hold inventory on its behalf (or controls the disposition of such product) with a related commitment to buy it back at specified prices covering the other entity's financing and holding costs. Because the sponsor is in substance the owner of the product, the arrangement is accounted for as a borrowing rather than a sale: the sponsor records the inventory as an asset and a corresponding liability when the other entity buys the product (470-40-25-1 through 25-2). After ASU 2014-09, sale-and-repurchase legs are handled under Topic 606, leaving this Subtopic focused on purchases made by another entity on the sponsor's behalf.","key_points":["A product financing arrangement within scope is accounted for as a borrowing, not a sale; the sponsor reports the product as an asset and the related obligation as a liability (470-40-25-1).","Scope requires both: (a) the sponsor must purchase the product (or substantially identical product or processed goods containing it) at specified prices not subject to change except for finance and holding cost fluctuations, and (b) payments to the other entity are set to cover substantially all fluctuations in its purchasing and holding costs, including interest (470-40-15-2).","The 'specified price' condition is also met by resale price guarantees, a sponsor purchase option whose economic effect (e.g., a significant penalty) compels exercise, or a put option held by the other entity (470-40-15-2(a)(1) through (3)).","The sponsor records the asset and related liability when the product is purchased by the other entity, not when the sponsor takes physical delivery (470-40-25-2).","Costs in excess of the other entity's purchase cost (excluding processing costs) are financing and holding costs accounted for under the sponsor's own policies as incurred by the other entity; interest costs are separately identified and accounted for under Topic 835 (470-40-25-3 through 25-4).","Excluded from scope: ordinary purchase commitments where the seller retains control, typical contractor-subcontractor relationships, long-term unconditional purchase obligations such as take-or-pay contracts under Subtopic 440-10, unmined/unharvested natural resources and financial instruments, and contracts within Topic 606 including sale-with-repurchase arrangements (470-40-15-3).","Unlike an unconditional purchase obligation, in a product financing arrangement the product already exists and the other entity's purchase cost is known (470-40-05-6)."],"categories":["Recognition","Debt and equity","Inventory and PP&E","Revenue"],"audience_level":"intermediate","student_note":"This is the classic \"substance over form\" inventory-parking rule: a sale that comes with a buyback obligation at a price covering the buyer's carrying costs is really a secured loan, so no revenue is recognized and the inventory never leaves the sponsor's balance sheet. The common mistake is applying 470-40 to a sponsor's outright sale-and-repurchase — ASU 2014-09 moved those to Topic 606 (606-10-55-66 through 55-78), leaving 470-40 for purchases made by another entity on the sponsor's behalf.","related_topics":["606-10","440-10","835","330","860"],"key_concepts":["product financing arrangement","sponsor","in-substance borrowing","repurchase agreement","specified prices","financing and holding costs","resale price guarantee","unconditional purchase obligation"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e239ef0ce3f0696d67e8d873f8c067ce07c7779c45dbce0c9e8ff9d641e552fb","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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timestamps"}},{"number":"440-10","title":"Overall","topic_title":"Commitments","score":0.7279,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f833907647a0e5faad897a72186e8206f555b74246f3de86a57bb50f34f85289","downloaded_from":"2026-09-10T00:25:16.890Z","last_downloaded_at":"2026-09-10T00:25:37.457Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"845-10","title":"Overall","topic_title":"Nonmonetary Transactions","score":0.6999,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a5a131bcf5483ae7fa981b4e5ed97b33618a180b6be71a825ba5683c17597a7","downloaded_from":"2026-09-10T01:59:22.320Z","last_downloaded_at":"2026-09-10T01:59:59.992Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"860-50","title":"Servicing Assets and Liabilities","topic_title":"Transfers and Servicing","score":0.6881,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bb87fb714831d4252d79196493bd910d67340b2c195acedd0745a8e84410986b","downloaded_from":"2026-09-10T02:08:04.325Z","last_downloaded_at":"2026-09-10T02:08:35.803Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"730-20","title":"Research and Development Arrangements","topic_title":"Research and 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Loans","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ed5960aebc9d54520c1dcbc8386474399858661d825d70a35a76a93281b6948","downloaded_from":"2026-09-10T00:31:54.980Z","last_downloaded_at":"2026-09-10T00:32:26.321Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-50","title":"Modifications and Extinguishments","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:98c60b85a8e2350c6c038e211a246e07acdcc596f78869271a5e0415cc904df3","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2f4a9b809af5488c5099ecde64032ccd3417ad5393daa77cacea17e44e417488","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-50","topic":"470","title":"Modifications and Extinguishments","area":"Liabilities","paragraphs":52,"summary":"ASC 470-50 governs the debtor's accounting for extinguishments of debt and for modifications or exchanges of debt instruments with the same creditor (excluding troubled debt restructurings under 470-60 and conversions pursuant to conversion privileges under 470-20). Its core rule is the \"10 percent cash flow test\": if the present value of cash flows under the new instrument differs by at least 10% from the PV of the remaining cash flows of the original instrument (discounted at the original instrument's effective rate), the terms are substantially different and the transaction is accounted for as an extinguishment, with the new debt recorded at fair value and gain or loss recognized currently in income. If not substantially different, no gain or loss is recognized and a new effective interest rate is computed from the original carrying amount and revised cash flows.","concepts":["debt extinguishment","10 percent cash flow test","substantially different terms","debt modification","embedded conversion option","agent versus principal intermediary","borrowing capacity","deferred debt issuance costs"],"categories":["Derecognition","Subsequent measurement","Debt and equity","Financial instruments"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-50-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Beneficial Conversion FeatureSupersededAccounting Standards Update No. 2020-0608/05/2020
Reacquisition Price of DebtAddedAccounting Standards Update No. 2014-0603/14/2014
470-50-15-3AmendedAccounting Standards Update No. 2024-0411/26/2024
470-50-40-2AmendedAccounting Standards Update No. 2014-0603/14/2014
470-50-40-2AAddedAccounting Standards Update No. 2018-0907/16/2018
470-50-40-12AmendedAccounting Standards Update No. 2021-0405/03/2021
470-50-40-12AAddedAccounting Standards Update No. 2021-0405/03/2021
470-50-40-16SupersededAccounting Standards Update No. 2020-0608/05/2020
470-50-40-17AmendedAccounting Standards Update No. 2020-0303/09/2020
470-50-40-17AAddedAccounting Standards Update No. 2021-0405/03/2021
470-50-40-18AmendedAccounting Standards Update No. 2020-0303/09/2020
470-50-40-18AAddedAccounting Standards Update No. 2021-0405/03/2021
470-50-40-21AmendedAccounting Standards Update No. 2021-0405/03/2021
470-50-40-21AmendedAccounting Standards Update No. 2020-0303/09/2020
470-50-45-1SupersededAccounting Standards Update No. 2015-0101/09/2015
470-50-45-2SupersededAccounting Standards Update No. 2015-0101/09/2015
470-50-50-1AmendedAccounting Standards Update No. 2009-1612/23/2009
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nBeneficial Conversion Feature | Superseded | Accounting Standards Update No. 2020-06 | 0…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:363d070083a3a44ed6fec5e7cc6aa88d695b1ab4494d7cc271e95c7bef747356","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:32:44.546Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481415","source_sha256":"4b0ee2c752cffead096721c5f7de2c4afaab6efda67c2eb79e67d102f9772418"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9910d2777b3ec5228ed64bcd7d61d9bd8294f1b2bafd773f47e1f73476ba4a3d","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:32:44.546Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481415","source_sha256":"4b0ee2c752cffead096721c5f7de2c4afaab6efda67c2eb79e67d102f9772418"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7b451ae153966468b65ee02c28cfaeab7a555955f1b94a33bb9232f2793604f4","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:32:44.546Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481415","source_sha256":"4b0ee2c752cffead096721c5f7de2c4afaab6efda67c2eb79e67d102f9772418"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-50-05-1","para":"05-1","html":"
This Subtopic discusses the accounting for all extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring(see Subtopic 470-60) or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance (see Subtopic 470-20).
","snippet":"This Subtopic discusses the accounting for all extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring(see Subtopic 470-60) or a conversion of debt to equity securities…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:46f68a849ff58e6fdf9dc16b9923e70fab167c174b2a6468b174c96c2a36dbb7","downloaded_from":"2026-09-10T00:32:47.216Z","last_downloaded_at":"2026-09-10T00:32:47.216Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481386","source_sha256":"5e07e4d20088c4b4131f16da1bd1a928b4bc5b485c1b1925dfd11988c1345006"}},{"citation":"470-50-05-2","para":"05-2","html":"
This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment.
","snippet":"This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same man…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:57a74cdba6f81d67d6a0a452fdb568a68c4d6124b43ab9f93cab1552bd021aac","downloaded_from":"2026-09-10T00:32:47.216Z","last_downloaded_at":"2026-09-10T00:32:47.216Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481386","source_sha256":"5e07e4d20088c4b4131f16da1bd1a928b4bc5b485c1b1925dfd11988c1345006"}},{"citation":"470-50-05-3","para":"05-3","html":"
In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment.
","snippet":"In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:17270ac622faeab211ca423698b62eca7103e4100a1335a2985d7e13e80e4dd9","downloaded_from":"2026-09-10T00:32:47.216Z","last_downloaded_at":"2026-09-10T00:32:47.216Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481386","source_sha256":"5e07e4d20088c4b4131f16da1bd1a928b4bc5b485c1b1925dfd11988c1345006"}},{"citation":"470-50-05-4","para":"05-4","html":"
When debtors undergo a modification or exchange of a debt instrument, the resulting cash flows can be affected by changes in principal amounts, interest rates, or maturity. They can also be affected by fees exchanged between the debtor and creditor to effect changes in any of the following:
  1. a
    Recourse or nonrecourse features
  2. b
    Priority of the obligation
  3. c
    Collateralized (including changes in collateral) or noncollateralized features
  4. d
    Debt covenants or waivers
  5. e
    The guarantor (or elimination of the guarantor)
  6. f
    Option features.
","snippet":"When debtors undergo a modification or exchange of a debt instrument, the resulting cash flows can be affected by changes in principal amounts, interest rates, or maturity. They can also be affected by fees exchanged bet…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cc93d9e6fe9c4b435f919cff427589b1ee547976e715853479f053c6d195bffd","downloaded_from":"2026-09-10T00:32:47.216Z","last_downloaded_at":"2026-09-10T00:32:47.216Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481386","source_sha256":"5e07e4d20088c4b4131f16da1bd1a928b4bc5b485c1b1925dfd11988c1345006"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d3b64d89130a8b452f00ca2f4511dc491b0000d4011a32c7cd5625924c29ed20","downloaded_from":"2026-09-10T00:32:47.216Z","last_downloaded_at":"2026-09-10T00:32:47.216Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481386","source_sha256":"5e07e4d20088c4b4131f16da1bd1a928b4bc5b485c1b1925dfd11988c1345006"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5228a9672f9f614a9b215b7a657db1b7e9af0d67f95fe8ba3a4be96143c4e8c9","downloaded_from":"2026-09-10T00:32:47.216Z","last_downloaded_at":"2026-09-10T00:32:47.216Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481386","source_sha256":"5e07e4d20088c4b4131f16da1bd1a928b4bc5b485c1b1925dfd11988c1345006"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Entities","paragraphs":[{"citation":"470-50-15-1","para":"15-1","html":"
The guidance in this Subtopic applies to all entities.
","snippet":"The guidance in this Subtopic applies to all entities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5e777cd5732e498bd499fcffd987e5e1fb3b21b93117667e2a78c203255e8372","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:09b8a38b50523c62f16b19d16d6ca720ae4157805d1530ce8c9860708a0267e8","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}},{"block":null,"heading":"Transactions","paragraphs":[{"citation":"470-50-15-2","para":"15-2","html":"
The guidance in this Subtopic applies, in part, to the following transactions and activities:
  1. a
    Extinguishments of debt effected by issuance of common or preferred stock, including redeemable and fixed-maturity preferred stock, that do not represent the exercise of a conversion right contained in the terms of the debt at issuance.
","snippet":"The guidance in this Subtopic applies, in part, to the following transactions and activities:\n(a) Extinguishments of debt effected by issuance of common or preferred stock, including redeemable and fixed-maturity preferr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6fbc441d3db3a4391129a3ce50cfc94384bdf3f0b339bdbebb1c32697247df40","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}},{"citation":"470-50-15-3","para":"15-3","html":"
The guidance in this Subtopic does not apply to the following transactions and activities:
  1. a
    Conversions of debt into equity securities of the debtor pursuant to conversion privileges provided in the terms of the debt at issuance. Additionally, the guidance in this Subtopic does not apply to conversions of convertible debt instruments pursuant to terms that reflect changes made by the debtor to the conversion privileges provided in the debt at issuance (including changes that involve the payment of consideration) for the purpose of inducing conversion. Guidance on conversions of debt instruments (including induced conversions) is contained in paragraphs 470-20-40-13 and 470-20-40-15.
  2. b
    Extinguishments of debt through a troubled debt restructuring. (See Section 470-60-15 for guidance on determining whether a modification or exchange of debt instruments is a troubled debt restructuring. If it is determined that the modification or exchange does not result in a troubled debt restructuring, the guidance in this Subtopic shall be applied.)
  3. c
    Transactions entered into between a debtor or a debtor's agent and a third party that is not the creditor.
Transition date:(P) December 16, 2025; (N) December 16, 2025Transition guidance:
470-20-65-4The guidance in this Subtopic does not apply to the following transactions and activities:
  1. a
    Conversions of debt instruments pursuant to conversion privileges provided in the terms of those instruments. Additionally, the guidance in this Subtopic does not apply to conversions of convertible debt instruments pursuant to terms that reflect changes made by the debtor to the conversion privileges provided in the existing terms of those debt instruments (including changes that involve the payment of consideration) for the purpose of inducing conversion. Guidance on conversions of debt instruments (including induced conversions) is contained in paragraphs 470-20-40-4, 470-20-40-13, and 470-20-40-15.
  2. b
    Extinguishments of debt through a troubled debt restructuring. (See Section 470-60-15 for guidance on determining whether a modification or exchange of debt instruments is a troubled debt restructuring. If it is determined that the modification or exchange does not result in a troubled debt restructuring, the guidance in this Subtopic shall be applied.)
  3. c
    Transactions entered into between a debtor or a debtor's agent and a third party that is not the creditor.
","snippet":"The guidance in this Subtopic does not apply to the following transactions and activities:\n(a) Conversions of debt into equity securities of the debtor pursuant to conversion privileges provided in the terms of the debt …","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b224da0e2cc052c1124b7bbf0f2a6aec0ac986c08b8e5f9306b7e6ef746dc55a","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:06ccc568ff1e0da38489be7ec3c75ebb9e8c26505ce254ec92148fb5d6cdd1f3","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}},{"block":null,"heading":"Other Considerations","paragraphs":[{"citation":"470-50-15-4","para":"15-4","html":"
The general guidance for the extinguishment of liabilities is contained in Subtopic 405-20and defines transactions that the debtor shall recognize as an extinguishment of a liability.
","snippet":"The general guidance for the extinguishment of liabilities is contained in Subtopic 405-20and defines transactions that the debtor shall recognize as an extinguishment of a liability.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0d4cd610309842c32175b017378c40395ff450275d224b31139d7a6a5c3f2665","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8f43be06c8d0d5d1c0ec6a0cbad3b56c924eda740fc16a979471d5c220bfa85b","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9871c9cccc2322e0732002b01f94601921a207df44e9c2e1fd5ce6b4efe963dc","downloaded_from":"2026-09-10T00:32:50.760Z","last_downloaded_at":"2026-09-10T00:32:50.760Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481357","source_sha256":"1497fe483e64ed8425679f1859a577f3c4e2941728a494e97c10a41dce60c2f9"}},{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":"Extinguishments of Debt","paragraphs":[{"citation":"470-50-40-1","para":"40-1","html":"
As indicated in paragraph 470-50-15-4, the general guidance for the extinguishment of liabilities is contained in Subtopic 405-20 and defines transactions that the debtor shall recognize as an extinguishment of a liability.
","snippet":"As indicated in paragraph 470-50-15-4, the general guidance for the extinguishment of liabilities is contained in Subtopic 405-20 and defines transactions that the debtor shall recognize as an extinguishment of a liabili…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:94a735d3712172cc71d037a919c8cbf6e8c31add0597a127f5192eb80db835a7","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-2","para":"40-2","html":"
A difference between the reacquisition price of debt and the net carrying amount of the extinguished debt shall be recognized currently in income of the period of extinguishment as losses or gains and identified as a separate item. Gains and losses shall not be amortized to future periods. If upon extinguishment of debt the parties also exchange unstated (or stated) rights or privileges, the portion of the consideration exchanged allocable to such unstated (or stated) rights or privileges shall be given appropriate accounting recognition. Moreover, extinguishment transactions between related entities may be in essence capital transactions.
","snippet":"A difference between the reacquisition price of debt and the net carrying amount of the extinguished debt shall be recognized currently in income of the period of extinguishment as losses or gains and identified as a sep…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:839d14c4f2d5fbdf896ba1599186a15f6512d9ee6bc8b4f2fb29f2f45edfa936","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-2A","para":"40-2A","html":"
In an early extinguishment of debt for which the fair value option has been elected in accordance with Subtopic 815-15 on embedded derivatives or Subtopic 825-10 on financial instruments, the net carrying amount of the extinguished debt shall be equal to its fair value at the reacquisition date. In accordance with paragraph 825-10-45-6, upon extinguishment an entity shall include in net income the cumulative amount of the gain or loss previously recorded in other comprehensive income for the extinguished debt that resulted from changes in instrument-specific credit risk.
","snippet":"In an early extinguishment of debt for which the fair value option has been elected in accordance with Subtopic 815-15 on embedded derivatives or Subtopic 825-10 on financial instruments, the net carrying amount of the e…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e64b0b51e3434e486d7c802c40db1eab442bab54dd472463826abbfc9db53f46","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-3","para":"40-3","html":"
In an early extinguishment of debt through exchange for common or preferred stock, the reacquisition price of the extinguished debt shall be determined by the value of the common or preferred stock issued or the value of the debt—whichever is more clearly evident.
","snippet":"In an early extinguishment of debt through exchange for common or preferred stock, the reacquisition price of the extinguished debt shall be determined by the value of the common or preferred stock issued or the value of…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:01e547ca51ee7be4b3e1fe62c9980e122f85e3a976f6d030bfcb1fa714a8189b","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:01cc401ae25f6a480ffc80e11259e19de1cef39679817386ab9c70a3d69a38ea","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Extinguishment of Convertible Debt","paragraphs":[{"citation":"470-50-40-4","para":"40-4","html":"
The extinguishment of convertible debt does not change the character of the security as between debt and equity at that time. Therefore, a difference between the cash acquisition price of the debt and its net carrying amount shall be recognized currently in income in the period of extinguishment as losses or gains.
","snippet":"The extinguishment of convertible debt does not change the character of the security as between debt and equity at that time. Therefore, a difference between the cash acquisition price of the debt and its net carrying am…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b66fca5662641b6e2c3c6467d3b0fc1ed99005f043618bc52282a25e2323c51a","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-5","para":"40-5","html":"
The guidance in this Subtopic does not apply to debt tendered to exercise detachable warrants that were originally issued with that debt if the debt is permitted to be tendered towards the exercise price of the warrants under the terms of the securities at issuance. The tendering of the debt in such a case would be accounted for in the same manner as a conversion.
","snippet":"The guidance in this Subtopic does not apply to debt tendered to exercise detachable warrants that were originally issued with that debt if the debt is permitted to be tendered towards the exercise price of the warrants …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b6ac083e7c3f435a56b293b1d90d212be7877555d1b32795b3a6ae69649b681","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:07a3262bf7408194368854b2499da0e9d47149c760a6461c093e5a3bbf115221","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Modifications and Exchanges","paragraphs":[{"citation":"470-50-40-6","para":"40-6","html":"
An exchange of debt instruments with substantially different terms is a debt extinguishment and shall be accounted for in accordance with paragraph 405-20-40-1. A debtor could achieve the same economic effect as an exchange of a debt instrument by making a substantial modification of terms of an existing debt instrument. Accordingly, a substantial modification of terms shall be accounted for like an extinguishment.
","snippet":"An exchange of debt instruments with substantially different terms is a debt extinguishment and shall be accounted for in accordance with paragraph 405-20-40-1. A debtor could achieve the same economic effect as an excha…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9b95c8cfbfc2b551547e820804be5ff8d208308d126042e2eb8f2591ef57d735","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-7","para":"40-7","html":"
Transactions among debt holders do not result in a modification of the original debt's terms or an exchange of debt instruments between the debtor and the debt holders and do not impact the accounting by the debtor.
","snippet":"Transactions among debt holders do not result in a modification of the original debt's terms or an exchange of debt instruments between the debtor and the debt holders and do not impact the accounting by the debtor.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0751cc91e2bb2633fd2963c3e07f176da60db9d107158d259d3f731988a0ff03","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-8","para":"40-8","html":"
Transactions involving the modification or exchange of debt instruments shall only result in gain or loss recognition by the debtor if the conditions for extinguishment of debt described in paragraph 405-20-40-1 are satisfied or if the guidance in this Subtopic requires that accounting.
","snippet":"Transactions involving the modification or exchange of debt instruments shall only result in gain or loss recognition by the debtor if the conditions for extinguishment of debt described in paragraph 405-20-40-1 are sati…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:059bc9ebaf1e62395ec8ba8abecff6170d276e20292339e699671c4c5871e7c8","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-9","para":"40-9","html":"
Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation by the debtor would only be accounted for as debt extinguishments if the debt instruments have substantially different terms, as defined in this Subtopic.
