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- Title
Improving Income Statement Reporting of Debt Extinguishments.
- Authors
Bahnson, Paul R.; Koeppen, David; Hyatt, Troy
- Abstract
The article discusses strategies for improving income statement reporting of debt extinguishments. It states that Financial Accounting Standards Board should reestablish separate line item reporting to ensure users can fully comprehend their impact, and mentions that FASB issued a rule, which required that debt extinguishment gains and losses be reported as extraordinary items. It notes the need of marking financial liabilities to market and recognizing the related gains and losses.
- Subjects
UNITED States; FINANCIAL statements; FINANCIAL statement laws; TAX accounting -- Law &; legislation; FINANCIAL Accounting Standards Board
- Publication
CPA Journal, 2017, Vol 87, Issue 11, p48
- ISSN
0732-8435
- Publication type
Article