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FASB Summaries |
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Statement No. 15 Accounting by Debtors and Creditors for Troubled Debt Restructurings STATUS Issue Date: June 1977 Effective Date: For troubled debt restructurings consummated after December 31, 1977 Affects: Amends APB 26, paragraphs 2 and 3(a) Supersedes FIN 2 Affected by: Paragraph 1 amended prospectively by FAS 114 Paragraph 9 superseded by FAS 71 Paragraphs 28 and 33 amended by FAS 121 Paragraphs 30 through 32, 35 through 37, 40(a), and 41 and footnotes 18, 19, 21, 24, and 25 superseded prospectively by FAS 114 Paragraphs 33, 34, and 42 amended prospectively by FAS 114 Footnote 20 superseded by FAS 111 Footnote 26 amended by FAS 111 Other Interpretive Pronouncements: FTB 79-6 (Superseded by FAS 114) FTB 79-7 (Superseded by FAS 114) FTB 80-1 FTB 80-2 FTB 81-6 FTB 94-1 Issues Discussed by FASB Emerging Issues Task Force (EITF) Affects: No EITF Issues Interpreted by: Paragraphs 16 through 18 interpreted by EITF Issue No. 89-15 Paragraphs 28 and 34 interpreted by EITF Issues No. 87-18 and 87-19 Footnote 1 interpreted by EITF Issue No. 91-2 Related Issues: EITF Issues No. 84-19, 85-44, 86-18, 89-14, and 94-8 and Topic No. D-4 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement establishes standards of financial accounting and reporting by the debtor and by the creditor for a troubled debt restructuring. This Statement requires adjustments in payment terms from a troubled debt restructuring generally to be considered adjustments of the yield (effective interest rate) of the loan. So long as the aggregate payments (both principal and interest) to be received by the creditor are not less than the creditor's carrying amount of the loan, the creditor recognizes no loss, only a lower yield over the term of the restructured debt. Similarly, the debtor recognizes no gain unless the aggregate future payments (including amounts contingently payable) are less than the debtor's recorded liability. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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