","snippet":"Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation by the debtor would o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ac2654addab48d0705edf24969f2754817313830961bf6bf84b1f623fb1c94d6","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-10","para":"40-10","html":"
From the debtor's perspective, an exchange of debt instruments between or a modification of a debt instrument by a debtor and a creditor in a nontroubled debt situation is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows under the terms of the original instrument. If the terms of a debt instrument are changed or modified and the cash flow effect on a present value basis is less than 10 percent, the debt instruments are not considered to be substantially different, except in the following two circumstances:
  1. a
    A modification or an exchange affects the terms of an embedded conversion option, from which the change in the fair value of the embedded conversion option (calculated as the difference between the fair value of the embedded conversion option immediately before and after the modification or exchange) is at least 10 percent of the carrying amount of the original debt instrument immediately before the modification or exchange.
  2. b
    A modification or an exchange of debt instruments adds a substantive conversion option or eliminates a conversion option that was substantive at the date of the modification or exchange. (For purposes of evaluating whether an embedded conversion option was substantive on the date it was added to or eliminated from a debt instrument, see paragraphs
    470-20-40-7 through 40-9
    .)
","snippet":"From the debtor's perspective, an exchange of debt instruments between or a modification of a debt instrument by a debtor and a creditor in a nontroubled debt situation is deemed to have been accomplished with debt instr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:953cc012f44044a6ea6cbaf7e03a28ae07302d354e6e63aaeff2a504888a6db3","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-11","para":"40-11","html":"
With respect to the conditions in (a) and (b) in the preceding paragraph, this guidance does not address modifications or exchanges of debt instruments in circumstances in which the embedded conversion option is separately accounted for as a derivative under Topic 815 before the modification, after the modification, or both before and after the modification.
","snippet":"With respect to the conditions in (a) and (b) in the preceding paragraph, this guidance does not address modifications or exchanges of debt instruments in circumstances in which the embedded conversion option is separate…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0aa1dd2cdfc6939b5f5e40fd5c9d5403fb270a9f9e3927ef776daa69ddd03c10","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-12","para":"40-12","html":"
The following guidance shall be used to calculate the present value of the cash flows for purposes of applying the 10 percent cash flow test described in paragraph 470-50-40-10:
  1. a
    The cash flows of the new debt instrument include all cash flows specified by the terms of the new debt instrument plus any amounts paid by the debtor to the creditor less any amounts received by the debtor from the creditor as part of the exchange or modification. For a modification or an exchange of a freestanding equity-classified written call option held by a creditor that is a part of or directly related to a modification or an exchange of an existing debt instrument held by that same creditor (see paragraphs
    815-40-35-14 through 35-15
    and 815-40-35-17(c)), an entity shall apply the guidance in paragraph 470-50-40-12A.
  2. b
    If the original debt instrument or the new debt instrument has a floating interest rate, then the variable rate in effect at the date of the exchange or modification shall be used to calculate the cash flows of the variable-rate instrument.
  3. c
    If either the new debt instrument or the original debt instrument is callable or puttable, then separate cash flow analyses shall be performed assuming exercise and nonexercise of the call or put. The cash flow assumptions that generate the smaller change would be the basis for determining whether the 10 percent threshold is met.
  4. d
    If the debt instruments contain contingent payment terms or unusual interest rate terms, judgment shall be used to determine the appropriate cash flows.
  5. e
    The discount rate to be used to calculate the present value of the cash flows is the effective interest rate, for accounting purposes, of the original debt instrument.
  6. f
    If within a year of the current transaction the debt has been exchanged or modified without being deemed to be substantially different, then the debt terms that existed a year ago shall be used to determine whether the current exchange or modification is substantially different.
  7. g
    The change in the fair value of an embedded conversion option resulting from an exchange of debt instruments or a modification in the terms of an existing debt instrument shall not be included in the 10 percent cash flow test. Rather, a separate test shall be performed by comparing the change in the fair value of the embedded conversion option to the carrying amount of the original debt instrument immediately before the modification, as specified in paragraph 470-50-40-10(a).
","snippet":"The following guidance shall be used to calculate the present value of the cash flows for purposes of applying the 10 percent cash flow test described in paragraph 470-50-40-10:\n(a) The cash flows of the new debt instrum…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c4172d7921fbd8eb9fafa9a9ef90d8edfd43c600ce4edcb48e9c632c9b46a59a","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-12A","para":"40-12A","html":"
If a modification or an exchange of a freestanding equity-classified written call option held by a creditor is a part of or directly related to a modification or an exchange of an existing debt instrument held by that same creditor (see paragraphs
815-40-35-14 through 35-15
and 815-40-35-17(c)), an increase or a decrease in the fair value of the freestanding equity-classified written call option held by the creditor, calculated in accordance with paragraph 815-40-35-16, shall be included in the application of the 10 percent cash flow test described in paragraph 470-50-40-10.
","snippet":"If a modification or an exchange of a freestanding equity-classified written call option held by a creditor is a part of or directly related to a modification or an exchange of an existing debt instrument held by that sa…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4576038cd6980ffc4c7c70e1cdaed15a9d6a33fe49ff47fb6d6cec209bcc421a","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0954595030a8ce11bfbf3ee446ec14b3c504dc516f8a68bb34dc034cf685fcad","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Subsequent Accounting for Modifications and Exchanges If Extinguishment Accounting Is Applied","paragraphs":[{"citation":"470-50-40-13","para":"40-13","html":"
If it is determined that the original and new debt instruments are substantially different, the new debt instrument shall be initially recorded at fair value, and that amount shall be used to determine the debt extinguishment gain or loss to be recognized and the effective rate of the new instrument.
","snippet":"If it is determined that the original and new debt instruments are substantially different, the new debt instrument shall be initially recorded at fair value, and that amount shall be used to determine the debt extinguis…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:43fffb0cacfa13099928a89ab7243ea3948f0c405d47b9dcaddb5d9765d6b3c1","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ad7d85a4b44e79d4082b4faf2e55b66eb3393b4a8867b886684e05204ddd356","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Subsequent Accounting for Modifications and Exchanges If Extinguishment Accounting Is Not Applied","paragraphs":[{"citation":"470-50-40-14","para":"40-14","html":"
If it is determined that the original and new debt instruments are not substantially different, then a new effective interest rate shall be determined based on the carrying amount of the original debt instrument, adjusted for an increase (but not a decrease) in the fair value of an embedded conversion option (calculated as the difference between the fair value of the embedded conversion option immediately before and after the modification or exchange) resulting from the modification, and the revised cash flows.
","snippet":"If it is determined that the original and new debt instruments are not substantially different, then a new effective interest rate shall be determined based on the carrying amount of the original debt instrument, adjuste…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e81fa4f1e36c4f8aec1a01ba0d590ce09a00e13c54d0137717fd8f89485c363d","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-15","para":"40-15","html":"
If a convertible debt instrument is modified or exchanged in a transaction that is not accounted for as an extinguishment, an increase in the fair value of the embedded conversion option (calculated as the difference between the fair value of the embedded conversion option immediately before and after the modification or exchange) shall reduce the carrying amount of the debt instrument (increasing a debt discount or reducing a debt premium) with a corresponding increase in additional paid-in capital. However, a decrease in the fair value of an embedded conversion option resulting from a modification or an exchange shall not be recognized.
","snippet":"If a convertible debt instrument is modified or exchanged in a transaction that is not accounted for as an extinguishment, an increase in the fair value of the embedded conversion option (calculated as the difference bet…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eb09ba22479ed9700a076634985a76812d46ad076c6339ce19dc400051ab91ec","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-16","para":"40-16","html":"
Paragraph superseded by Accounting Standards Update No. 2020-06.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2020-06.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa2efdb9e1dff55b8b006296e6162de6922e686cd598220987a328860154547b","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bcf5eaeb34587de6c9d9f2a3ef1e67860ac6ceaae4f201d159eecd1dcccf3d7d","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Fees between Debtor and Creditor","paragraphs":[{"citation":"470-50-40-17","para":"40-17","html":"
Fees paid by the debtor to the creditor or received by the debtor from the creditor (fees may be received by the debtor from the creditor to cancel a call option held by the debtor or to extend a no-call period) as part of the exchange or modification shall be accounted for as follows:
  1. a
    If the exchange or modification is to be accounted for in the same manner as a debt extinguishment and the new debt instrument is initially recorded at fair value, then the fees paid or received shall be associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized.
  2. b
    If the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the fees shall be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method.
For fees between the debtor and creditor for exchanges of or modifications to line-of-credit or revolving-debt arrangements, see paragraph 470-50-40-21.
","snippet":"Fees paid by the debtor to the creditor or received by the debtor from the creditor (fees may be received by the debtor from the creditor to cancel a call option held by the debtor or to extend a no-call period) as part …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:db4da74207b567f2f4029fc71302ddf4ed87f6eb3d7264d1751d93147b1e234d","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-17A","para":"40-17A","html":"
An increase or a decrease in the fair value of a freestanding equity-classified written call option held by a creditor (calculated in accordance with paragraph 815-40-35-16) that is modified or exchanged as a part of or is directly related to a modification or an exchange of a debt instrument held by that same creditor (see paragraphs
815-40-35-14 through 35-15
and 815-40-35-17(c)) shall be accounted for in the same manner as fees between the debtor and the creditor as described in paragraph 470-50-40-17.
","snippet":"An increase or a decrease in the fair value of a freestanding equity-classified written call option held by a creditor (calculated in accordance with paragraph 815-40-35-16) that is modified or exchanged as a part of or …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c581d0d28e6809d5be29b4b6fd2907f2fdec59fc02a0ed0d516395d1dee755f1","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c361909157148ae5d0a997e7bfbcf48556f4b368a207374e76f23c8a8ffae793","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Third-Party Costs of Exchange or Modification","paragraphs":[{"citation":"470-50-40-18","para":"40-18","html":"
Costs incurred with third parties directly related to the exchange or modification (such as legal fees) shall be accounted for as follows:
  1. a
    If the exchange or modification is to be accounted for in the same manner as a debt extinguishment and the new debt instrument is initially recorded at fair value, then the costs shall be associated with the new debt instrument and amortized over the term of the new debt instrument using the interest method in a manner similar to debt issue costs.
  2. b
    If the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the costs shall be expensed as incurred.
For third-party costs for exchanges of or modifications to line-of-credit or revolving-debt arrangements, see paragraph 470-50-40-21.
","snippet":"Costs incurred with third parties directly related to the exchange or modification (such as legal fees) shall be accounted for as follows:\n(a) If the exchange or modification is to be accounted for in the same manner as …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7c3f38545dd5fc814723601261fb82adc3a78d6ac699a293d518b47ba5c27516","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-18A","para":"40-18A","html":"
An increase (but not a decrease) in the fair value of a freestanding equity-classified written call option held by a third party (calculated in accordance with paragraph 815-40-35-16) that is modified or exchanged as a part of or is directly related to a modification or an exchange of a debt instrument (see paragraphs
815-40-35-14 through 35-15
and 815-40-35-17(c)) shall be accounted for in the same manner as third-party costs incurred that are directly related to the modification or exchange of a debt instrument as described in paragraph 470-50-40-18.
","snippet":"An increase (but not a decrease) in the fair value of a freestanding equity-classified written call option held by a third party (calculated in accordance with paragraph 815-40-35-16) that is modified or exchanged as a p…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:efc1420c97f4ff8829caa98c12d7fe09b27197111a1973c52c259d0a0ecefdd3","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fd90efec949b915cae0949eaffd17259179cb80c4020b366178f292ef26625fa","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Transactions Involving Third-Party Intermediaries","paragraphs":[{"citation":"470-50-40-19","para":"40-19","html":"
In transactions involving a third-party intermediary acting as agent on behalf of a debtor, the actions of the intermediary shall be viewed as those of the debtor in order to determine whether there has been an exchange of debt instruments or a modification of terms between a debtor and a creditor. Stated another way, if a third-party intermediary acts as agent, the analysis shall look through the intermediary.
","snippet":"In transactions involving a third-party intermediary acting as agent on behalf of a debtor, the actions of the intermediary shall be viewed as those of the debtor in order to determine whether there has been an exchange …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:80943393d1c8b5f8e8d8442751c79686417dbef8ae92d01bc40a23d1457f98bb","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-20","para":"40-20","html":"
In transactions involving a third-party intermediary acting as principal, the intermediary should be viewed as a third-party creditor similar to any other creditor in order to determine whether there has been an exchange of debt instruments or a modification of terms between a debtor and a creditor. Stated another way, if a third-party intermediary acts as principal, the analysis should not look through the intermediary.
","snippet":"In transactions involving a third-party intermediary acting as principal, the intermediary should be viewed as a third-party creditor similar to any other creditor in order to determine whether there has been an exchange…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d61459c54e663d8c37f336a52dcca4bd4b5c4f7bdbf74643b4ff7f73d97dd6f","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ef331d6585dcf7e9a05ed34adc73d44df7a5a0173a7671f63e7be8cf56d97a09","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"block":null,"heading":"Line-of-Credit or Revolving-Debt Arrangements","paragraphs":[{"citation":"470-50-40-21","para":"40-21","html":"
Modifications to or exchanges of line-of-credit or revolving-debt arrangements resulting in either a new line-of-credit or revolving-debt arrangement or resulting in a traditional term-debt arrangement shall be evaluated in the following manner:
  1. a
    The debtor shall compare the product of the remaining term and the maximum available credit of the old arrangement (this product is referred to as the borrowing capacity) with the borrowing capacity of the new arrangement.
  2. b
    If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then any unamortized deferred costs, any fees paid to the creditor, and any third-party costs incurred shall be associated with the new arrangement (that is, deferred and amortized over the term of the new arrangement).
  3. c
    If the borrowing capacity of the new arrangement is less than the borrowing capacity of the old arrangement, then:
    1. 1
      Any fees paid to the creditor and any third-party costs incurred shall be associated with the new arrangement (that is, deferred and amortized over the term of the new arrangement).
    2. 2
      Any unamortized deferred costs relating to the old arrangement at the time of the change shall be written off in proportion to the decrease in borrowing capacity of the old arrangement. The remaining unamortized deferred costs relating to the old arrangement shall be deferred and amortized over the term of the new arrangement.
","snippet":"Modifications to or exchanges of line-of-credit or revolving-debt arrangements resulting in either a new line-of-credit or revolving-debt arrangement or resulting in a traditional term-debt arrangement shall be evaluated…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0c44eb2c0138da5e3998b589458e8196a618e7837671f39b350d9dc06b40acaf","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-22","para":"40-22","html":"
The guidance in this Subtopic is limited to modifications to or exchanges of line-of-credit or revolving-debt arrangements by a debtor and a creditor (the same parties that were involved in the original line-of-credit or revolving-debt arrangement) in a nontroubled situation.
","snippet":"The guidance in this Subtopic is limited to modifications to or exchanges of line-of-credit or revolving-debt arrangements by a debtor and a creditor (the same parties that were involved in the original line-of-credit or…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2386015b58f2ee4931ac17f155e316d12dd29da2fdef9a79fae9734598af35cc","downloaded_from":"2026-09-10T00:32:56.153Z","last_downloaded_at":"2026-09-10T00:32:56.153Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481303","source_sha256":"494945da4d9f4f0bf0f5340c8db18de5c641c8995d7a82624568a6bac29aa479"}},{"citation":"470-50-40-23","para":"40-23","html":"
See Example 1 (paragraph 470-50-55-10) for an illustration of this guidance.
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Paragraph superseded by Accounting Standards Update No. 2015-01.
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Paragraph superseded by Accounting Standards Update No. 2015-01.
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If debt was considered to be extinguished by in-substance defeasance 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.
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Based on the definition of a loan participation, for purposes of applying the guidance in this Subtopic, the debt instrument would be the contract between the debtor and the lead bank. Participating banks are not direct creditors but, rather, have an interest represented by a certificate of participation. In the event of a modification or exchange between the debtor and lead bank, the debtor shall apply the guidance in this Subtopic.
","snippet":"Based on the definition of a loan participation, for purposes of applying the guidance in this Subtopic, the debt instrument would be the contract between the debtor and the lead bank. Participating banks are not direct …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2ade9f008865c206d045e5a6764d1f483552b286029baaf7653c530c24490438","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-2","para":"55-2","html":"
Based on the definition of a loan syndication, for purposes of applying the guidance in this Subtopic, separate debt instruments exist between the debtor and the individual creditors participating in the syndication. If an exchange or modification offer is made to all members of the syndicate and only some of the creditors agree to the exchange or modification, the guidance in this Subtopic would be applied to debt instruments held by those creditors that agree to the exchange or modification. Debt instruments held by those creditors that do not agree would not be affected.
","snippet":"Based on the definition of a loan syndication, for purposes of applying the guidance in this Subtopic, separate debt instruments exist between the debtor and the individual creditors participating in the syndication. If …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2eab9cbe0cc42af1c45157b995f679e927463784506676377fe69e691422885f","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-3","para":"55-3","html":"
In a public debt issuance, for purposes of applying the guidance in this Subtopic, the debt instrument is the individual security held by an investor, and the creditor is the security holder. If an exchange or modification offer is made to all investors and only some agree to the exchange or modification, then the guidance in this Subtopic shall be applied to debt instruments held by those investors that agree to the exchange or modification. Debt instruments held by those investors that do not agree would not be affected.
","snippet":"In a public debt issuance, for purposes of applying the guidance in this Subtopic, the debt instrument is the individual security held by an investor, and the creditor is the security holder. If an exchange or modificati…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:88778835bcdddee717fb6bdc833886581d4fa3ded1947e3e7963eecccb9f71d1","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-4","para":"55-4","html":"
In transactions involving a third-party investment banker acting as agent on behalf of the debtor, the activity of the investment banker is treated as if it were the activity of the debtor. Thus, if the investment banker acquires debt instruments from holders for cash, the debtor has an extinguishment even if the investment banker subsequently transfers a debt instrument with the same or different terms to the same or different investors. If the investment banker acting as agent on behalf of the debtor acquires instruments from holders by exchanging those instruments for new debt, the guidance in this Subtopic shall be applied. If the investment banker acquires debt instruments from holders for cash and contemporaneously issues new debt instruments for cash, an extinguishment has occurred only if the two debt instruments have substantially different terms, as defined in Section 470-50-40.
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In transactions involving a third-party investment banker acting as principal, the investment banker is considered a debt holder like other debt holders. Thus, if the investment banker acting as principal acquires debt instruments from other parties, the acquisition by the investment banker does not impact the accounting by the debtor, and exchanges or modifications between the debtor and the investment banker shall follow the guidance in this Subtopic.
","snippet":"In transactions involving a third-party investment banker acting as principal, the investment banker is considered a debt holder like other debt holders. Thus, if the investment banker acting as principal acquires debt i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6b671aca27ed8c09f3151b085f993f4b88e5acad1e48778dfae7e662be72f9b7","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-6","para":"55-6","html":"
If a debt instrument is transferred from one debt holder to another in connection with a modification or exchange, including transfers from an intermediary acting as principal to another debt holder, the debtor is not impacted by the exchange as long as the funds do not pass through the debtor or its agent.
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Transactions between a debtor and a third-party creditor should be analyzed based on the guidance in paragraph 405-20-40-1 and the guidance in this Subtopic to determine whether gain or loss recognition is appropriate. Application of the guidance in this Subtopic may require determination of whether a third-party intermediary is an agent or a principal and consideration of legal definitions may be helpful in making that determination. Generally, an agent acts for and on behalf of another party. Therefore, a third-party intermediary is an agent of a debtor if it acts on behalf of the debtor. In addition, an evaluation of the facts and circumstances surrounding the involvement of a third-party intermediary should be performed. The following indicators should be considered in that evaluation:
  1. a
    If the intermediary's role is restricted to placing or reacquiring debt for the debtor without placing its own funds at risk, that would indicate that the intermediary is an agent. For example, that may be the case if the intermediary's own funds are committed and those funds are not truly at risk because the intermediary is made whole by the debtor (and therefore is indemnified against loss by the debtor). If the intermediary places and reacquires debt for the debtor by committing its funds and is subject to the risk of loss of those funds, that would indicate that the intermediary is acting as principal.
  2. b
    In an arrangement where an intermediary places notes issued by the debtor, if the placement is done under a best-efforts agreement, that would indicate that the intermediary is acting as agent. Under a best-efforts agreement, an agent agrees to buy only those securities that it is able to sell to others; if the agent is unable to remarket the debt, the issuer is obligated to pay off the debt. The intermediary may be acting as principal if the placement is done on a firmly committed basis, which requires the intermediary to hold any debt that it is unable to sell to others.
  3. c
    If the debtor directs the intermediary and the intermediary cannot independently initiate an exchange or modification of the debt instrument, that would indicate that the intermediary is an agent. The intermediary may be a principal if it acquires debt from or exchanges debt with another debt holder in the market and is subject to loss as a result of the transaction.
  4. d
    If the only compensation derived by an intermediary from its arrangement with the debtor is limited to a preestablished fee, that would indicate that the intermediary is an agent. If the intermediary derives gains based on the value of the security issued by the debtor, that would indicate that the intermediary is a principal.
","snippet":"Transactions between a debtor and a third-party creditor should be analyzed based on the guidance in paragraph 405-20-40-1 and the guidance in this Subtopic to determine whether gain or loss recognition is appropriate. A…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:450564667b895275106d2f40b0c0c7fc15edc2ae9037af39cc97ec5ea526ae11","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-8","para":"55-8","html":"
This Subtopic applies to transactions in which the terms of a debt instrument are modified through execution of a binding contract between the debtor and creditor that requires a debt instrument to be redeemed at a future date for a specified amount.
","snippet":"This Subtopic applies to transactions in which the terms of a debt instrument are modified through execution of a binding contract between the debtor and creditor that requires a debt instrument to be redeemed at a futur…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d0a1bf6172f690b7a19aa4e777952c9acd86b576e58d9932ac7311ba17e8fd5","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-9","para":"55-9","html":"
The following situations do not result in an extinguishment and would not result in gain or loss recognition under either paragraph 405-20-40-1 or this Subtopic:
  1. a
    An announcement of intent by the debtor to call a debt instrument at the first call date
  2. b
    In-substance defeasance
  3. c
    An agreement with a creditor that a debt instrument issued by the debtor and held by a different party will be redeemed.
","snippet":"The following situations do not result in an extinguishment and would not result in gain or loss recognition under either paragraph 405-20-40-1 or this Subtopic:\n(a) An announcement of intent by the debtor to call a debt…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e1bf385b52d773625db3e3a04d5cff6f329281a168841966d10a619809063b18","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:34efcaef3b9e9c04cb454ae520cd2afc7b33d260107980fef6c836198d2ecb4a","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"470-50-55-10","para":"55-10","html":"
This Example illustrates the application of the guidance in paragraphs
470-50-40-21 through 40-22
for changes in line-of-credit or revolving-debt arrangements.
","snippet":"This Example illustrates the application of the guidance in paragraphs 470-50-40-21 through 40-22 for changes in line-of-credit or revolving-debt arrangements.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8860aaaf38a79e6c2a183c5484307d2549dc2f112243a02a35b10f2e16bbd76f","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-11","para":"55-11","html":"
Terms of original arrangement are as follows:
  1. a
    Five-year term (three years remaining)
  2. b
    $10 million commitment amount
  3. c
    The borrowing capacity under the original arrangement at the time of the change is $30 million, the product of the remaining term (3 years) and the commitment amount ($10 million).
","snippet":"Terms of original arrangement are as follows:\n(a) Five-year term (three years remaining)\n(b) $10 million commitment amount\n(c) The borrowing capacity under the original arrangement at the time of the change is $30 millio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ad6439aa2e9c8ebe957d4da9f1adf2ca6634996506a42301bb21e2dc36b16934","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-12","para":"55-12","html":"
The following situations represent changes that are made (with the same creditor) to the original terms:
  1. a
    The commitment amount is increased to $15 million, the term of the new arrangement remains at 3 years (borrowing capacity is $45 million).
  2. b
    The commitment amount is decreased to $2 million, the term of the new arrangement is 5.5 years (borrowing capacity is $11 million).
  3. c
    The original revolver is replaced with a 3-year, $7.5 million term loan, with principal due at the end of 3 years (borrowing capacity is $22.5 million).
  4. d
    The original revolver is replaced with a 3-year, $10 million term loan, with principal due at the end of 3 years (borrowing capacity is $30 million).
","snippet":"The following situations represent changes that are made (with the same creditor) to the original terms:\n(a) The commitment amount is increased to $15 million, the term of the new arrangement remains at 3 years (borrowin…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bb016ba34761cfcef40e6f870c9864ea061629e543b04d4dff248e928f5a24c0","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}},{"citation":"470-50-55-13","para":"55-13","html":"
In all of the situations described, at the time the change is made to the original arrangement, $150,000 of unamortized costs relating to the original arrangement remain on the debtor's balance sheet; the debtor pays a fee of $100,000 to the creditor; and the debtor incurs third-party costs of $200,000.
","snippet":"In all of the situations described, at the time the change is made to the original arrangement, $150,000 of unamortized costs relating to the original arrangement remain on the debtor's balance sheet; the debtor pays a f…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c4d98c77731fb772c780ea193576eae0451dafb27ab36bb4e937327fdfa3cf2f","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:94fbc5fd6c1fec32b3e9e9bf192498d302945a54bdc3e1005d9c9665af7b0ec7","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7710ca96f1512c86072d79c4cfdc8378cf0f98bc8243443d12729f5c9ac5ccff","downloaded_from":"2026-09-10T00:33:05.223Z","last_downloaded_at":"2026-09-10T00:33:05.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481213","source_sha256":"4421997bc0e8ecfe59fcd8d4e1c1cd02c815a4d47c679d1b839af777639320ab"}}],"enrichment":{"summary":"ASC 470-50 governs the debtor's accounting for extinguishments of debt and for modifications or exchanges of debt instruments with the same creditor (excluding troubled debt restructurings under 470-60 and conversions pursuant to conversion privileges under 470-20). Its core rule is the \"10 percent cash flow test\": if the present value of cash flows under the new instrument differs by at least 10% from the PV of the remaining cash flows of the original instrument (discounted at the original instrument's effective rate), the terms are substantially different and the transaction is accounted for as an extinguishment, with the new debt recorded at fair value and gain or loss recognized currently in income. If not substantially different, no gain or loss is recognized and a new effective interest rate is computed from the original carrying amount and revised cash flows.","key_points":["Any difference between the reacquisition price of debt and its net carrying amount is recognized in income in the period of extinguishment as a separate item and is never amortized to future periods (470-50-40-2); if the fair value option was elected, net carrying amount equals fair value at the reacquisition date and instrument-specific credit risk amounts in OCI are included in net income (470-50-40-2A).","An exchange of debt instruments with substantially different terms, or a substantial modification of terms, is accounted for as an extinguishment under 405-20-40-1 (470-50-40-6); otherwise modifications produce gain or loss only if the 405-20-40-1 conditions are met (470-50-40-8).","Instruments are 'substantially different' if the PV of the new instrument's cash flows differs by at least 10 percent from the PV of the original's remaining cash flows; even if under 10 percent, extinguishment accounting applies if the change in fair value of an embedded conversion option is at least 10 percent of the original debt's carrying amount, or if a substantive conversion option is added or eliminated (470-50-40-10).","Mechanics of the 10 percent test: include fees paid to or received from the creditor in the new instrument's cash flows, use the variable rate in effect for floating-rate debt, test both exercise and nonexercise of call/put features and use the assumptions producing the smaller change, discount at the original instrument's effective interest rate, and use terms from a year ago if there was a prior nonsubstantial modification within the year (470-50-40-12).","If substantially different, the new debt is initially recorded at fair value, which determines the gain or loss and the new effective rate (470-50-40-13); if not, a new effective rate is computed from the original carrying amount adjusted for an increase (but not a decrease) in the fair value of an embedded conversion option, with the offset to additional paid-in capital (470-50-40-14 through 40-15).","Creditor fees are included in extinguishment gain or loss if extinguishment accounting applies, but are deferred with existing premium/discount and amortized over the modified debt's term if not; third-party costs (e.g., legal fees) are capitalized and amortized like debt issue costs under extinguishment accounting but expensed as incurred otherwise (470-50-40-17 through 40-18).","Line-of-credit and revolving-debt changes are tested by comparing borrowing capacity (remaining term × maximum available credit): if new capacity is greater than or equal to old, unamortized costs, creditor fees, and third-party costs are deferred over the new arrangement; if less, unamortized deferred costs are written off in proportion to the decrease in borrowing capacity (470-50-40-21); an intermediary acting as agent is looked through, while one acting as principal is treated as a creditor (470-50-40-19 through 40-20)."],"categories":["Derecognition","Subsequent measurement","Debt and equity","Financial instruments"],"audience_level":"intermediate","student_note":"Refinancings are ubiquitous, so the modification-versus-extinguishment analysis and the resulting fee/cost treatment is a recurring practice and exam issue. Common mistakes: discounting at the new instrument's rate instead of the original effective rate, omitting creditor fees from the new cash flows, and assuming that failing the 10 percent test ends the analysis for convertible debt, where the separate conversion-option tests in 470-50-40-10(a)-(b) still apply.","related_topics":["405-20","470-20","470-60","815-40","825-10","835-30"],"key_concepts":["debt extinguishment","10 percent cash flow test","substantially different terms","debt modification","embedded conversion option","agent versus principal intermediary","borrowing capacity","deferred debt issuance costs"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d978c5a93415bb67f2454014dd6a1e20c30d4b5b6a1c9fa9a5a1c00917b36f7","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"470-60","title":"Troubled Debt Restructurings by Debtors","topic_title":"Debt","score":0.8491,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:367f61b7127b455257c22ff8b26e978c9b7069993736169d9bbb9a859f171a37","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-20","title":"Debt with Conversion and Other Options","topic_title":"Debt","score":0.822,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e6a37312b0f342a0f739507a500eceea0c61906c31e6d0f1bac97adce05a9d8","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:53.248Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-10","title":"Overall","topic_title":"Debt","score":0.7938,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:96fe475357e02aed17d18f3e941ad1dddf0a17d084f962060262f36b9be3f526","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"310-20","title":"Nonrefundable Fees and Other Costs","topic_title":"Receivables","score":0.7786,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7b042e4e34a52c7289cc8df68831f495a681f59fdb7ee755361894994400a044","downloaded_from":"2026-09-09T23:25:44.299Z","last_downloaded_at":"2026-09-09T23:26:21.150Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-20","title":"Extinguishments of Liabilities","topic_title":"Liabilities","score":0.7721,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1e3d10785da125c9b46ca6d4fdecc61a6c4e7d67ff24630f77b47f7771a9db04","downloaded_from":"2026-09-10T00:13:46.142Z","last_downloaded_at":"2026-09-10T00:14:11.157Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"835-30","title":"Imputation of Interest","topic_title":"Interest","score":0.7629,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:652661822831fcaa7700093886ed39011cbea71dda84924513b43c4989b3f29f","downloaded_from":"2026-09-10T01:49:32.218Z","last_downloaded_at":"2026-09-10T01:50:15.507Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-40","title":"Product Financing Arrangements","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bfe507df06cf6768299a1e7dce9dd02c418a608d636aa1efca78d02ba5e5df1b","downloaded_from":"2026-09-10T00:32:28.409Z","last_downloaded_at":"2026-09-10T00:32:41.026Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-60","title":"Troubled Debt Restructurings by Debtors","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:38844c804432e05a975c7e88aa535e720bb2f95a30624070639345f68bdc5cb6","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:96b4aef8734387505570850c44614da1f3381eca78946cbe5ef04c02b42c3db0","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-60","topic":"470","title":"Troubled Debt Restructurings by Debtors","area":"Liabilities","paragraphs":49,"summary":"ASC 470-60 governs how a debtor accounts for a troubled debt restructuring (TDR) — a restructuring in which the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession it would not otherwise consider (470-60-15-5). Settlements by transfer of assets or grant of an equity interest are measured at fair value, with a gain on restructuring equal to the excess of the payable's carrying amount over that fair value (470-60-35-2, 35-4). Pure modifications of terms are accounted for prospectively with no change in carrying amount and a new effective interest rate, unless total future cash payments (including contingent amounts) are less than the carrying amount, in which case the debtor writes down the payable and recognizes a gain (470-60-35-5 through 35-7).","concepts":["troubled debt restructuring","concession","debtor financial difficulties","gain on restructuring of payables","modification of terms","effective borrowing rate","contingent future payments","settlement by transfer of assets or equity interest"],"categories":["Debt and equity","Subsequent measurement","Derecognition","Disclosure"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-60-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Amortized Cost BasisAddedAccounting Standards Update No. 2016-1306/16/2016
ContractAddedAccounting Standards Update No. 2016-0202/25/2016
DebtSupersededAccounting Standards Update No. 2016-1912/14/2016
LeaseAddedAccounting Standards Update No. 2016-0202/25/2016
Lease ModificationAddedAccounting Standards Update No. 2016-0202/25/2016
Recorded Investment in the ReceivableSupersededAccounting Standards Update No. 2016-1306/16/2016
470-60-05-1AmendedAccounting Standards Update No. 2022-0203/31/2022
470-60-10-1AmendedAccounting Standards Update No. 2016-1912/14/2016
470-60-15-3SupersededAccounting Standards Update No. 2022-0203/31/2022
470-60-15-3AmendedAccounting Standards Update No. 2016-1306/16/2016
470-60-15-4AAddedAccounting Standards Update No. 2016-1912/14/2016
470-60-15-9AmendedAccounting Standards Update No. 2016-1912/14/2016
470-60-15-11AmendedAccounting Standards Update No. 2016-0202/25/2016
470-60-15-12AmendedAccounting Standards Update No. 2016-1306/16/2016
470-60-35-3AmendedMaintenance Update 2017-19 (PDF)11/15/2017
470-60-35-8AmendedAccounting Standards Update No. 2016-1912/14/2016
470-60-50-1AmendedAccounting Standards Update No. 2024-0311/04/2024
470-60-55-4AmendedAccounting Standards Update No. 2016-1912/14/2016
470-60-55-8AmendedAccounting Standards Update No. 2016-1912/14/2016
470-60-55-15SupersededAccounting Standards Update No. 2022-0203/31/2022
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nAmortized Cost Basis | Added | Accounting Standards Update No. 2016-13 | 06/16/2016 |\nCo…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c6221b63622f0bb85f1461d178b8fde18a8ec2678258eb5787fc96f368473ab8","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:11.172Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481152","source_sha256":"2ddbd1e427fb331f0440703a11f3bba7887d7191836aa16e389e43df90a67344"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:061e2faf0d1b675f23d1c03170323b7abe22bd294ed8e9bb31376c1fec0e4734","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:11.172Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481152","source_sha256":"2ddbd1e427fb331f0440703a11f3bba7887d7191836aa16e389e43df90a67344"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c2e0ae4fe44d86f87e4ca395b99ff44f5dac830a9d26ac7df5895b0f58398a77","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:11.172Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481152","source_sha256":"2ddbd1e427fb331f0440703a11f3bba7887d7191836aa16e389e43df90a67344"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-60-05-1","para":"05-1","html":"
This Subtopic addresses measurement, derecognition, disclosure, and implementation guidance issues concerning troubled debt restructurings focused on the debtor's records.
","snippet":"This Subtopic addresses measurement, derecognition, disclosure, and implementation guidance issues concerning troubled debt restructurings focused on the debtor's records.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4924efcfbb8d23dd3be7f57ce767e8481fddc2c0012fc57cf123df00a48fc561","downloaded_from":"2026-09-10T00:33:13.451Z","last_downloaded_at":"2026-09-10T00:33:13.451Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481126","source_sha256":"0d017b89f4706fdca902f08eaefa1ad3b89752aa127f6c83a70466a31ea8857c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:775cc4d39c25f3d7966849bd940adab606f543e28f21c9471d52c649287affa1","downloaded_from":"2026-09-10T00:33:13.451Z","last_downloaded_at":"2026-09-10T00:33:13.451Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481126","source_sha256":"0d017b89f4706fdca902f08eaefa1ad3b89752aa127f6c83a70466a31ea8857c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9c783385f45d1854acb73e25e9849ae7bce1ebae382cbf86fc8c001dd5f857e0","downloaded_from":"2026-09-10T00:33:13.451Z","last_downloaded_at":"2026-09-10T00:33:13.451Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481126","source_sha256":"0d017b89f4706fdca902f08eaefa1ad3b89752aa127f6c83a70466a31ea8857c"}},{"number":"10","label":"10 Objectives","anchor":"10-objectives","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-60-10-1","para":"10-1","html":"
The accounting for restructured debt is based on the substance of the modifications—the effect on cash flows—not on the labels chosen to describe those cash flows. The substance of all modifications of a debt in a troubled debt restructuring is essentially the same whether they involve modifications of any of the following:
  1. a
    Timing
  2. b
    Amounts designated as interest
  3. c
    Amounts designated as face amounts.
","snippet":"The accounting for restructured debt is based on the substance of the modifications—the effect on cash flows—not on the labels chosen to describe those cash flows. The substance of all modifications of a debt in a troubl…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:60f9297431d3b9194937ff7aaa5f87dd4641b413ca87dbfcaea1a22321167046","downloaded_from":"2026-09-10T00:33:17.391Z","last_downloaded_at":"2026-09-10T00:33:17.391Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481555","source_sha256":"f6e47986924ba837a995b540bc2cb8b0cb38859c7cee0181e825e9fc08d62a3c"}},{"citation":"470-60-10-2","para":"10-2","html":"
All of those kinds of modifications affect future cash receipts or payments and therefore affect both of the following:
  1. a
    The creditor's total return on the receivable, its effective interest rate, or both
  2. b
    The debtor's total cost on the payable, its effective interest rate, or both.
","snippet":"All of those kinds of modifications affect future cash receipts or payments and therefore affect both of the following:\n(a) The creditor's total return on the receivable, its effective interest rate, or both\n(b) The debt…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:faf8626e0aaf09562a72e2aadbf7c270e1dbc384d991015184c36baf97dd4521","downloaded_from":"2026-09-10T00:33:17.391Z","last_downloaded_at":"2026-09-10T00:33:17.391Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481555","source_sha256":"f6e47986924ba837a995b540bc2cb8b0cb38859c7cee0181e825e9fc08d62a3c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a249a58fe0f3ae45624bfb1e85a95ffe8420912bdf98223c2e4fd2d2afc708d9","downloaded_from":"2026-09-10T00:33:17.391Z","last_downloaded_at":"2026-09-10T00:33:17.391Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481555","source_sha256":"f6e47986924ba837a995b540bc2cb8b0cb38859c7cee0181e825e9fc08d62a3c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4559be879a2e102cc502c00c5150547c425e0a0bc88f6bc73b653b6446db8880","downloaded_from":"2026-09-10T00:33:17.391Z","last_downloaded_at":"2026-09-10T00:33:17.391Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481555","source_sha256":"f6e47986924ba837a995b540bc2cb8b0cb38859c7cee0181e825e9fc08d62a3c"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Entities","paragraphs":[{"citation":"470-60-15-1","para":"15-1","html":"
The guidance in this Subtopic applies to all debtors.
","snippet":"The guidance in this Subtopic applies to all debtors.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e73c164461b1515d6fa7187ba00a5daa0dc88a8d4517a41ebd0723fe4bc241f","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:235a6b18df066b4aef96e266936e89207b223c3cb74d7e4574dd5a388349f18d","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"block":null,"heading":"Transactions","paragraphs":[{"citation":"470-60-15-2","para":"15-2","html":"
The guidance in this Subtopic applies to all troubled debt restructurings by debtors.
","snippet":"The guidance in this Subtopic applies to all troubled debt restructurings by debtors.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4e1ee403836440309d1453a960274cf3cd9c7e5e0539e2473c451fde4d1ef810","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-3","para":"15-3","html":"
Paragraph superseded by Accounting Standards Update No. 2022-02.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2022-02.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f54c8d32ae5a1e46d13d262fbd1811a4f08f32d6ac08941b8cc259bb81d83a2a","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-4","para":"15-4","html":"
The substance rather than the form of the payable shall govern. Payables that may be involved in troubled debt restructurings commonly result from borrowing of cash, or purchasing goods or services on credit. Examples are accounts payable, notes, debentures and bonds (whether those payables are secured or unsecured and whether they are convertible or nonconvertible), and related accrued interest, if any. Typically, each payable is negotiated separately, but sometimes two or more payables are negotiated together. For example, a debtor may negotiate with a group of creditors but sign separate debt instruments with each creditor. For purposes of this Subtopic, restructuring of each payable, including those negotiated and restructured jointly, shall be accounted for individually.
","snippet":"The substance rather than the form of the payable shall govern. Payables that may be involved in troubled debt restructurings commonly result from borrowing of cash, or purchasing goods or services on credit. Examples ar…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fac34ba45f1dce346c2d48a1a8d5ba8e5a7983322c8c06eb5a54a225dbb1d588","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-4A","para":"15-4A","html":"
In this Subtopic, a receivable or a payable (collectively referred to as debt) represents a contractual right to receive money or a contractual obligation to pay money on demand or on fixed or determinable dates that is already included as an asset or a liability in the creditor's or debtor's balance sheet at the time of the restructuring.
","snippet":"In this Subtopic, a receivable or a payable (collectively referred to as debt) represents a contractual right to receive money or a contractual obligation to pay money on demand or on fixed or determinable dates that is …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:646ce8cc5d5606824bce1ea72c97166fb04004c7f454585778167ad8181ad009","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-5","para":"15-5","html":"
A restructuring of a debt constitutes a troubled debt restructuring for purposes of this Subtopic if the creditor for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider.
","snippet":"A restructuring of a debt constitutes a troubled debt restructuring for purposes of this Subtopic if the creditor for economic or legal reasons related to the debtor's financial difficulties grants a concession to the de…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:54c5055fa53b9c201b9fc87f7e8d64a8413284f48aad0f48c93b46a23a2ab386","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-6","para":"15-6","html":"
That concession is granted by the creditor in an attempt to protect as much of its investment as possible. That concession either stems from an agreement between the creditor and the debtor or is imposed by law or a court; for example, either of the following circumstances might occur:
  1. a
    A creditor may restructure the terms of a debt to alleviate the burden of the debtor's near-term cash requirements, and many troubled debt restructurings involve modifying terms to reduce or defer cash payments required of the debtor in the near future to help the debtor attempt to improve its financial condition and eventually be able to pay the creditor.
  2. b
    The creditor may accept cash, other assets, or an equity interest in the debtor in satisfaction of the debt though the value received is less than the amount of the debt because the creditor concludes that step will maximize recovery of its investment.
Although troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the debtor is, in a technical sense, not restructured, that kind of event is included in the term troubled debt restructuring in this Subtopic.
","snippet":"That concession is granted by the creditor in an attempt to protect as much of its investment as possible. That concession either stems from an agreement between the creditor and the debtor or is imposed by law or a cour…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3b395a3a815388d17d99da1dbd9be4c87abd8ddee08d3d3356f100c9af8825f1","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-7","para":"15-7","html":"
Whatever the form of concession granted by the creditor to the debtor in a troubled debt restructuring, the creditor's objective is to make the best of a difficult situation. That is, the creditor expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, by granting the concession than by not granting it.
","snippet":"Whatever the form of concession granted by the creditor to the debtor in a troubled debt restructuring, the creditor's objective is to make the best of a difficult situation. That is, the creditor expects to obtain more …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bbe5449cbb0a9a4abd3c494bbac6547fc9d6064a89f053f54496775a660bf556","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-8","para":"15-8","html":"
In general, a debtor that can obtain funds from sources other than the existing creditor at market interest rates at or near those for nontroubled debt is not involved in a troubled debt restructuring. A debtor in a troubled debt restructuring can obtain funds from sources other than the existing creditor in the troubled debt restructuring, if at all, only at effective interest rates (based on market prices) so high that it cannot afford to pay them.
","snippet":"In general, a debtor that can obtain funds from sources other than the existing creditor at market interest rates at or near those for nontroubled debt is not involved in a troubled debt restructuring. A debtor in a trou…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f0258dae3215ce3c77ac78c0d9ff6a815db2f774c3d1a30b478ca423bdc4cf1","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-9","para":"15-9","html":"
A troubled debt restructuring may include, but is not necessarily limited to, one or a combination of the following:
  1. a
    Transfer from the debtor to the creditor of receivables from third parties, real estate, or other assets to satisfy fully or partially a debt (including a transfer resulting from foreclosure or repossession)
  2. b
    Issuance or other granting of an equity interest to the creditor by the debtor to satisfy fully or partially a debt unless the equity interest is granted pursuant to existing terms for converting the debt into an equity interest
  3. c
    Modification of terms of a debt, such as one or a combination of any of the following:
    1. 1
      Reduction (absolute or contingent) of the stated interest rate for the remaining original life of the debt
    2. 2
      Extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk
    3. 3
      Reduction (absolute or contingent) of the face amount or maturity amount of the debt as stated in the instrument or other agreement
    4. 4
      Reduction (absolute or contingent) of accrued interest.
","snippet":"A troubled debt restructuring may include, but is not necessarily limited to, one or a combination of the following:\n(a) Transfer from the debtor to the creditor of receivables from third parties, real estate, or other a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:760b0844a362ca3c9be51b945083411dedb18d2fd4835a2a19622ee234b496d8","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-10","para":"15-10","html":"
The guidance in this Subtopic shall be applied to all troubled debt restructurings including those consummated under reorganization, arrangement, or other provisions of the Federal Bankruptcy Act or other federal statutes related thereto. This Subtopic does not apply, however, if under provisions of those federal statutes or in a quasi-reorganization or corporate readjustment (see Topic 852) with which a troubled debt restructuring coincides, the debtor restates its liabilities generally, that is, if such restructurings or modifications accomplished under purview of the bankruptcy court encompass most of the amount of the debtor's liabilities.
","snippet":"The guidance in this Subtopic shall be applied to all troubled debt restructurings including those consummated under reorganization, arrangement, or other provisions of the Federal Bankruptcy Act or other federal statute…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:353358fbe0217d093da121f49cb655d1af7c082c55c3ebfad2bd162e2137fab4","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-11","para":"15-11","html":"
For purposes of this Subtopic, none of the following are considered troubled debt restructurings:
  1. a
    Lease modifications (for guidance, see Topic 842)
  2. b
    Changes in employment-related agreements, for example, pension plans and deferred compensation contracts
  3. c
    Unless they involve an agreement between debtor and creditor to restructure, neither of the following:
    1. 1
      Debtors' failures to pay trade accounts according to their terms
    2. 2
      Creditors' delays in taking legal action to collect overdue amounts of interest and principal.
","snippet":"For purposes of this Subtopic, none of the following are considered troubled debt restructurings:\n(a) Lease modifications (for guidance, see Topic 842)\n(b) Changes in employment-related agreements, for example, pension p…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e93eaaf98053eca70f9c83871cc470f1694d674b093bb5095c5b3bd75533bbc6","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-12","para":"15-12","html":"
A debt restructuring is not necessarily a troubled debt restructuring for purposes of this Subtopic even if the debtor is experiencing some financial difficulties. For example, a troubled debt restructuring is not involved if any of the following circumstances exist:
  1. a
    The fair value of cash, other assets, or an equity interest accepted by a creditor from a debtor in full satisfaction of its receivable at least equals the creditor's amortized cost basis in the receivable.
  2. b
    The fair value of cash, other assets, or an equity interest transferred by a debtor to a creditor in full settlement of its payable at least equals the debtor's carrying amount of the payable.
  3. c
    The creditor reduces the effective interest rate on the debt primarily to reflect a decrease in market interest rates in general or a decrease in the risk so as to maintain a relationship with a debtor that can readily obtain funds from other sources at the current market interest rate.
  4. d
    The debtor issues in exchange for its debt new marketable debt having an effective interest rate based on its market price that is at or near the current market interest rates of debt with similar maturity dates and stated interest rates issued by nontroubled debtors.
","snippet":"A debt restructuring is not necessarily a troubled debt restructuring for purposes of this Subtopic even if the debtor is experiencing some financial difficulties. For example, a troubled debt restructuring is not involv…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:25dfe58694759df6b0e1c0007d9f4ee5b7f48f3feb86fef05a3775b55a1e4ef5","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"citation":"470-60-15-13","para":"15-13","html":"
For further guidance on determining whether a modification or exchange is a troubled debt restructuring, see paragraphs
470-60-55-4 through 55-7
. If a debtor concludes that the modification or exchange is not within the scope of this Subtopic, the debtor would apply the provisions of Subtopic 470-50.
","snippet":"For further guidance on determining whether a modification or exchange is a troubled debt restructuring, see paragraphs 470-60-55-4 through 55-7. If a debtor concludes that the modification or exchange is not within the …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:abb3f92e520c16f0e02d0b595f9ae1abd2b8dc8caa50f438407df0864019b0af","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a7f1fa85798c63f5d2679488ee3d0abe4768a29cd8b99ca7912db37869f309e3","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:220d1b6ba310cc6ba714505f595c9d21b489b370ac42dc59d1fc4f86c8215ccb","downloaded_from":"2026-09-10T00:33:19.847Z","last_downloaded_at":"2026-09-10T00:33:19.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481524","source_sha256":"a777e1284a4ea0ea3a2e56ff3ee9d2558879c9914aa3db81fd59707d4a4d2b39"}},{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-60-35-1","para":"35-1","html":"
A debtor shall account for a troubled debt restructuring according to the type of the restructuring as prescribed in this Section.
","snippet":"A debtor shall account for a troubled debt restructuring according to the type of the restructuring as prescribed in this Section.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1c552c082afdd9980f378f3030e89ff67fbddac5792b7cb2225addddaed4571a","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-2","para":"35-2","html":"
A debtor that transfers its receivables from third parties, real estate, or other assets to a creditor to settle fully a payable shall recognize a gain on restructuring of payables. The gain shall be measured by the excess of the carrying amount of the payable over the fair value of the assets transferred to the creditor. However, while the guidance in this Subtopic indicates that the fair value of assets transferred or the fair value of an equity interest granted shall be used in accounting for a settlement of a payable in a troubled debt restructuring, that guidance is not intended to preclude using the fair value of the payable settled if more clearly evident than the fair value of the assets transferred or of the equity interest granted in a full settlement of a payable. However, in a partial settlement of a payable, the fair value of the assets transferred or of the equity interest granted shall be used in all cases to avoid the need to allocate the fair value of the payable between the part settled and the part still outstanding.
","snippet":"A debtor that transfers its receivables from third parties, real estate, or other assets to a creditor to settle fully a payable shall recognize a gain on restructuring of payables. The gain shall be measured by the exce…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9c1322c6a508f955617d761d554482a153dfa6ac65503e85d40c356a393b3db2","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-3","para":"35-3","html":"
A difference between the fair value and the carrying amount of assets transferred to a creditor to settle a payable is a gain or loss on transfer of assets. The carrying amount of a receivable encompasses not only unamortized premium, discount, acquisition costs, and the like but also an allowance for uncollectible amounts and other valuation accounts, if any. The debtor shall include that gain or loss in measuring net income for the period of transfer, reported as provided in Topic 220. A loss on transferring receivables to creditors may therefore have been wholly or partially recognized in measuring net income before the transfer and be wholly or partly a reduction of a valuation account rather than a gain or loss in measuring net income for the period of the transfer.
","snippet":"A difference between the fair value and the carrying amount of assets transferred to a creditor to settle a payable is a gain or loss on transfer of assets. The carrying amount of a receivable encompasses not only unamor…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e71707fec49fb4f5c5bebee4f39067edaf0c2a88625fe2ba80d06a17188c96a5","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-4","para":"35-4","html":"
A debtor that issues or otherwise grants an equity interest to a creditor to settle fully a payable shall account for the equity interest at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable settled shall be recognized as a gain on restructuring of payables.
","snippet":"A debtor that issues or otherwise grants an equity interest to a creditor to settle fully a payable shall account for the equity interest at its fair value. The difference between the fair value of the equity interest gr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5aff3f0f085dbbfd03012232fd7041b763343b81d44395cbe9d1bd5ff802d6a5","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-5","para":"35-5","html":"
A debtor in a troubled debt restructuring involving only modification of terms of a payable—that is, not involving a transfer of assets or grant of an equity interest— shall account for the effects of the restructuring prospectively from the time of restructuring, and shall not change the carrying amount of the payable at the time of the restructuring unless the carrying amount exceeds the total future cash payments specified by the new terms. Total future cash payments includes related accrued interest, if any, at the time of the restructuring that continues to be payable under the new terms. That is, the effects of changes in the amounts or timing (or both) of future cash payments designated as either interest or face amount shall be reflected in future periods. Interest expense shall be computed in a way such that a constant effective interest rate is applied to the carrying amount of the payable at the beginning of each period between restructuring and maturity (in substance the interest method prescribed by paragraphs 835-30-35-2 and
835-30-35-4 through 35-5
). The new effective interest rate shall be the discount rate that equates the present value of the future cash payments specified by the new terms (excluding amounts contingently payable) with the carrying amount of the payable.
","snippet":"A debtor in a troubled debt restructuring involving only modification of terms of a payable—that is, not involving a transfer of assets or grant of an equity interest— shall account for the effects of the restructuring p…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:78f5bd9c3b2c001b61cb9434158877d22fc0a86e2842f732fa596d6a082189db","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-6","para":"35-6","html":"
If, however, the total future cash payments specified by the new terms of a payable, including both payments designated as interest and those designated as face amount, are less than the carrying amount of the payable, the debtor shall reduce the carrying amount to an amount equal to the total future cash payments specified by the new terms and shall recognize a gain on restructuring of payables equal to the amount of the reduction. If the carrying amount of the payable comprises several accounts (for example, face amount, accrued interest, and unamortized premium, discount, finance charges, and issue costs) that are to be continued after the restructuring, some possibly being combined, the reduction in carrying amount may need to be allocated among the remaining accounts in proportion to the previous balances. Thereafter, all cash payments under the terms of the payable shall be accounted for as reductions of the carrying amount of the payable, and no interest expense shall be recognized on the payable for any period between the restructuring and maturity of the payable. The only exception is to recognize interest expense according to paragraph 470-60-35-10. However, the debtor may choose to carry the amount designated as face amount by the new terms in a separate account and adjust another account accordingly.
","snippet":"If, however, the total future cash payments specified by the new terms of a payable, including both payments designated as interest and those designated as face amount, are less than the carrying amount of the payable, t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:866647473de3ab84bb60f99b085bf5b47851140db3837fec3247046881bcdd4a","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-7","para":"35-7","html":"
A debtor shall not recognize a gain on a restructured payable involving indeterminate future cash payments as long as the maximum total future cash payments may exceed the carrying amount of the payable. Amounts designated either as interest or as face amount by the new terms may be payable contingent on a specified event or circumstance (for example, the debtor may be required to pay specified amounts if its financial condition improves to a specified degree within a specified period). To determine whether the debtor shall recognize a gain according to the provisions of the preceding two paragraphs, those contingent amounts shall be included in the total future cash payments specified by the new terms to the extent necessary to prevent recognizing a gain at the time of restructuring that may be offset by future interest expense. Thus, the debtor shall apply paragraphs 450-30-25-1 and 450-30-50-1 in which probability of occurrence of a gain contingency is not a factor, and shall assume that contingent future payments will have to be paid. The same principle applies to amounts of future cash payments that must sometimes be estimated to apply the provisions of the preceding two paragraphs. For example, if the number of future interest payments is flexible because the face amount and accrued interest is payable on demand or becomes payable on demand, estimates of total future cash payments shall be based on the maximum number of periods possible under the restructured terms.
","snippet":"A debtor shall not recognize a gain on a restructured payable involving indeterminate future cash payments as long as the maximum total future cash payments may exceed the carrying amount of the payable. Amounts designat…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:25b89a7d6a3ca4d9fa71cedb2015b22787fe5a5397929d7b0335c96361ccf322","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-8","para":"35-8","html":"
A troubled debt restructuring may involve partial settlement of a payable by the debtor's transferring assets or granting an equity interest (or both) to the creditor and modification of terms of the remaining payable. Even if the stated terms of the remaining payable, for example, the stated interest rate and the maturity date or dates, are not changed in connection with the transfer of assets or grant of an equity interest, the restructuring shall be accounted for as prescribed by this guidance. A debtor shall account for a troubled debt restructuring involving a partial settlement and a modification of terms as prescribed in paragraphs
470-60-35-5 through 35-7
except that, first, assets transferred or an equity interest granted in that partial settlement shall be measured as prescribed in paragraphs 470-60-35-2 and 470-60-35-4, respectively, and the carrying amount of the payable shall be reduced by the total fair value of those assets or equity interest. If cash is paid in a partial settlement of a payable in a troubled debt restructuring, the carrying amount of the payable shall be reduced by the amount of cash paid. A difference between the fair value and the carrying amount of assets transferred to the creditor shall be recognized as a gain or loss on transfer of assets. No gain on restructuring of payables shall be recognized unless the remaining carrying amount of the payable exceeds the total future cash payments (including amounts contingently payable) specified by the terms of the debt remaining unsettled after the restructuring. Future interest expense, if any, shall be determined according to the provisions of paragraphs
470-60-35-5 through 35-7
.
","snippet":"A troubled debt restructuring may involve partial settlement of a payable by the debtor's transferring assets or granting an equity interest (or both) to the creditor and modification of terms of the remaining payable. E…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:14c9dcdf4546c892bb1b867c7548d378e2fa699358ec95d27dff0672431b767a","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-9","para":"35-9","html":"
A troubled debt restructuring that is in substance a repossession or foreclosure by the creditor or other transfer of assets to the creditor shall be accounted for according to the provisions of the preceding paragraph and paragraphs
470-60-35-2 through 35-3
.
","snippet":"A troubled debt restructuring that is in substance a repossession or foreclosure by the creditor or other transfer of assets to the creditor shall be accounted for according to the provisions of the preceding paragraph a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2bfd9420580ac3b43e2ba5e3bb0731d5fb87beaa8ceddec9415869a316fd4760","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-10","para":"35-10","html":"
If a troubled debt restructuring involves amounts contingently payable, those contingent amounts shall be recognized as a payable and as interest expense in future periods in accordance with paragraph 450-20-25-2. Thus, in general, interest expense for contingent payments shall be recognized in each period in which both of the following conditions exist:
  1. a
    It is probable that a liability has been incurred.
  2. b
    The amount of that liability can be reasonably estimated.
Before recognizing a payable and interest expense for amounts contingently payable, however, accrual or payment of those amounts shall be deducted from the carrying amount of the restructured payable to the extent that contingent payments included in total future cash payments specified by the new terms prevented recognition of a gain at the time of restructuring (see paragraph 470-60-35-7).
","snippet":"If a troubled debt restructuring involves amounts contingently payable, those contingent amounts shall be recognized as a payable and as interest expense in future periods in accordance with paragraph 450-20-25-2. Thus, …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:09f5203d60951902f93e0ea6bf0db751ce42b1d7f815ce9a3b912a09c4aded3b","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-11","para":"35-11","html":"
If amounts of future cash payments must be estimated to apply the provisions of paragraphs
470-60-35-5 through 35-7
because future interest payments are expected to fluctuate—for example, the restructured terms may specify the stated interest rate to be the prime interest rate increased by a specified amount or proportion—estimates of maximum total future payments shall be based on the interest rate in effect at the time of the restructuring. Fluctuations in the effective interest rate after the restructuring from changes in the prime rate or other causes shall be accounted for as changes in estimates in the periods in which the changes occur. However, the accounting for those fluctuations shall not result in recognizing a gain on restructuring that may be offset by future cash payments (see the preceding paragraph and paragraph 470-60-35-7). Rather, the carrying amount of the restructured payable shall remain unchanged, and future cash payments shall reduce the carrying amount until the time that any gain recognized cannot be offset by future cash payments.
","snippet":"If amounts of future cash payments must be estimated to apply the provisions of paragraphs 470-60-35-5 through 35-7 because future interest payments are expected to fluctuate—for example, the restructured terms may speci…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:68d22ffe6e67b22ac47ffee31466d0e852dd7f1f5930f04bf158a0aaf44d40fd","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"citation":"470-60-35-12","para":"35-12","html":"
Legal fees and other direct costs that a debtor incurs in granting an equity interest to a creditor in a troubled debt restructuring shall reduce the amount otherwise recorded for that equity interest according to paragraphs 470-60-35-4 and 470-60-35-8. All other direct costs that a debtor incurs to effect a troubled debt restructuring shall be deducted in measuring gain on restructuring of payables or shall be included in expense for the period if no gain on restructuring is recognized.
","snippet":"Legal fees and other direct costs that a debtor incurs in granting an equity interest to a creditor in a troubled debt restructuring shall reduce the amount otherwise recorded for that equity interest according to paragr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:764e6a62463e25914b74099ccb9c844a14bbcaac0f0a82af222129bb5d99d423","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:572b013275a297afe3b3921736f81f8ac86561fc41816f580d0cf8054610abcf","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b2a709815d2d45430b3dc2b8cfdbd6194e8ff90277e56b60bc53423d40a309e","downloaded_from":"2026-09-10T00:33:23.646Z","last_downloaded_at":"2026-09-10T00:33:23.646Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481470","source_sha256":"92f34110066b7116c0854979e2a2dac9b7b03d45d1019fa528d6958d2b8c2fc5"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-60-45-1","para":"45-1","html":"
All or a portion of the carrying amount of the payable at the time of the restructuring may need to be reclassified in the balance sheet because of changes in the terms, for example, a change in the amount of the payable due within one year after the date of the debtor's balance sheet.
","snippet":"All or a portion of the carrying amount of the payable at the time of the restructuring may need to be reclassified in the balance sheet because of changes in the terms, for example, a change in the amount of the payable…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3eb7434f761fd7457866446a0c7efe8dfd31d5d2582a577ed25888bcfb66fd25","downloaded_from":"2026-09-10T00:33:26.123Z","last_downloaded_at":"2026-09-10T00:33:26.123Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481439","source_sha256":"79214d8619511541e44b5c2d2e46c53ce5e9ff8a8e500e6dfd3fa8203e1fb6af"}},{"citation":"470-60-45-2","para":"45-2","html":"
A troubled debt restructuring of a short-term obligation after the date of a debtor's balance sheet but before that balance sheet is issued or is available to be issued (as discussed in Section 855-10-25) may affect the classification of that obligation in accordance with Subtopic 470-10.
","snippet":"A troubled debt restructuring of a short-term obligation after the date of a debtor's balance sheet but before that balance sheet is issued or is available to be issued (as discussed in Section 855-10-25) may affect the …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:241bc8ec3cf9d5d47813a8500f73a8dd66d5c2305818c71785fa5f860d6eba4e","downloaded_from":"2026-09-10T00:33:26.123Z","last_downloaded_at":"2026-09-10T00:33:26.123Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481439","source_sha256":"79214d8619511541e44b5c2d2e46c53ce5e9ff8a8e500e6dfd3fa8203e1fb6af"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:62b799889989177d563b59a2c49cf98570ed10886033bd8c4037b1e9853ed750","downloaded_from":"2026-09-10T00:33:26.123Z","last_downloaded_at":"2026-09-10T00:33:26.123Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481439","source_sha256":"79214d8619511541e44b5c2d2e46c53ce5e9ff8a8e500e6dfd3fa8203e1fb6af"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0f1c6343c7fbcee3fc42ecfb35158dabc5d9d20f89ca78169be4727ba971701c","downloaded_from":"2026-09-10T00:33:26.123Z","last_downloaded_at":"2026-09-10T00:33:26.123Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481439","source_sha256":"79214d8619511541e44b5c2d2e46c53ce5e9ff8a8e500e6dfd3fa8203e1fb6af"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-60-50-1","para":"50-1","html":"
A debtor shall disclose, either in the body of the financial statements or in the accompanying notes, all of the following information about troubled debt restructurings that have occurred during a period for which financial statements are presented:
  1. a
    For each restructuring, a description of the principal changes in terms, the major features of settlement, or both; separate restructurings within a fiscal period for the same category of payables (for example, accounts payable or subordinated debentures) may be grouped for disclosure purposes
  2. b
    Aggregate gain on restructuring of payables
  3. c
    Aggregate net gain or loss on transfers of assets recognized during the period (see paragraphs 470-60-35-3 and 470-60-35-8)
  4. d
    Per-share amount of the aggregate gain on restructuring of payables.
Transition date:(P) December 16, 2026; (N) December 16, 2026Transition guidance:
220-40-65-1A debtor shall disclose, either in the body of the financial statements or in the accompanying notes, all of the following information about troubled debt restructurings that have occurred during a period for which financial statements are presented:
  1. a
    For each restructuring, a description of the principal changes in terms, the major features of settlement, or both; separate restructurings within a fiscal period for the same category of payables (for example, accounts payable or subordinated debentures) may be grouped for disclosure purposes
  2. b
    Aggregate gain on restructuring of payables
  3. c
    Aggregate net gain or loss on transfers of assets recognized during the period (see paragraphs 470-60-35-3 and 470-60-35-8)
  4. d
    Per-share amount of the aggregate gain on restructuring of payables.
See paragraphs
220-40-50-21 through 50-25
for additional disclosure requirements.
","snippet":"A debtor shall disclose, either in the body of the financial statements or in the accompanying notes, all of the following information about troubled debt restructurings that have occurred during a period for which finan…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa5c9b2344da9d4abdf43d31082d8f754d9a22a10d41b8e228f2552fc75ff4c8","downloaded_from":"2026-09-10T00:33:28.511Z","last_downloaded_at":"2026-09-10T00:33:28.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481408","source_sha256":"26ac2e32c7ce8905f1c5bfcd8a819b7f78af105be8b4191a8d823b62d577d57d"}},{"citation":"470-60-50-2","para":"50-2","html":"
A debtor shall disclose in financial statements for periods after a troubled debt restructuring the extent to which amounts contingently payable are included in the carrying amount of restructured payables pursuant to the provisions of paragraph 470-60-35-7. If required by paragraphs
450-20-50-1 through 50-6
and
450-20-50-9 through 50-10
, a debtor shall also disclose in those financial statements total amounts that are contingently payable on restructured payables and the conditions under which those amounts would become payable or would be forgiven.
","snippet":"A debtor shall disclose in financial statements for periods after a troubled debt restructuring the extent to which amounts contingently payable are included in the carrying amount of restructured payables pursuant to th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:24144eb5b94c74dbb93778bae91f3cd0dbe914da0365beb8b687e8a3067dea83","downloaded_from":"2026-09-10T00:33:28.511Z","last_downloaded_at":"2026-09-10T00:33:28.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481408","source_sha256":"26ac2e32c7ce8905f1c5bfcd8a819b7f78af105be8b4191a8d823b62d577d57d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a7fb898e5f7c8c9c33ce251f5ff2529a7139949a0005b3e19c5c43fc95acdd1","downloaded_from":"2026-09-10T00:33:28.511Z","last_downloaded_at":"2026-09-10T00:33:28.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481408","source_sha256":"26ac2e32c7ce8905f1c5bfcd8a819b7f78af105be8b4191a8d823b62d577d57d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:478a1260c295d925c73b6e9f149c2e533b3c33a68fb8121b4913ab1a31c9b6f2","downloaded_from":"2026-09-10T00:33:28.511Z","last_downloaded_at":"2026-09-10T00:33:28.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481408","source_sha256":"26ac2e32c7ce8905f1c5bfcd8a819b7f78af105be8b4191a8d823b62d577d57d"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"470-60-55-1","para":"55-1","html":"
Entities involved with Chapter 11 bankruptcy proceedings frequently reduce all or most of their indebtedness with the approval of their creditors and the court in order to provide an opportunity for the entity to have a fresh start. Such reductions are usually by a stated percentage so that, for example, the debtor owes only 60 cents on the dollar. Because the debtor would be restating its liabilities generally, this Subtopic would not apply to the debtor's accounting for such reduction of liabilities.
","snippet":"Entities involved with Chapter 11 bankruptcy proceedings frequently reduce all or most of their indebtedness with the approval of their creditors and the court in order to provide an opportunity for the entity to have a …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c6251f4b0f9ed127c56d1599e5235ad54aa0a8c538038bab178ef9145117b099","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-2","para":"55-2","html":"
On the other hand, this Subtopic would apply to an isolated troubled debt restructuring by a debtor involved in bankruptcy proceedings if such restructuring did not result in a general restatement of the debtor's liabilities.
","snippet":"On the other hand, this Subtopic would apply to an isolated troubled debt restructuring by a debtor involved in bankruptcy proceedings if such restructuring did not result in a general restatement of the debtor's liabili…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:894152a3e14452b12d13d50948885dc90a82132bae19ffb4bc4b0c2ad90b6f9e","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-3","para":"55-3","html":"
To a debtor, a bond constitutes one payable even though there are many bondholders.
","snippet":"To a debtor, a bond constitutes one payable even though there are many bondholders.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:854a88ee017c0204eedae17b205b9d20c58a1ecd66096a0c99b97e853a78e447","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-4","para":"55-4","html":"
No single characteristic or factor, taken alone, is determinative of whether a modification or exchange is a troubled debt restructuring under this Subtopic. That is, the fact that a single characteristic is present in a transaction (such as that described in paragraph 470-60-15-9(c)(3) or 470-60-15-12(d)) should not be considered sufficient to overcome the preponderance of contrary evidence. Determining whether a transaction is within the scope of this Subtopic requires the exercise of judgment. The guidance that follows is not limited to marketable debt instruments.
","snippet":"No single characteristic or factor, taken alone, is determinative of whether a modification or exchange is a troubled debt restructuring under this Subtopic. That is, the fact that a single characteristic is present in a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6c49571ee2e5998f262aa22bd123813b0aad6a60850e943d95cf14cbcc6b8085","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-5","para":"55-5","html":"
The following model should be applied by a debtor when determining whether a modification or an exchange of debt instruments is within the scope of this Subtopic.
","snippet":"The following model should be applied by a debtor when determining whether a modification or an exchange of debt instruments is within the scope of this Subtopic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:74f9f9e6c7a7622ec27e0d7ea24f8b98074200c1204a1dfaca09d6679c6554be","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-6","para":"55-6","html":"
The following factors have no relevance in the determination of whether a modification or an exchange is within the scope of this Subtopic:
  1. a
    The amount invested in the old debt by the current creditors
  2. b
    The fair value of the old debt immediately before the modification or exchange compared to the fair value of the new debt at issuance
  3. c
    Transactions among debt holders.
In addition, the length of time the current creditors have held the investment in the old debt is not relevant in the determination of whether a modification or exchange is within the scope of this Subtopic unless all the current creditors recently acquired the debt from the previous debt holders to effect what is in substance a planned refinancing.
","snippet":"The following factors have no relevance in the determination of whether a modification or an exchange is within the scope of this Subtopic:\n(a) The amount invested in the old debt by the current creditors\n(b) The fair va…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ea2fc659ab76b64dcf1991f0ccf17e7ca0761d7e06260de289768d1fa28d99a3","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-7","para":"55-7","html":"
If the debtor's creditworthiness (for example, based on its credit rating or equivalent, the effects of the original collateral or credit enhancements in the debt, or its sector risk) has deteriorated since the debt was originally issued, the debtor should evaluate whether it is experiencing financial difficulties. Changes in an investment-grade credit rating are not considered a deterioration in the debtor's creditworthiness for purposes of this guidance. Conversely, a decline in credit rating from investment grade to noninvestment grade is considered a deterioration in the debtor's creditworthiness for purposes of this guidance.
","snippet":"If the debtor's creditworthiness (for example, based on its credit rating or equivalent, the effects of the original collateral or credit enhancements in the debt, or its sector risk) has deteriorated since the debt was …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c185e184b03c176c9c65c838871831ca9bf1e0b3013551af9189110a8e8045b3","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-8","para":"55-8","html":"
All of the following factors are indicators that the debtor is experiencing financial difficulties:
  1. a
    The debtor is currently in default on any of its debt.
  2. b
    The debtor has declared or is in the process of declaring bankruptcy.
  3. c
    There is significant doubt as to whether the debtor will continue to be a going concern.
  4. d
    Currently, the debtor has securities that have been delisted, are in the process of being delisted, or are under threat of being delisted from an exchange.
  5. e
    Based on estimates and projections that only encompass the current business capabilities, the debtor forecasts that its entity-specific cash flows will be insufficient to service the debt (both interest and principal) in accordance with the contractual terms of the existing agreement through maturity.
  6. f
    Absent the current modification, the debtor cannot obtain funds from sources other than the existing creditors at an effective interest rate equal to the current market interest rate for similar debt for a nontroubled debtor.
","snippet":"All of the following factors are indicators that the debtor is experiencing financial difficulties:\n(a) The debtor is currently in default on any of its debt.\n(b) The debtor has declared or is in the process of declaring…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ac9f9948522ede2873cd4505c7282ce5f82b75b7cfa7da9819fe75c763bf685","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-9","para":"55-9","html":"
Notwithstanding the above, the following factors, if both are present, provide determinative evidence that the debtor is not experiencing financial difficulties, and, thus, the modification or exchange is not within the scope of this Subtopic (the presence of either factor individually would be an indicator, but not determinative, that the debtor is not experiencing financial difficulty):
  1. a
    The debtor is currently servicing the old debt and can obtain funds to repay the old prepayable debt from sources other than the existing creditors (without regard to the current modification) at an effective interest rate equal to the current market interest rate for a nontroubled debtor.
  2. b
    The creditors agree to restructure the old debt solely to reflect a decrease in current market interest rates for the debtor or positive changes in the creditworthiness of the debtor since the debt was originally issued.
","snippet":"Notwithstanding the above, the following factors, if both are present, provide determinative evidence that the debtor is not experiencing financial difficulties, and, thus, the modification or exchange is not within the …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e053653323091b37c916f9e9b64ad535f3aa8c3e44e418fe772b360d31ddb046","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-10","para":"55-10","html":"
A creditor is deemed to have granted a concession if the debtor's effective borrowing rate on the restructured debt is less than the effective borrowing rate of the old debt immediately before the restructuring. The effective borrowing rate of the restructured debt (after giving effect to all the terms of the restructured debt including any new or revised options or warrants, any new or revised guarantees or letters of credit, and so forth) should be calculated by projecting all the cash flows under the new terms and solving for the discount rate that equates the present value of the cash flows under the new terms to the debtor's current carrying amountof the old debt.
","snippet":"A creditor is deemed to have granted a concession if the debtor's effective borrowing rate on the restructured debt is less than the effective borrowing rate of the old debt immediately before the restructuring. The effe…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d30b30bb46d30bf6ffcc75ab90e0ec08c8720fa2ecd0cf0f248c2bc5e67158a1","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-11","para":"55-11","html":"
The carrying amount for purposes of this test would not include any hedging effects (including basis adjustments to the old debt) but would include any unamortized premium, discount, issuance costs, accrued interest payable, and so forth.
","snippet":"The carrying amount for purposes of this test would not include any hedging effects (including basis adjustments to the old debt) but would include any unamortized premium, discount, issuance costs, accrued interest paya…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:92272c63336898264535ec2a55c09fda533dfc4a1fd29b555957ceebe8213370","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-12","para":"55-12","html":"
When determining the effect of any new or revised sweeteners (options, warrants, guarantees, letters of credit, and so forth), the current fair value of the new sweetener or change in fair value of the revised sweetener would be included in day-one cash flows. If such sweeteners are not exercisable for a period of time, that delay is typically considered within the estimation of the initial fair value as of the debt's modification date.
","snippet":"When determining the effect of any new or revised sweeteners (options, warrants, guarantees, letters of credit, and so forth), the current fair value of the new sweetener or change in fair value of the revised sweetener …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8fe14bc0dd7a8c52eeb7b90d112c34a1d72dd6220b640d22f25b2e7d673d546b","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-13","para":"55-13","html":"
Although considered rare, if there is persuasive evidence that the decrease in the effective borrowing rate is due solely to a factor that is not captured in the mathematical calculation (for example, additional collateral), the creditor may not have granted a concession and the modification or exchange should be evaluated based on the substance of the modification.
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Notwithstanding the guidance in this Section, if an entity has recently restructured the debt and is currently restructuring that debt again, the effective borrowing rate of the restructured debt (after giving effect to all the terms of the restructured debt including any new or revised options or warrants, any new or revised guarantees or letters of credit, and so forth) should be calculated by projecting all the cash flows under the new terms and solving for the discount rate that equates the present value of the cash flows under the new terms to the debtor's previous carrying amount of the debt immediately preceding the earlier restructuring. In addition, the effective borrowing rate of the restructured debt should be compared with the effective borrowing rate of the debt immediately preceding the earlier restructuring for purposes of determining whether the creditor granted a concession (that is, whether the effective borrowing rate decreased).
","snippet":"Notwithstanding the guidance in this Section, if an entity has recently restructured the debt and is currently restructuring that debt again, the effective borrowing rate of the restructured debt (after giving effect to …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d502b52b701cf057ccec12940fe9000cfe30be0f2627e58062b1ad92215d5e63","downloaded_from":"2026-09-10T00:33:31.252Z","last_downloaded_at":"2026-09-10T00:33:31.252Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481377","source_sha256":"3c6a0a956918e8600adfbcbe898bb4bebfc67b8f18139ae3c9dc50208be19927"}},{"citation":"470-60-55-15","para":"55-15","html":"
Paragraph superseded by Accounting Standards Update No. 2022-02.
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Settlements by transfer of assets or grant of an equity interest are measured at fair value, with a gain on restructuring equal to the excess of the payable's carrying amount over that fair value (470-60-35-2, 35-4). Pure modifications of terms are accounted for prospectively with no change in carrying amount and a new effective interest rate, unless total future cash payments (including contingent amounts) are less than the carrying amount, in which case the debtor writes down the payable and recognizes a gain (470-60-35-5 through 35-7).","key_points":["A restructuring is a TDR only if the creditor grants a concession for reasons related to the debtor's financial difficulties (470-60-15-5); a debtor able to borrow elsewhere at rates near nontroubled market rates generally is not in a TDR (470-60-15-8, 470-60-55-9), and a concession exists if the effective borrowing rate on the restructured debt is lower than on the old debt (470-60-55-10).","Substance over form controls: modifications of timing, amounts designated as interest, or amounts designated as face amount are all treated alike, and each payable is accounted for individually even if negotiated jointly (470-60-10-1, 470-60-15-4).","Full settlement by transferring assets produces a gain on restructuring equal to carrying amount of the payable less fair value of the assets, plus a separate gain or loss on transfer of assets equal to fair value less the assets' carrying amount (470-60-35-2 through 35-3); equity interests granted are recorded at fair value (470-60-35-4).","In a modification-of-terms TDR, the debtor does not change the carrying amount and applies a new effective interest rate that equates the present value of future cash payments (excluding contingent amounts) to that carrying amount (470-60-35-5).","If total future cash payments under the new terms are less than the carrying amount, the debtor reduces the payable to that total, recognizes a gain, and thereafter records all payments as reductions of carrying amount with no interest expense (470-60-35-6).","Contingent payments are assumed payable and included in total future cash payments to the extent needed to prevent recognizing a gain that could be offset by future interest expense; they are later accrued under 450-20-25-2 (470-60-35-7, 35-10).","The Subtopic does not apply where the debtor restates its liabilities generally in bankruptcy or a quasi-reorganization (470-60-15-10, 55-1) and excludes lease modifications and mere payment delays (470-60-15-11); disclosures include principal changes in terms, aggregate gain on restructuring, net gain or loss on asset transfers, and per-share gain (470-60-50-1)."],"categories":["Debt and equity","Subsequent measurement","Derecognition","Disclosure"],"audience_level":"intermediate","student_note":"Exam questions hinge on the counterintuitive modification rule: unless undiscounted total future cash payments (including contingent ones) fall below the carrying amount, the debtor recognizes no gain and simply re-solves for a lower effective interest rate — students wrongly assume any concession triggers immediate gain recognition. Also remember the two-part scope test: debtor financial difficulty plus a creditor concession (a decreased effective borrowing rate under 470-60-55-10); if either is absent, apply 470-50 instead.","related_topics":["470-50","470-10","450-20","835-30","852","310-40"],"key_concepts":["troubled debt restructuring","concession","debtor financial difficulties","gain on restructuring of payables","modification of terms","effective borrowing rate","contingent future payments","settlement by transfer of assets or equity interest"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:221acbd6b899eda3f67b7eaca80d2e8abc2c8366232c4656d3ff99b538a971ba","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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timestamps"}},{"number":"470-10","title":"Overall","topic_title":"Debt","score":0.7753,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0ea94a3b8c00092f6864d6560a5544a4821113180e92ff0d7d0e0018956ad68a","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-20","title":"Debt with Conversion and Other Options","topic_title":"Debt","score":0.7708,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4695597b588877f8a30b12b16e90bb80c3cb903bf3cd024c45eb58f92b971a3d","downloaded_from":"2026-09-10T00:31:05.799Z","last_downloaded_at":"2026-09-10T00:31:53.248Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"835-30","title":"Imputation of Interest","topic_title":"Interest","score":0.7622,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:95176cc2d0b8e89698b55246c8139ef5411e5021e6789851375283b0faa1f328","downloaded_from":"2026-09-10T01:49:32.218Z","last_downloaded_at":"2026-09-10T01:50:15.507Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-20","title":"Extinguishments of Liabilities","topic_title":"Liabilities","score":0.7603,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:60c1d745619996707f82361f0fe402ef6bc5651d2f3848ba489579b0b6665834","downloaded_from":"2026-09-10T00:13:46.142Z","last_downloaded_at":"2026-09-10T00:14:11.157Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"860-30","title":"Secured Borrowing and Collateral","topic_title":"Transfers and Servicing","score":0.7475,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:85a9434adddf2043435b97335ddc2c2a14e97d23d16550682d9a75570f45470d","downloaded_from":"2026-09-10T02:06:50.852Z","last_downloaded_at":"2026-09-10T02:07:35.766Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-50","title":"Modifications and Extinguishments","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:98c60b85a8e2350c6c038e211a246e07acdcc596f78869271a5e0415cc904df3","downloaded_from":"2026-09-10T00:32:44.546Z","last_downloaded_at":"2026-09-10T00:33:07.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-932","title":"Extractive Activities—Oil and Gas","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a7b6a9c37f48e4d8f3f23001ca3e2984c54d4701d9ddce1139220f451f0b4f48","downloaded_from":"2026-09-10T00:33:36.319Z","last_downloaded_at":"2026-09-10T00:33:48.351Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:15f33b23a62ae3b5034e7ad43be4a39a14835a7021deb2529165de9f31cab0e4","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-932","topic":"470","title":"Extractive Activities—Oil and Gas","area":"Liabilities","paragraphs":4,"summary":"This Subtopic governs how oil and gas entities account for certain \"conveyance\" transactions that are, in substance, borrowings repayable in cash or its equivalent. Under 470-932-25-1, such arrangements must be recorded as a payable by the operator receiving the funds and a receivable by the party advancing the funds, rather than as a sale or conveyance of mineral interests.","concepts":["conveyance","production payment","in-substance borrowing","oil and gas properties","advance repayable in cash","receivable and payable recognition","substance over form"],"categories":["Recognition","Industry-specific","Debt and equity"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-932-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
ProductionAmendedAccounting Standards Update No. 2010-0301/06/2010
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This Subtopic addresses accounting for debt by entities in the oil and gas industry.
","snippet":"This Subtopic addresses accounting for debt by entities in the oil and gas industry.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b18c14b592af240c0eaa5c752d2734a074c2b95db82a827af6dc628261391c34","downloaded_from":"2026-09-10T00:33:39.838Z","last_downloaded_at":"2026-09-10T00:33:39.838Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478063","source_sha256":"58a858fdd61ce03c87600f3f9949f5adff28dcdcb19fb1e3c4ad4885ea62b8ea"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b2c4ae8a23bdb73306f5dd51855134366f55f7191ca8c1de621ff218a939c32b","downloaded_from":"2026-09-10T00:33:39.838Z","last_downloaded_at":"2026-09-10T00:33:39.838Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478063","source_sha256":"58a858fdd61ce03c87600f3f9949f5adff28dcdcb19fb1e3c4ad4885ea62b8ea"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4a9c618c56a86bcb3fb6c163cbcec605e16bd5ef80ef52f8e9857b072c01678c","downloaded_from":"2026-09-10T00:33:39.838Z","last_downloaded_at":"2026-09-10T00:33:39.838Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478063","source_sha256":"58a858fdd61ce03c87600f3f9949f5adff28dcdcb19fb1e3c4ad4885ea62b8ea"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"470-932-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 932-10-15.
","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 932-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a813022d26a33c6bc37f02b5d9240651c5b1eb1f28843aeae1f61ca113477df","downloaded_from":"2026-09-10T00:33:42.223Z","last_downloaded_at":"2026-09-10T00:33:42.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478768","source_sha256":"413fcf2b4e8f3750b57897d922cd720f87f181ed4a12e0cb8ff4e4621944e481"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fbc9a8f4c1637b48f4670eacb8aa1289fcba56568abc45f26cec040da86f15d2","downloaded_from":"2026-09-10T00:33:42.223Z","last_downloaded_at":"2026-09-10T00:33:42.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478768","source_sha256":"413fcf2b4e8f3750b57897d922cd720f87f181ed4a12e0cb8ff4e4621944e481"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:23c1a66e2a42bf4de774431bde28689f45f0cb45fd0c826a6332e174b14978b2","downloaded_from":"2026-09-10T00:33:42.223Z","last_downloaded_at":"2026-09-10T00:33:42.223Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478768","source_sha256":"413fcf2b4e8f3750b57897d922cd720f87f181ed4a12e0cb8ff4e4621944e481"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-932-25-1","para":"25-1","html":"
Certain transactions, sometimes referred to as conveyances, are in substance borrowings repayable in cash or its equivalent and shall be accounted for as borrowings. Both of the following are examples of such transactions:
  1. a
    Entities seeking supplies of oil or gas sometimes make cash advances to operators to finance exploration in return for the right to purchase oil or gas discovered. Funds advanced for exploration that are repayable by offset against purchases of oil or gas discovered, or in cash if insufficient oil or gas is produced by a specified date, shall be accounted for as a receivable by the lender and as a payable by the operator.
  2. b
    Funds advanced to an operator that are repayable in cash out of the proceeds from a specified share of future production of a producing property, until the amount advanced plus interest at a specified or determinable rate is paid in full, shall be accounted for as a borrowing. The advance is a payable for the recipient of the cash and a receivable for the party making the advance. Such transactions, as well as those described in paragraph 932-360-55-2, are commonly referred to as production payments. The two types differ in substance, however, as explained in that paragraph.
","snippet":"Certain transactions, sometimes referred to as conveyances, are in substance borrowings repayable in cash or its equivalent and shall be accounted for as borrowings. Both of the following are examples of such transaction…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9773ac9066bb0ea01514cce235334046899c1d842b03198f5f9b8b280b68248d","downloaded_from":"2026-09-10T00:33:48.351Z","last_downloaded_at":"2026-09-10T00:33:48.351Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477224","source_sha256":"c6b2199b03e52709539d139ccb62517cc0b9fce04cde6b04ea9f7b8df17778a7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:655223ac44398d62125a8a2d48d6ffe81624ae9d39025f71c09230dedabd5a13","downloaded_from":"2026-09-10T00:33:48.351Z","last_downloaded_at":"2026-09-10T00:33:48.351Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477224","source_sha256":"c6b2199b03e52709539d139ccb62517cc0b9fce04cde6b04ea9f7b8df17778a7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4498077b03737279e081575b3026dae13eeae5b06d013ff0daba473399de0ea0","downloaded_from":"2026-09-10T00:33:48.351Z","last_downloaded_at":"2026-09-10T00:33:48.351Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477224","source_sha256":"c6b2199b03e52709539d139ccb62517cc0b9fce04cde6b04ea9f7b8df17778a7"}}],"enrichment":{"summary":"This Subtopic governs how oil and gas entities account for certain \"conveyance\" transactions that are, in substance, borrowings repayable in cash or its equivalent. Under 470-932-25-1, such arrangements must be recorded as a payable by the operator receiving the funds and a receivable by the party advancing the funds, rather than as a sale or conveyance of mineral interests.","key_points":["Transactions labeled conveyances that are in substance borrowings repayable in cash or its equivalent shall be accounted for as borrowings (470-932-25-1).","Cash advanced to an operator to finance exploration, repayable by offset against purchases of oil or gas discovered or in cash if insufficient production occurs by a specified date, is a receivable to the lender and a payable to the operator (470-932-25-1(a)).","Funds advanced repayable in cash out of proceeds from a specified share of future production until the advance plus interest at a specified or determinable rate is repaid are accounted for as a borrowing (470-932-25-1(b)).","Both arrangements are commonly called production payments, but they differ in substance from the production payments described in 932-360-55-2, which are not borrowings (470-932-25-1(b)).","The Subtopic's scope follows the Overall oil and gas Subtopic scope in Section 932-10-15 (470-932-15-1)."],"categories":["Recognition","Industry-specific","Debt and equity"],"audience_level":"intermediate","student_note":"The classic trap is treating every \"production payment\" alike: if the advance must be repaid in cash (with interest) out of future production proceeds, it is debt, not a sale of a mineral interest. Compare it against the conveyance-type production payment in 932-360-55-2 to see the substance-over-form distinction.","related_topics":["932-10","932-360","932-235","470-10","835-30"],"key_concepts":["conveyance","production payment","in-substance borrowing","oil and gas properties","advance repayable in cash","receivable and payable recognition","substance over form"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cf825fb72192caa2f762600cd1523a5fe62d02e46ee1db2503e4d6afa8743dc4","downloaded_from":"2026-09-10T00:33:36.319Z","last_downloaded_at":"2026-09-10T00:33:48.351Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"835-932","title":"Extractive Activities—Oil and Gas","topic_title":"Interest","score":0.7947,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:abfd08cd0a3abd81a7f7771d29d33b14df8a2aff5f75ad0d8b7a587ef8b219f0","downloaded_from":"2026-09-10T01:50:54.044Z","last_downloaded_at":"2026-09-10T01:51:06.744Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"720-932","title":"Extractive Activities—Oil and Gas","topic_title":"Other Expenses","score":0.7467,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:79a6dfb7a26802433d0cf277e710bb090a70a31467304af92f22fa2783202677","downloaded_from":"2026-09-10T01:10:32.559Z","last_downloaded_at":"2026-09-10T01:10:47.285Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"740-932","title":"Extractive Activities—Oil and Gas","topic_title":"Income Taxes","score":0.7234,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eb274400436698512f21df10b01bd65057d575797187ee60ab98badac3543d32","downloaded_from":"2026-09-10T01:19:50.149Z","last_downloaded_at":"2026-09-10T01:20:10.076Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"810-932","title":"Extractive Activities—Oil and Gas","topic_title":"Consolidation","score":0.7073,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e204649faa0b4395d7f78666628dc1baf5e564f4ead460065e806bb7a3023c2a","downloaded_from":"2026-09-10T01:31:06.373Z","last_downloaded_at":"2026-09-10T01:31:16.096Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"330-932","title":"Extractive Activities—Oil and Gas","topic_title":"Inventory","score":0.7045,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a41f60a5848ba6de69572686f9d2d667df903e6fe9bf78d5562ebe21e6f01280","downloaded_from":"2026-09-09T23:53:09.584Z","last_downloaded_at":"2026-09-09T23:53:22.955Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"350-932","title":"Extractive Activities—Oil and Gas","topic_title":"Intangibles—Goodwill and Other","score":0.702,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:166ded2be7e0bf723df98c4977f405a6a581c380594ad5f7cc384040f0187cfe","downloaded_from":"2026-09-10T00:04:39.480Z","last_downloaded_at":"2026-09-10T00:04:44.333Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-60","title":"Troubled Debt Restructurings by Debtors","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:38844c804432e05a975c7e88aa535e720bb2f95a30624070639345f68bdc5cb6","downloaded_from":"2026-09-10T00:33:11.172Z","last_downloaded_at":"2026-09-10T00:33:34.628Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by 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Significant categories of borrowings must appear as separate balance sheet line items (or one line with note detail of components), mortgage transfers treated as secured borrowings under Topic 860 must be shown as debt separately from advances, other notes payable and subordinated debt, and notes must describe the principal terms of each debt agreement. Fair value estimates of deposit liabilities must exclude core deposit intangibles.","concepts":["significant categories of borrowings","senior and subordinated debt","secured borrowing","mortgage-backed bonds","core deposit intangibles","fair value of deposit liabilities","unclassified balance sheet","restrictive covenants"],"categories":["Presentation","Disclosure","Industry-specific","Fair value"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-942-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
942-470-50-1AmendedAccounting Standards Update No. 2016-0101/05/2016
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n942-470-50-1 | Amended | Accounting Standards Update No. 2016-01 | 01/05/2016 |","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8cc30e4e85b3aed809bbece2196ab0e9e90768fdbc738eefa047b2b8cb79ccf8","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:33:50.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479033","source_sha256":"370cb5eddaf9708319d7c0bbb480bdf18d56571d0b0a6f38e5cd069bab1e893b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2ecf3e69e52553bce94f8f0a9b002413c5b52363d77033d755d9c033bd9046c7","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:33:50.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479033","source_sha256":"370cb5eddaf9708319d7c0bbb480bdf18d56571d0b0a6f38e5cd069bab1e893b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:386c0683a75ee458e654d2982616a6b1dfd9ba24c5c79b875dd1154d8aa0b96c","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:33:50.076Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479033","source_sha256":"370cb5eddaf9708319d7c0bbb480bdf18d56571d0b0a6f38e5cd069bab1e893b"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-942-05-1","para":"05-1","html":"
This Subtopic provides disclosure and presentation guidance concerning certain borrowings and long-term obligations of financial institutions.
","snippet":"This Subtopic provides disclosure and presentation guidance concerning certain borrowings and long-term obligations of financial institutions.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9a4275b888e149edd2cc8c3cbe03201741c47ae8ab402b033029902d706b1467","downloaded_from":"2026-09-10T00:33:52.398Z","last_downloaded_at":"2026-09-10T00:33:52.398Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479009","source_sha256":"9138727447eabe46a23c7a720c8f069ef0c53a225eab27036c401a12ff285f77"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b26bc10d78d606f93b59ebadd0f398fa97bd3e7ea0ff2e64e6508198c70cff05","downloaded_from":"2026-09-10T00:33:52.398Z","last_downloaded_at":"2026-09-10T00:33:52.398Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479009","source_sha256":"9138727447eabe46a23c7a720c8f069ef0c53a225eab27036c401a12ff285f77"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:37f4d7239aecd34cd1c9cdf149f1ba0a022009237a305fd797220e9cb810f985","downloaded_from":"2026-09-10T00:33:52.398Z","last_downloaded_at":"2026-09-10T00:33:52.398Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479009","source_sha256":"9138727447eabe46a23c7a720c8f069ef0c53a225eab27036c401a12ff285f77"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"470-942-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 942-10-15.
","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 942-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e0d149a1aca00b68beb16ad881e4e716005a0de36fba5116fcd7c28789f39f13","downloaded_from":"2026-09-10T00:33:54.167Z","last_downloaded_at":"2026-09-10T00:33:54.167Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478955","source_sha256":"d641a6cc910f1d23a1e54b4edfc935401190af2a147a38c066bd05c05953afe5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7173da4dbe5eb747a2a0c793429b6c736cbf38707a3a50bc48ac3311a25d8251","downloaded_from":"2026-09-10T00:33:54.167Z","last_downloaded_at":"2026-09-10T00:33:54.167Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478955","source_sha256":"d641a6cc910f1d23a1e54b4edfc935401190af2a147a38c066bd05c05953afe5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:987a0da17ca095b1e52a8b61d41b407feea447f09bae30836f5d160181060919","downloaded_from":"2026-09-10T00:33:54.167Z","last_downloaded_at":"2026-09-10T00:33:54.167Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478955","source_sha256":"d641a6cc910f1d23a1e54b4edfc935401190af2a147a38c066bd05c05953afe5"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":"Borrowings","paragraphs":[{"citation":"470-942-45-1","para":"45-1","html":"
Significant categories of borrowings shall be presented as separate line items in the liability section of the balance sheet, or as a single line item with appropriate note disclosure of components. Institutions may, alternatively, present debt based on the debt's priority (that is, senior or subordinated) if they also provide separate disclosure of significant categories of borrowings.
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Transfers of mortgages accounted for under Topic 860 as secured borrowings of the issuing institution shall be classified as debt on the institution's balance sheet. Such mortgage-backed bonds shall be classified separately from advances, other notes payable, and subordinated debt.
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Accounting and reporting requirements for long-term obligations are the same for financial institutions as for other entities. If the financial institution has an unclassified balance sheet, there is no need to separate balances into current and long-term portions. Topic 440 requires disclosure of future payments on long-term borrowings.
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For debt, the notes to the financial statements shall describe the principal terms of the respective agreements including but not limited to all of the following:
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See paragraph 942-210-S99-1, Regulation S-X Rule 9-03.15, for presentation requirements for other liabilities.
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See paragraph 942-210-S99-1, Regulation S-X Rule 9-03.16, for disclosure requirements for long-term debt.
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Significant categories of borrowings must appear as separate balance sheet line items (or one line with note detail of components), mortgage transfers treated as secured borrowings under Topic 860 must be shown as debt separately from advances, other notes payable and subordinated debt, and notes must describe the principal terms of each debt agreement. Fair value estimates of deposit liabilities must exclude core deposit intangibles.","key_points":["Significant categories of borrowings shall be presented as separate line items in the liability section of the balance sheet, or as a single line item with note disclosure of the components; alternatively, debt may be presented by priority (senior or subordinated) if significant categories of borrowings are separately disclosed (470-942-45-1).","Transfers of mortgages accounted for as secured borrowings under Topic 860 are classified as debt of the issuing institution, and such mortgage-backed bonds must be classified separately from advances, other notes payable, and subordinated debt (470-942-45-2).","In estimating the fair value of deposit liabilities, the value of long-term depositor relationships (core deposit intangibles) shall not be considered, because those are separate intangible assets rather than financial instruments (470-942-50-1).","Accounting and reporting for long-term obligations is the same for financial institutions as for other entities; an unclassified balance sheet need not split current versus long-term portions, and Topic 440 requires disclosure of future payments on long-term borrowings (470-942-50-2).","Notes must describe the principal terms of debt agreements, including title/nature, interest rate (fixed or floating), payment terms and maturity dates, collateral, conversion or redemption features, senior or subordinated status, and restrictive covenants such as dividend restrictions (470-942-50-3)."],"categories":["Presentation","Disclosure","Industry-specific","Fair value"],"audience_level":"intermediate","student_note":"Exam traps here are the two industry twists: mortgage transfers failing sale treatment under Topic 860 become debt shown separately from advances and subordinated debt, and core deposit intangibles are never folded into the fair value of deposit liabilities. Students often assume banks get relief from normal long-term debt reporting — they do not, except that an unclassified balance sheet avoids a current/noncurrent split.","related_topics":["942-10","860","440","470-10","825","942-405"],"key_concepts":["significant categories of borrowings","senior and subordinated debt","secured borrowing","mortgage-backed bonds","core deposit intangibles","fair value of deposit liabilities","unclassified balance sheet","restrictive covenants"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d2086ff16b4b5eec3b7496f9f981ed1b74f4767faca125c036fd04d0b6e8a87d","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:34:08.109Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"405-942","title":"Financial Services—Depository and Lending","topic_title":"Liabilities","score":0.8292,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7b8ef228facf030530edbac0b688284a5f26e55737db172ffdcd1014d162be7d","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:55.779Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"825-942","title":"Financial Services—Depository and Lending","topic_title":"Financial Instruments","score":0.7687,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bd361d41fac4b45960482e5bcbdbcd438ac6c6894cdf07dc848c8b520c4f8fca","downloaded_from":"2026-09-10T01:45:12.222Z","last_downloaded_at":"2026-09-10T01:45:24.858Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"210-942","title":"Financial Services—Depository and Lending","topic_title":"Balance Sheet","score":0.7576,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e6c9849bcbd6860d177f18d735a715cb052f80964e9cd2a2473386d3d11ed2d4","downloaded_from":"2026-09-09T23:00:23.086Z","last_downloaded_at":"2026-09-09T23:00:53.507Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"320-942","title":"Financial Services—Depository and Lending","topic_title":"Investments—Debt Securities","score":0.7336,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9cd81c9f628aa047d8ae85e6252b47bda20b7db6c1d96a4064ce9ebf390f9c4a","downloaded_from":"2026-09-09T23:36:00.347Z","last_downloaded_at":"2026-09-09T23:36:16.315Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"440-10","title":"Overall","topic_title":"Commitments","score":0.7309,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e835f86c7e72b2a89e7d73e7b87930669b2fd6129e7cd25f76feed7ac05ea4d","downloaded_from":"2026-09-10T00:25:16.890Z","last_downloaded_at":"2026-09-10T00:25:37.457Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-946","title":"Financial Services—Investment Companies","topic_title":"Liabilities","score":0.7185,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ba91f8abce89a5e8b61160b90505d3faa157c3f257e1ecb5a850429b517d20e8","downloaded_from":"2026-09-10T00:19:12.218Z","last_downloaded_at":"2026-09-10T00:19:18.650Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-932","title":"Extractive Activities—Oil and Gas","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a7b6a9c37f48e4d8f3f23001ca3e2984c54d4701d9ddce1139220f451f0b4f48","downloaded_from":"2026-09-10T00:33:36.319Z","last_downloaded_at":"2026-09-10T00:33:48.351Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-944","title":"Financial Services—Insurance","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1cdf6dd5c6eca914df7326de9a884a91df1666c7d565fe2996dc2c43cec3bb98","downloaded_from":"2026-09-10T00:34:11.077Z","last_downloaded_at":"2026-09-10T00:34:31.491Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5c747b2197ba1cdbcca4fbec2d135f44ce2fe878efcad3eb935922982e3632e6","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:34:08.109Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-944","topic":"470","title":"Financial Services—Insurance","area":"Liabilities","paragraphs":8,"summary":"This subtopic governs how an insurance entity that issues surplus notes (also called certificates of contribution, surplus debentures, or capital notes) accounts for them under GAAP. The core rule is that surplus notes are debt, not equity: they are presented as liabilities and interest is accrued over the note's life even though the domiciliary state insurance commissioner must approve each principal and interest payment (470-944-25-1, 35-1, 45-1).","concepts":["surplus notes","certificates of contribution","domiciliary state insurance commissioner approval","debt versus equity classification","interest accrual","subordination","statutory surplus","issuer disclosure"],"categories":["Debt and equity","Presentation","Disclosure","Industry-specific"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-944-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Readily Determinable Fair ValueAmendedAccounting Standards Update No. 2015-1006/12/2015
Readily Determinable Fair ValueAmendedAccounting Standards Update No. 2014-0603/14/2014
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nReadily Determinable Fair Value | Amended | Accounting Standards Update No. 2015-10 | 06…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c4312ffed0c707da0e9499ab06ecd19c8b89e1d1ecfa6e50c6bb21b5d30f1bf9","downloaded_from":"2026-09-10T00:34:11.077Z","last_downloaded_at":"2026-09-10T00:34:11.077Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477757","source_sha256":"aac7c79db9e79cfb68a8969d921dc976750af9c7abede8dfc30973d59c2b7174"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a77e6e5da16e9776cbaf054e788b698a57dd786b597c3223ceeef691d7d3d1fd","downloaded_from":"2026-09-10T00:34:11.077Z","last_downloaded_at":"2026-09-10T00:34:11.077Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477757","source_sha256":"aac7c79db9e79cfb68a8969d921dc976750af9c7abede8dfc30973d59c2b7174"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:073b8dfa292373985754ec4c01e5688aa2d60e847c9f72a2ba09424f0c5fa5c3","downloaded_from":"2026-09-10T00:34:11.077Z","last_downloaded_at":"2026-09-10T00:34:11.077Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477757","source_sha256":"aac7c79db9e79cfb68a8969d921dc976750af9c7abede8dfc30973d59c2b7174"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-944-05-1","para":"05-1","html":"
This Subtopic provides guidance on accounting, financial statement presentation, and disclosure by the issuers of surplus notes. The term surplus notes is the most common term applied to these financial instruments. Some jurisdictions refer to these financial instruments as certificates of contribution, surplus debentures, or capital notes. The following are some general characteristics of surplus notes:
  1. a
    Approval of the issuance by the domiciliary state insurance commissioner
  2. b
    Stated maturity date in most but not all cases
  3. c
    Scheduled interest payments
  4. d
    Approval of the payment of principal and interest by the domiciliary state insurance commissioner
  5. e
    Nonvoting
  6. f
    Subordinate to all claims except those of shareholders for stock entities
  7. g
    Subordinate to all claims except policyholder residuals for mutual entities (after policyholder liabilities are settled)
  8. h
    No or limited acceleration rights other than for rehabilitation, liquidation, or reorganization of the insurer by a governmental agency
  9. i
    Proceeds from issuance in the form of cash, cash equivalent, or some other asset with a readily determinable fair value satisfactory to the domiciliary state insurance commissioner.
","snippet":"This Subtopic provides guidance on accounting, financial statement presentation, and disclosure by the issuers of surplus notes. The term surplus notes is the most common term applied to these financial instruments. Some…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fe28270641ede4e96427b1f48de647da05d3403c44c191c2ec6362063ccba897","downloaded_from":"2026-09-10T00:34:13.964Z","last_downloaded_at":"2026-09-10T00:34:13.964Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479040","source_sha256":"22c6a073f6c45f496542ac4f8c0c2ac35af4a677ba5b354b513372025a04816b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e22c046a977990c98f258aa34387f8a18985f60f3959e14db838e3094ec414ea","downloaded_from":"2026-09-10T00:34:13.964Z","last_downloaded_at":"2026-09-10T00:34:13.964Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479040","source_sha256":"22c6a073f6c45f496542ac4f8c0c2ac35af4a677ba5b354b513372025a04816b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:107f863f46298a9044c2cfa7cd4d1c384c445722b3b00f902afe3b673bc5d341","downloaded_from":"2026-09-10T00:34:13.964Z","last_downloaded_at":"2026-09-10T00:34:13.964Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479040","source_sha256":"22c6a073f6c45f496542ac4f8c0c2ac35af4a677ba5b354b513372025a04816b"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"470-944-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 944-10-15, with specific entity exceptions noted below.
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The guidance in this Subtopic does not apply to investors in surplus notes.
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Surplus notes shall be accounted for as debt instruments; equity treatment for surplus notes is inappropriate.
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Interest shall be accrued over the life of the surplus note, irrespective of the approval of interest and principal payments by the domiciliary state insurance commissioner, and shall be recognized as an expense in the same manner as other debt.
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Surplus notes shall be presented as liabilities in the financial statements of the issuer; equity treatment for surplus notes is inappropriate.
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An entity shall disclose the domiciliary state insurance commissioner's role and ability to approve or disapprove any interest and principal payments.
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The core rule is that surplus notes are debt, not equity: they are presented as liabilities and interest is accrued over the note's life even though the domiciliary state insurance commissioner must approve each principal and interest payment (470-944-25-1, 35-1, 45-1).","key_points":["Surplus notes shall be accounted for as debt instruments, and equity treatment is inappropriate (470-944-25-1).","Typical characteristics include commissioner approval of issuance and of principal/interest payments, a stated maturity in most cases, scheduled interest, nonvoting status, deep subordination, and limited acceleration rights only on rehabilitation, liquidation, or reorganization (470-944-05-1).","Interest shall be accrued over the life of the note irrespective of whether the domiciliary state insurance commissioner has approved interest and principal payments, and is expensed the same way as interest on other debt (470-944-35-1).","Surplus notes shall be presented as liabilities on the issuer's financial statements (470-944-45-1).","The issuer shall disclose the domiciliary state insurance commissioner's role and ability to approve or disapprove any interest and principal payments (470-944-50-1).","The guidance applies only to issuers; it does not apply to investors in surplus notes (470-944-15-2), and otherwise follows the scope in Section 944-10-15 (470-944-15-1)."],"categories":["Debt and equity","Presentation","Disclosure","Industry-specific"],"audience_level":"intermediate","student_note":"Surplus notes are the classic GAAP-versus-statutory divergence: statutory accounting treats them as surplus (equity-like), but GAAP insists they are liabilities with accrued interest. The common misunderstanding is assuming that because the commissioner can block payments, no interest expense accrues — 470-944-35-1 says accrual continues regardless.","related_topics":["944-10","470-10","480-10","835-30","944-405"],"key_concepts":["surplus notes","certificates of contribution","domiciliary state insurance commissioner approval","debt versus equity classification","interest accrual","subordination","statutory surplus","issuer disclosure"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:073b9c4eb8c72d955e977841afa64c834b1cb0ffa5c9cd0481b2dc3663f9ef89","downloaded_from":"2026-09-10T00:34:11.077Z","last_downloaded_at":"2026-09-10T00:34:31.491Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"505-944","title":"Financial Services—Insurance","topic_title":"Equity","score":0.6738,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9c79afadd6c04526a94f3b843c20b0416a5a85b37e99979273649860d4896117","downloaded_from":"2026-09-10T00:40:25.190Z","last_downloaded_at":"2026-09-10T00:40:41.119Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-942","title":"Financial Services—Depository and Lending","topic_title":"Liabilities","score":0.6512,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b520c8316e42d8c6b9ce92732f9d543c765e69d72ca3be407a98f2d68aa1382c","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:55.779Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"235-946","title":"Financial Services—Investment Companies","topic_title":"Notes to Financial 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Lending","topic_title":"Debt","score":0.6487,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42a72d5f1cf670e85d7dad4b88fbb653ec094fa39927e8d55c2c50b503a1b741","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:34:08.109Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"210-942","title":"Financial Services—Depository and Lending","topic_title":"Balance 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Entities","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:11f4847ab404c170178de4653db21fd66770f97b5da3cdc722e3c5f1666735cc","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:152e33b07b4272e48f27f04ec073deb246a8941377ef4a3dff0aa8fdbac5de10","downloaded_from":"2026-09-10T00:34:11.077Z","last_downloaded_at":"2026-09-10T00:34:31.491Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-954","topic":"470","title":"Health Care Entities","area":"Liabilities","paragraphs":6,"summary":"This Subtopic gives health care entity-specific debt guidance, principally for tax-exempt bond financings. Bonds issued by a financing authority for a health care entity's benefit are recorded as a liability (or lease liability) only if the entity is responsible for repayment; otherwise the proceeds are reported as contributions from the sponsoring entity. It also addresses arbitrage rebate liabilities owed to the U.S. Treasury and the accounting for crossover refundings.","concepts":["tax-exempt bond financing","arbitrage rebate liability","crossover refunding","advance refunding","conduit debt obligation","defeasance","contributions from sponsoring entity","offsetting of assets and liabilities"],"categories":["Recognition","Derecognition","Presentation","Industry-specific"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-954-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Advance RefundingAddedAccounting Standards Update No. 2016-0202/25/2016
Conditional ContributionAddedAccounting Standards Update No. 2018-0806/21/2018
ContributionAmendedAccounting Standards Update No. 2018-0806/21/2018
ContributionAmendedAccounting Standards Update No. 2010-0701/28/2010
Donor-Imposed ConditionAddedAccounting Standards Update No. 2018-0806/21/2018
Promise to GiveAddedAccounting Standards Update No. 2018-0806/21/2018
954-470-25-1AmendedAccounting Standards Update No. 2016-0202/25/2016
954-470-40-1AmendedAccounting Standards Update No. 2016-0202/25/2016
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nAdvance Refunding | Added | Accounting Standards Update No. 2016-02 | 02/25/2016 |\nCondi…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:87dbb8599de5930bf2c54f28ab3be27291047ef13eef7aec51e8527b67eef453","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:33.725Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477929","source_sha256":"d9bce3c7bbab4b51a65a6c7a3e74dd0c4ef561b7424be84effaa96abf114b561"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e8e2daf061c44f5b05c09f9bba33e78b2785a21f9074ae7b8a303111b1251450","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:33.725Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477929","source_sha256":"d9bce3c7bbab4b51a65a6c7a3e74dd0c4ef561b7424be84effaa96abf114b561"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7e043c7bdbd2c3ad89f37ef354eb6ea679f7ed2820dff53be2c675e8d41608ea","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:33.725Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477929","source_sha256":"d9bce3c7bbab4b51a65a6c7a3e74dd0c4ef561b7424be84effaa96abf114b561"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-954-05-1","para":"05-1","html":"
This Subtopic provides guidance on accounting for debt for health care entities within the scope of this Topic.
","snippet":"This Subtopic provides guidance on accounting for debt for health care entities within the scope of this Topic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9e632d9d340f30ac2cea56d372d56de25078e3253354570620750461f3d4c636","downloaded_from":"2026-09-10T00:34:36.180Z","last_downloaded_at":"2026-09-10T00:34:36.180Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477840","source_sha256":"97d12722f507f0b53a65552b45413c87451f853f51852f7e9b3c95ea144215a8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f022be33de5d1a91081ff935ac8d023c343cdd0c2b8914e55409e8df361f0efa","downloaded_from":"2026-09-10T00:34:36.180Z","last_downloaded_at":"2026-09-10T00:34:36.180Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477840","source_sha256":"97d12722f507f0b53a65552b45413c87451f853f51852f7e9b3c95ea144215a8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1d8fe6f360ce24254c86c5c09af3275a1f6b7370c1fdb82240942511b71b3980","downloaded_from":"2026-09-10T00:34:36.180Z","last_downloaded_at":"2026-09-10T00:34:36.180Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477840","source_sha256":"97d12722f507f0b53a65552b45413c87451f853f51852f7e9b3c95ea144215a8"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"470-954-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 954-10-15.
","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 954-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7a7ac20fe05f85d0c52000ab84651509e66797f5c94728372e50d14239d0d202","downloaded_from":"2026-09-10T00:34:38.857Z","last_downloaded_at":"2026-09-10T00:34:38.857Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478748","source_sha256":"665ef4d45d480ad4f8724e88bf2a2a3faaecf852e30dbeb20a4fef3af44c8e8a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bce0f6849627e55f4918ff70273ed9851fb8e3a22b5b621f20168c3a8fb96919","downloaded_from":"2026-09-10T00:34:38.857Z","last_downloaded_at":"2026-09-10T00:34:38.857Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478748","source_sha256":"665ef4d45d480ad4f8724e88bf2a2a3faaecf852e30dbeb20a4fef3af44c8e8a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8016e056fdd6985e4dc6726b249822a36be7fd2626cf9a01c7f85938b9368663","downloaded_from":"2026-09-10T00:34:38.857Z","last_downloaded_at":"2026-09-10T00:34:38.857Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478748","source_sha256":"665ef4d45d480ad4f8724e88bf2a2a3faaecf852e30dbeb20a4fef3af44c8e8a"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Financing Authorities","paragraphs":[{"citation":"470-954-25-1","para":"25-1","html":"
When a financing authority issues tax-exempt bonds or similar debt instruments and uses the proceeds for the benefit of a health care entity, the obligation shall be reported as a liability in the entity's balance sheet if the health care entity is responsible for repayment. In some cases, this obligation may take the form of a liability arising from a lease. If a health care entity has no obligation to make payments of principal and interest on the debt or lease payments on related buildings or equipment, the entity shall not reflect the liability on its balance sheet. In such circumstances, proceeds from the bond issue shall be reported as contributions from the sponsoring entity.
","snippet":"When a financing authority issues tax-exempt bonds or similar debt instruments and uses the proceeds for the benefit of a health care entity, the obligation shall be reported as a liability in the entity's balance sheet …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:10f5f806c32164b2f76f9b95d0dbb345568add33c1bac3fd261f3a129eb3ded9","downloaded_from":"2026-09-10T00:34:45.263Z","last_downloaded_at":"2026-09-10T00:34:45.263Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477440","source_sha256":"9caf6b9879de1bda92db8695028a410f798c69473cfb6ec567e8d890cdea6810"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bf38c60e27af533a7e642fda0df0f12b7c10440881e5249dd5dd7453bf284e1d","downloaded_from":"2026-09-10T00:34:45.263Z","last_downloaded_at":"2026-09-10T00:34:45.263Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477440","source_sha256":"9caf6b9879de1bda92db8695028a410f798c69473cfb6ec567e8d890cdea6810"}},{"block":null,"heading":"Arbitrage Rebate Liabilities","paragraphs":[{"citation":"470-954-25-2","para":"25-2","html":"
Internal Revenue Service (IRS) regulations concerning tax-exempt debt prohibit the yield realized from the investment of the proceeds of such debt from exceeding the interest rate to be paid on such debt. Whenever a provider invests tax-exempt bond proceeds and the ultimate yield is higher than the interest rate on the bonds, the provider may be subject to an arbitrage rebate liability. The arbitrage determination is made as of the date of the issue; however, intentional acts undertaken after the date of the issue can disqualify the issue retroactively. The earnings in excess of interest expense represent a liability that must be paid to the U.S. Treasury in order for the bonds to maintain their tax-exempt status. The arbitrage rebate liability may be a substantial amount if the bond proceeds are not spent as quickly as planned. For example, this may occur if a provider encounters a delay in a major construction project.
","snippet":"Internal Revenue Service (IRS) regulations concerning tax-exempt debt prohibit the yield realized from the investment of the proceeds of such debt from exceeding the interest rate to be paid on such debt. Whenever a prov…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:365afd8d37240b85d80d23beee96de580cc46522c6ba6c2ea94b2fa11ad40aca","downloaded_from":"2026-09-10T00:34:45.263Z","last_downloaded_at":"2026-09-10T00:34:45.263Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477440","source_sha256":"9caf6b9879de1bda92db8695028a410f798c69473cfb6ec567e8d890cdea6810"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3aeeba6ee927a0f855743155cef3b752b73f928b58af6ae846ff12c0e9306d6d","downloaded_from":"2026-09-10T00:34:45.263Z","last_downloaded_at":"2026-09-10T00:34:45.263Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477440","source_sha256":"9caf6b9879de1bda92db8695028a410f798c69473cfb6ec567e8d890cdea6810"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b846d4f7590d0066447801ca4a2b2cf33c882d12ba8b80791f161f3f5b3d042c","downloaded_from":"2026-09-10T00:34:45.263Z","last_downloaded_at":"2026-09-10T00:34:45.263Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477440","source_sha256":"9caf6b9879de1bda92db8695028a410f798c69473cfb6ec567e8d890cdea6810"}},{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-954-40-1","para":"40-1","html":"
In a crossover refunding, because the old bonds are not defeased until the crossover date, no immediate gain or loss shall be recognized. If the retirement dates of the old debt have been established, the call premium, unamortized premium or discount, and initial issue costs shall be recognized systematically in the income statement over the remaining life of the old debt as an adjustment of the cost of borrowing related to the old debt. In addition, the income earned on the funds used to consummate the advance refunding and the interest expense on both the old and new debts shall be recognized in the income statement. The funds used to consummate the advance refunding shall be reported as an asset and both the old and new debts shall be reported as liabilities. The assets and liabilities shall not be offset.
","snippet":"In a crossover refunding, because the old bonds are not defeased until the crossover date, no immediate gain or loss shall be recognized. If the retirement dates of the old debt have been established, the call premium, u…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e457752bd5d6d722c9e954f0426f63bba9162f7d6017c8984a195cbd9967de1","downloaded_from":"2026-09-10T00:34:48.558Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478541","source_sha256":"d52066b37499c29aee1e0a5d7613a7ae6ccb16259d38fd46297cbcd32f86768e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d80f7fc5c2fc5df4294e4e6550365dad3e6f8533f346c2fedabd5e0dc957d7c0","downloaded_from":"2026-09-10T00:34:48.558Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478541","source_sha256":"d52066b37499c29aee1e0a5d7613a7ae6ccb16259d38fd46297cbcd32f86768e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:16289a8b1738cf72c2e62c73236fb11cd9437b57f53194502b10e017c5a78818","downloaded_from":"2026-09-10T00:34:48.558Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478541","source_sha256":"d52066b37499c29aee1e0a5d7613a7ae6ccb16259d38fd46297cbcd32f86768e"}}],"enrichment":{"summary":"This Subtopic gives health care entity-specific debt guidance, principally for tax-exempt bond financings. Bonds issued by a financing authority for a health care entity's benefit are recorded as a liability (or lease liability) only if the entity is responsible for repayment; otherwise the proceeds are reported as contributions from the sponsoring entity. It also addresses arbitrage rebate liabilities owed to the U.S. Treasury and the accounting for crossover refundings.","key_points":["Tax-exempt bonds issued by a financing authority for the benefit of a health care entity are reported as a liability on the entity's balance sheet if the entity is responsible for repayment, and that obligation may take the form of a lease liability (470-954-25-1).","If the health care entity has no obligation to pay principal and interest (or related lease payments), no liability is recorded and the bond proceeds are reported as contributions from the sponsoring entity (470-954-25-1).","IRS rules prohibit investment yield on tax-exempt debt proceeds from exceeding the interest rate on the debt; excess earnings create an arbitrage rebate liability payable to the U.S. Treasury to preserve tax-exempt status (470-954-25-2).","The arbitrage determination is made as of the issue date, but intentional post-issuance acts can retroactively disqualify the issue, and the rebate can be substantial if proceeds are spent more slowly than planned (470-954-25-2).","In a crossover refunding, the old bonds are not defeased until the crossover date, so no immediate gain or loss is recognized (470-954-40-1).","If retirement dates of the old debt are established, the call premium, unamortized premium or discount, and initial issue costs are recognized systematically over the remaining life of the old debt as an adjustment of the cost of borrowing (470-954-40-1).","The escrowed funds are reported as an asset and both old and new debts as liabilities, with no offsetting; income on the funds and interest expense on both debts are recognized in the income statement (470-954-40-1)."],"categories":["Recognition","Derecognition","Presentation","Industry-specific"],"audience_level":"intermediate","student_note":"The recurring exam trap is assuming that conduit tax-exempt bond proceeds always create a liability for the health care entity — recognition turns entirely on whether the entity is obligated to repay; if not, the proceeds are contribution revenue. Also remember that a crossover refunding produces no immediate gain or loss and requires gross (non-offset) presentation of the escrow asset and both debts.","related_topics":["954-10","470-50","405-20","958-605","842","210-20"],"key_concepts":["tax-exempt bond financing","arbitrage rebate liability","crossover refunding","advance refunding","conduit debt obligation","defeasance","contributions from sponsoring entity","offsetting of assets and liabilities"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7b381b13ca7f78f239a9926ad090418b55cc66909ee3d44f60c4d08f4340abc9","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"470-958","title":"Not-for-Profit 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Entities","topic_title":"Receivables","score":0.7367,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cd3543f7086bb99835eb5914e24e236d962e7ce7f84448f4458d7d74b0459fa4","downloaded_from":"2026-09-09T23:31:29.416Z","last_downloaded_at":"2026-09-09T23:32:00.586Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-980","title":"Regulated Operations","topic_title":"Debt","score":0.7249,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7960e728c82f224a398f266fee7ad86835b1446558aa8cb7e8cfa8cca6aa660d","downloaded_from":"2026-09-10T00:35:14.586Z","last_downloaded_at":"2026-09-10T00:35:24.744Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"210-954","title":"Health Care Entities","topic_title":"Balance 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The core rule is that because the NFP is responsible for repaying tax-exempt bonds or other obligations issued on its behalf, the NFP recognizes that financing as a liability on its statement of financial position (470-958-25-1). Scope follows the NFP Overall Subtopic scope in Section 958-10-15.","concepts":["not-for-profit entity","tax-exempt bond financing","conduit debt obligation","state and local financing authority","liability recognition","statement of financial position"],"categories":["Recognition","Not-for-profit","Debt and equity","Presentation"],"level":"introductory","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-958-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
958-470-05-1AmendedAccounting Standards Update No. 2012-0410/01/2012
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This Subtopic provides guidance on accounting for debt for not-for-profit entities within the scope of this Topic.
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This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic (see Section 958-10-15).
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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.
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Because the NFP is responsible for the rep…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ff84aec36c9abc907a3620fdc24070cfbedb7be1adb6fe6d898c2c0be40d1b23","downloaded_from":"2026-09-10T00:34:59.299Z","last_downloaded_at":"2026-09-10T00:34:59.299Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478694","source_sha256":"f9223b0ea30f2e543f5e8077afbcd12a05c244a89a3b1f4a341538307a2cf57c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d545c9c2f7b3dc7a078d7a82779dcaaf2148d4d1e52a405dbf1bbbb3f8ac387e","downloaded_from":"2026-09-10T00:34:59.299Z","last_downloaded_at":"2026-09-10T00:34:59.299Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478694","source_sha256":"f9223b0ea30f2e543f5e8077afbcd12a05c244a89a3b1f4a341538307a2cf57c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6247bbca6159865072a1e6922ab05c56054c49a2433fb98679f726b53d3d6d84","downloaded_from":"2026-09-10T00:34:59.299Z","last_downloaded_at":"2026-09-10T00:34:59.299Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478694","source_sha256":"f9223b0ea30f2e543f5e8077afbcd12a05c244a89a3b1f4a341538307a2cf57c"}}],"enrichment":{"summary":"This subtopic addresses how a not-for-profit entity accounts for debt, in particular conduit financing obtained through state and local financing authorities. The core rule is that because the NFP is responsible for repaying tax-exempt bonds or other obligations issued on its behalf, the NFP recognizes that financing as a liability on its statement of financial position (470-958-25-1). Scope follows the NFP Overall Subtopic scope in Section 958-10-15.","key_points":["This Subtopic gives debt guidance for not-for-profit entities within the scope of Topic 470 (470-958-05-1).","Scope and scope exceptions are the same as those in the Not-for-Profit Entities Overall Subtopic, Section 958-10-15 (470-958-15-1).","An NFP may finance part of its activities with proceeds of tax-exempt bonds or other obligations issued through state and local financing authorities (470-958-25-1).","Because the NFP is responsible for repayment of those obligations, the financing must be recognized as a liability in the NFP's statement of financial position (470-958-25-1).","The fact that the bonds are legally issued by a governmental financing authority does not keep the obligation off the NFP's statement of financial position."],"categories":["Recognition","Not-for-profit","Debt and equity","Presentation"],"audience_level":"introductory","student_note":"Short but testable: students often assume 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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.","concepts":["tax increment financing entity","special assessment","fixed or determinable amount","debt service shortfall","guarantee","loss contingency","infrastructure development","variable interest entity"],"categories":["Recognition","Contingencies and guarantees","Industry-specific","Consolidation"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-970-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
970-470-25-5AmendedAccounting Standards Update No. 2014-0905/28/2014
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n970-470-25-5 | Amended | Accounting Standards Update No. 2014-09 | 05/28/2014 |","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1cf97b8dd2e9ae3564926fa14d589890c9cc22ef1856697ad7e157c51c6bb815","downloaded_from":"2026-09-10T00:35:02.025Z","last_downloaded_at":"2026-09-10T00:35:02.025Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478217","source_sha256":"59fc9551d917bd959b3781b0640f541b34372cf3b535eaea6f9391c1b15cc85e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fc7693d032903487e5f19655e79fdf0d68cdab2f09727dfb6debeddc43748f5a","downloaded_from":"2026-09-10T00:35:02.025Z","last_downloaded_at":"2026-09-10T00:35:02.025Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478217","source_sha256":"59fc9551d917bd959b3781b0640f541b34372cf3b535eaea6f9391c1b15cc85e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bb975f07ea91dbbfaf5e05d19b461d73f14e93969517a459d8c300bb2dde6259","downloaded_from":"2026-09-10T00:35:02.025Z","last_downloaded_at":"2026-09-10T00:35:02.025Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478217","source_sha256":"59fc9551d917bd959b3781b0640f541b34372cf3b535eaea6f9391c1b15cc85e"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-970-05-1","para":"05-1","html":"
This Subtopic provides recognition and implementation guidance on tax increment financing entities.
","snippet":"This Subtopic provides recognition and implementation guidance on tax increment financing entities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a6cfd0372b26872ca8d7bfc01ff3301ac881ca8c3248bb827afa03139738168d","downloaded_from":"2026-09-10T00:35:04.752Z","last_downloaded_at":"2026-09-10T00:35:04.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478243","source_sha256":"68c674858d6ac1b2bf6870b7806803fb0bf9c4491f10995f7918ef59c10bd99e"}},{"citation":"470-970-05-2","para":"05-2","html":"
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.
","snippet":"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 inten…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5776d039a4e40d81fba50ad742c05a9736aeb5a24b0a82c137c047af093b3f25","downloaded_from":"2026-09-10T00:35:04.752Z","last_downloaded_at":"2026-09-10T00:35:04.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478243","source_sha256":"68c674858d6ac1b2bf6870b7806803fb0bf9c4491f10995f7918ef59c10bd99e"}},{"citation":"470-970-05-3","para":"05-3","html":"
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.
","snippet":"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 incre…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d1d88b9c1257acc5f8a1a7a71345734ded55a894686afd86b65945949c06687a","downloaded_from":"2026-09-10T00:35:04.752Z","last_downloaded_at":"2026-09-10T00:35:04.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478243","source_sha256":"68c674858d6ac1b2bf6870b7806803fb0bf9c4491f10995f7918ef59c10bd99e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2889df7b003c939480b499cf7e5b50a456935b77ef14d5386423a5fe0bc3f158","downloaded_from":"2026-09-10T00:35:04.752Z","last_downloaded_at":"2026-09-10T00:35:04.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478243","source_sha256":"68c674858d6ac1b2bf6870b7806803fb0bf9c4491f10995f7918ef59c10bd99e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6e8717e273ccf910cb7b5dee832623ac7a2a94ed205690a1709a731e732c5590","downloaded_from":"2026-09-10T00:35:04.752Z","last_downloaded_at":"2026-09-10T00:35:04.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478243","source_sha256":"68c674858d6ac1b2bf6870b7806803fb0bf9c4491f10995f7918ef59c10bd99e"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Entities","paragraphs":[{"citation":"470-970-15-1","para":"15-1","html":"
The guidance in this Subtopic applies to tax increment financing entities.
","snippet":"The guidance in this Subtopic applies to tax increment financing entities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:be7eb887b6fe42d4ff1a6ba2c8068a189a302f0a8ca8804289c2da592a9e2361","downloaded_from":"2026-09-10T00:35:06.579Z","last_downloaded_at":"2026-09-10T00:35:06.579Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477847","source_sha256":"67190ed3288570b94e51e70dfd1321ee6418539e6ad4aadcd2dc1c756408111f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a21e2e10af3f6428db31b53f58d21858b4349afeebb7483366f75cd45321d94e","downloaded_from":"2026-09-10T00:35:06.579Z","last_downloaded_at":"2026-09-10T00:35:06.579Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477847","source_sha256":"67190ed3288570b94e51e70dfd1321ee6418539e6ad4aadcd2dc1c756408111f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d5178bfee6bfb18f90b32ee1df161c960103c383a46e22670061a578632b18e8","downloaded_from":"2026-09-10T00:35:06.579Z","last_downloaded_at":"2026-09-10T00:35:06.579Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477847","source_sha256":"67190ed3288570b94e51e70dfd1321ee6418539e6ad4aadcd2dc1c756408111f"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Liability for Tax Increment Financing Entity Debt","paragraphs":[{"citation":"470-970-25-1","para":"25-1","html":"
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.
","snippet":"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 presumptio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2df957c3ff76f44e32c5211c8ab7f2675c1c79a483f9c5e5eea834338f41e15a","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}},{"citation":"470-970-25-2","para":"25-2","html":"
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.
","snippet":"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 a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:29c21086c8b6db18cf14dc4d0c2971b7ab59d752c3b733b4e694f55713b1e507","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}},{"citation":"470-970-25-3","para":"25-3","html":"
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
), may be guarantees under the characteristics found in paragraph 460-10-15-4 and subject to the initial recognition, initial measurement, and disclosure requirements of Topic 460.
","snippet":"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…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5bb190e3931f1ad1cd007e4150d4801414d261a17d8e9093221f3c72800419f6","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}},{"citation":"470-970-25-4","para":"25-4","html":"
See Section 970-470-55 for examples of accounting for special assessments and tax increment financing entities.
","snippet":"See Section 970-470-55 for examples of accounting for special assessments and tax increment financing entities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:74e65175ba0c6649d597e00132b72add2a45a5b2404887b8fa6849411e19b256","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}},{"citation":"470-970-25-5","para":"25-5","html":"
See Section 974-720-25 for adjustment of assets (or liabilities) transferred between a real estate investment trust and its adviser.
","snippet":"See Section 974-720-25 for adjustment of assets (or liabilities) transferred between a real estate investment trust and its adviser.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a81773aee91950c7b5fffc56d78af5bc53bd1fb1271123b14f5e21f164be8138","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1dd8fda2a08a249b8cceb74d3478aa846c8924483ed5b4de2f60b786b8f4c2d9","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2ba09ff269b26b488bda3d89e3b9b6c34d03c68bb99c080a61b9d9a545969d11","downloaded_from":"2026-09-10T00:35:09.321Z","last_downloaded_at":"2026-09-10T00:35:09.321Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478616","source_sha256":"ec240f3d42dcee236c2762b7de3c3596381a900f3516063ddffe2849860c709d"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"470-970-55-1","para":"55-1","html":"
This Example illustrates the guidance in paragraph 970-470-25-4. 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).
","snippet":"This Example illustrates the guidance in paragraph 970-470-25-4. The following Cases illustrate the use of municipal bonds and tax increment financing entities for financing the construction of development project infras…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:311693cd78228c84fcb756a4a2007de2db022cded9ad91d6d570d231ceba826f","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-2","para":"55-2","html":"
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.
","snippet":"Cases A, B, C, and D share all of the following assumptions:\n(a) The entity owns 100 percent of the land under development.\n(b) $10 million of bonds are issued for construction of the development infrastructure.\n(c) The …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e3ee6b1e28067d17e8d2f87217370f758a7b8602797986edb1a383f09a3bb6d3","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-3","para":"55-3","html":"
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.
","snippet":"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 i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:57a275fc6027b75b80d3ad4fcd70b4b5893e5eeb4d81058581b7b3d9743f3c34","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-4","para":"55-4","html":"
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.
","snippet":"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 th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b1ebe9bbb5ddeab1d384a6718e4943da05e5adf247a806a9785c3dbd76c4b944","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-5","para":"55-5","html":"
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.
","snippet":"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 th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f211e3eb016ee8a016832d58a456b15f633f0cb107355f4a2071847a902053c0","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-6","para":"55-6","html":"
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.
","snippet":"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 tha…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5d443f6e65a8ed2a9e0a93cdca236f2e9909cef03fbaa0b7cc5c1b981c5de11b","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-7","para":"55-7","html":"
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.
","snippet":"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.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8e1927525a6ed95340c4812f12d6e1b5889098d2ceead8c444af0c9642ee63e5","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-8","para":"55-8","html":"
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.
","snippet":"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.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:15d4154c23e63ae8375bc046c54fb6145d5e8845cd34741899b52a1e154dfe99","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-9","para":"55-9","html":"
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.
","snippet":"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 th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bac2b9f98ded4edd5178f256875ef6158fc02b8a11e298d71385bddd6f33c8fc","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-10","para":"55-10","html":"
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.
","snippet":"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 cate…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:29ede38f8c8ffbbaf52e0f02948b38fc1504dec360c2a6909f6a9208ca630f9c","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-11","para":"55-11","html":"
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.
","snippet":"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 s…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ff304c01615c7d28aef3709e916ccd46672e0f4210f4ffa7e900d48218f85c77","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-12","para":"55-12","html":"
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.
","snippet":"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 th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4834da1790bf41ca7683f5c213535f95a4137aad4fbd358c8b773c2a6da675f8","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-13","para":"55-13","html":"
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.
","snippet":"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 …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:62f0c5096b2821dc901fd26db3a71424983d5809f72761096923337b8e7007f1","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}},{"citation":"470-970-55-14","para":"55-14","html":"
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.
","snippet":"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 a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1772eae33f0040831d8744b18f34c4da7eeaa6fa76ab35b04928fd70ea5526f5","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e8936cad13ca93b86d6b8ee241976e33858808dbb1df816832fa9fb6686a3228","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ce4e752d36371bc226177939700f95b723445c51864c6dd18cd12eeb0f3d3d25","downloaded_from":"2026-09-10T00:35:11.229Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478330","source_sha256":"fecfa7c108bf6720d32a9bfec88635efe91007102e6ce8ad1bec259f79c8be8a"}}],"enrichment":{"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"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:07e8ac79bf9d8878bc5f014d53c46db3daab48abd2f4f5cd2d88a1f5e168db35","downloaded_from":"2026-09-10T00:35:02.025Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"470-954","title":"Health Care Entities","topic_title":"Debt","score":0.6835,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0f88fa67a23a4d7a971eb97bb10c879dc5c3a2e5929c04762683103ab05a26ef","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"740-980","title":"Regulated Operations","topic_title":"Income Taxes","score":0.6703,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:829bd51c51894f7d6bb39552eb234093e03355b86e44da108a0af71fde7c3ca8","downloaded_from":"2026-09-10T01:21:36.471Z","last_downloaded_at":"2026-09-10T01:21:55.089Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-958","title":"Not-for-Profit Entities","topic_title":"Debt","score":0.6579,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5e87fb9d959033f78ee657ebd5911c7c07ad5641e810efcced319491445efcc7","downloaded_from":"2026-09-10T00:34:51.743Z","last_downloaded_at":"2026-09-10T00:34:59.299Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"740-10","title":"Overall","topic_title":"Income Taxes","score":0.6532,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e37bd35aace0411753d49ca7e2d11844e2016bf9f7a170700a5451b6db49dadc","downloaded_from":"2026-09-10T01:16:12.781Z","last_downloaded_at":"2026-09-10T01:17:20.090Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"720-30","title":"Real and Personal Property Taxes","topic_title":"Other Expenses","score":0.6518,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e8357cfa042676dbd63d8b4dcea7314e78ded57cc28abda0b94ba4c8958a008","downloaded_from":"2026-09-10T01:08:12.940Z","last_downloaded_at":"2026-09-10T01:08:30.360Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-10","title":"Overall","topic_title":"Debt","score":0.6498,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:33f8a555554611b7c391d645f0375e7a3cb305589bb0e096f48b62c2e6a6a22c","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:31:04.047Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-958","title":"Not-for-Profit Entities","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b97d12e6e0a1b31a54fe5db63e7a11929a8652e364547b8f7c5c0b263db38891","downloaded_from":"2026-09-10T00:34:51.743Z","last_downloaded_at":"2026-09-10T00:34:59.299Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"470-980","title":"Regulated Operations","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8209594180d59c9f9280754fe2c7be823c69bc0185ae7aeab54910ad58bb1808","downloaded_from":"2026-09-10T00:35:14.586Z","last_downloaded_at":"2026-09-10T00:35:24.744Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:20de3ddc864cb82d6fbf19c6ca899a9b5b6685986dc0fab26e60ced59ef65c4c","downloaded_from":"2026-09-10T00:35:02.025Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-980","topic":"470","title":"Regulated Operations","area":"Liabilities","paragraphs":5,"summary":"This Subtopic modifies the general rule that gains and losses on early extinguishment of debt hit income immediately (Subtopic 470-50) for entities whose rates are set by a regulator. If the regulator will recover a reacquisition loss through future rates, the regulated entity capitalizes the excess of reacquisition price over net carrying amount as a regulatory asset; if the regulator will reduce future rates for a gain, the entity records a regulatory liability. Either amount is amortized as an adjustment of interest expense over the period reflected in rate-making.","concepts":["early extinguishment of debt","regulated operations","regulatory asset","regulatory liability","reacquisition price","net carrying amount","rate-making","amortization of interest expense"],"categories":["Derecognition","Industry-specific","Subsequent measurement","Debt and equity"],"level":"intermediate","topic_title":"Debt","sections":[{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"470-980-05-1","para":"05-1","html":"
This Subtopic provides guidance for debt for entities with regulated operations.
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This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 980-10-15.
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Subtopic 470-50 requires recognition in income of a gain or loss on an early extinguishment of debt in the period in which the debt is extinguished. For rate-making purposes, the difference between the entity's net carrying amount of the extinguished debt and the reacquisition price may be amortized as an adjustment of interest expense over some future period.
","snippet":"Subtopic 470-50 requires recognition in income of a gain or loss on an early extinguishment of debt in the period in which the debt is extinguished. For rate-making purposes, the difference between the entity's net carry…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:51b87beeed7830e01a2a22dcb167f065fffc39a4188e49cdea99fadda3159082","downloaded_from":"2026-09-10T00:35:22.975Z","last_downloaded_at":"2026-09-10T00:35:22.975Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478626","source_sha256":"8a9c52928caf80d3fa82bc083428022690a55389590fe2c5560e8288c52a9d35"}},{"citation":"470-980-40-2","para":"40-2","html":"
If the debt is reacquired for an amount in excess of the entity's net carrying amount, the regulator's decision to increase future rates by amortizing the difference for rate-making purposes provides reasonable assurance of the existence of an asset (see paragraph 980-340-25-1). Accordingly, the regulated entity shall capitalize the excess cost and amortize it over the period during which it will be allowed for rate-making purposes.
","snippet":"If the debt is reacquired for an amount in excess of the entity's net carrying amount, the regulator's decision to increase future rates by amortizing the difference for rate-making purposes provides reasonable assurance…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:db2434e2e0aa5d25f8b8fb56796b587bd41b95102a117275f039a4508f90b9c2","downloaded_from":"2026-09-10T00:35:22.975Z","last_downloaded_at":"2026-09-10T00:35:22.975Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478626","source_sha256":"8a9c52928caf80d3fa82bc083428022690a55389590fe2c5560e8288c52a9d35"}},{"citation":"470-980-40-3","para":"40-3","html":"
If the debt is reacquired for an amount that is less than the entity's net carrying amount, the regulator's decision to reduce future rates by amortizing the difference for rate-making purposes imposes a liability on the regulated entity (see paragraph 980-405-25-1(c)). Accordingly, the entity would record the difference as a liability and amortize it over the period during which permitted rates will be reduced.
","snippet":"If the debt is reacquired for an amount that is less than the entity's net carrying amount, the regulator's decision to reduce future rates by amortizing the difference for rate-making purposes imposes a liability on the…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9de0af0f98b19e582fc420c451956213c3a982bed8cee17e694036f724b8cd39","downloaded_from":"2026-09-10T00:35:22.975Z","last_downloaded_at":"2026-09-10T00:35:22.975Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478626","source_sha256":"8a9c52928caf80d3fa82bc083428022690a55389590fe2c5560e8288c52a9d35"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b1884951025f18d84e527201d5325902812e783c68c3dc807d1749ccf0f32aef","downloaded_from":"2026-09-10T00:35:22.975Z","last_downloaded_at":"2026-09-10T00:35:22.975Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478626","source_sha256":"8a9c52928caf80d3fa82bc083428022690a55389590fe2c5560e8288c52a9d35"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:24001608b59cdbdb332d00971eac4cf3ec2c4e783ac3b2d81f1a5a8292bc09fe","downloaded_from":"2026-09-10T00:35:22.975Z","last_downloaded_at":"2026-09-10T00:35:22.975Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478626","source_sha256":"8a9c52928caf80d3fa82bc083428022690a55389590fe2c5560e8288c52a9d35"}}],"enrichment":{"summary":"This Subtopic modifies the general rule that gains and losses on early extinguishment of debt hit income immediately (Subtopic 470-50) for entities whose rates are set by a regulator. If the regulator will recover a reacquisition loss through future rates, the regulated entity capitalizes the excess of reacquisition price over net carrying amount as a regulatory asset; if the regulator will reduce future rates for a gain, the entity records a regulatory liability. Either amount is amortized as an adjustment of interest expense over the period reflected in rate-making.","key_points":["Subtopic 470-50 normally requires a gain or loss on early extinguishment of debt to be recognized in income in the period of extinguishment, but for rate-making the difference between net carrying amount and reacquisition price may be amortized as an adjustment of interest expense over a future period (470-980-40-1).","When debt is reacquired for more than its net carrying amount and the regulator increases future rates to amortize the difference, that decision gives reasonable assurance of an asset, so the entity capitalizes the excess cost (470-980-40-2; see 980-340-25-1).","The capitalized excess is amortized over the period during which it will be allowed for rate-making purposes (470-980-40-2).","When debt is reacquired for less than its net carrying amount and the regulator reduces future rates, a liability is imposed on the entity, which records the difference as a liability (470-980-40-3; see 980-405-25-1(c)).","That liability is amortized over the period during which permitted rates will be reduced (470-980-40-3).","The scope of this Subtopic is the same as the Regulated Operations Overall Subtopic scope in Section 980-10-15 (470-980-15-1)."],"categories":["Derecognition","Industry-specific","Subsequent measurement","Debt and equity"],"audience_level":"intermediate","student_note":"This is the classic example of rate regulation overriding normal income-statement timing: the gain or loss is deferred on the balance sheet as a regulatory asset or liability rather than recognized immediately. The common mistake is assuming deferral is automatic for any utility — it depends on the regulator actually reflecting the amount in future rates.","related_topics":["470-50","980-10","980-340","980-405","980-360"],"key_concepts":["early extinguishment of debt","regulated operations","regulatory asset","regulatory liability","reacquisition price","net carrying amount","rate-making","amortization of interest expense"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9e85ea10c0c5e15a33a32df6bd684bc284a9aec10b55e1c2f16671fc26a61604","downloaded_from":"2026-09-10T00:35:14.586Z","last_downloaded_at":"2026-09-10T00:35:24.744Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"405-980","title":"Regulated 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Liabilities","topic_title":"Liabilities","score":0.7457,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:62d724a2ffbc58c3785080c1a498b05a66aa29b803d4f75fceb504620d40faf3","downloaded_from":"2026-09-10T00:13:46.142Z","last_downloaded_at":"2026-09-10T00:14:11.157Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"410-980","title":"Regulated Operations","topic_title":"Asset Retirement and Environmental 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established by retrieval timestamps"}},{"number":"842-980","title":"Regulated Operations","topic_title":"Leases","score":0.7258,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cf321c5d8a06996eb1c4ef5e3c104087e9019fec023e6292a07594844aa14991","downloaded_from":"2026-09-10T01:58:56.654Z","last_downloaded_at":"2026-09-10T01:59:18.312Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"470-954","title":"Health Care Entities","topic_title":"Debt","score":0.7249,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3dc6576f7790efd1c9c904ee8154414b62b83ac646802b6adf22185e1fff9f2d","downloaded_from":"2026-09-10T00:34:33.725Z","last_downloaded_at":"2026-09-10T00:34:48.558Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"470-970","title":"Real Estate—General","topic_title":"Debt","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:54c4798910dd4beb672bbc2fd864f3332ce34f336362b4c38bd8d21d1f49c36a","downloaded_from":"2026-09-10T00:35:02.025Z","last_downloaded_at":"2026-09-10T00:35:11.229Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"480-10","title":"Overall","topic_title":"Distinguishing Liabilities from Equity","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1ca8ed4e406b7ec134f8b35ed9ad7580b2f551200e3d6b8ba5edc66b9e78d0b1","downloaded_from":"2026-09-10T00:35:26.644Z","last_downloaded_at":"2026-09-10T00:36:28.293Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fe0bccfe88283c40a4111c9d59dae4ea25c3456ebcad91cfc66c86f1a5ab2eb4","downloaded_from":"2026-09-10T00:35:14.586Z","last_downloaded_at":"2026-09-10T00:35:24.744Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"paragraphs":611,"summary":"ASC 470 covers a borrower's (issuer's) accounting for debt across its life cycle: balance sheet classification of short-term and callable obligations (470-10), convertible debt and debt with warrants (470-20), participating mortgages (470-30), product financing arrangements (470-40), modifications and extinguishments (470-50), troubled debt restructurings (470-60), plus industry-specific rules for oil and gas, insurance surplus notes, depository institutions, health care, not-for-profit conduit bonds, regulated operations, and real estate special assessments/TIF debt. The unifying theme is substance over form — obligations are classified and measured by their economic reality (e.g., a \"sale\" of future revenue, a \"conveyance,\" or a product financing arrangement can all be borrowings), and current versus noncurrent classification turns on the creditor's demand rights at the balance sheet date. The two most heavily tested mechanics are the 470-10-45-14 refinancing exception for excluding short-term obligations from current liabilities and the 470-50-40-10 \"10 percent cash flow test\" that determines whether a modification or exchange is an extinguishment (new debt at fair value, gain or loss in income) or merely a continuation (new effective interest rate, no gain or loss). Troubled debt restructurings under 470-60 sit outside that model, using fair value for asset/equity settlements and prospective interest-rate adjustment for modifications of terms.","concepts":["current versus noncurrent classification of debt","short-term obligations expected to be refinanced","callable debt and covenant violations","convertible debt and detachable warrants","induced conversion and debt conversion expense","10 percent cash flow test for modification versus extinguishment","troubled debt restructuring concession","substance-over-form borrowings (product financing, sales of future revenue)"],"categories":["Debt and equity","Derecognition","Presentation","Financial instruments"],"level":"intermediate","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b5cb87ffaca91b85236c06a16cde4276d4665b66fc0c94c185a3c4f59b8e6f15","downloaded_from":"2026-09-10T00:30:14.064Z","last_downloaded_at":"2026-09-10T00:35:24.744Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}