 |
|
 |
FASB Summaries |
Accounting:FASB SummariesFASB Exposure Drafts GASB Summaries GASB Exposure Drafts AICPA White Paper Taxation:Federal Tax FormsNew York State Tax Forms New York City Tax Forms Other State Tax Forms Tax Acct. & Regulatory Bulletin Ethics & RegulationCode of ConductBriefing Book on Issues Risk ManagementPeer Review SummariesRisk Mgt.& Liability Guidebook BookshelfOther CPA Journal PublicationsForensic & Litigation Svcs. Directory Career Opportunities Handbook |
Statement No. 22 Changes in the Provisions of Lease Agreements Resulting from Refundings of Tax-Exempt Debt-an amendment of FASB Statement No. 13 STATUS Issue Date: June 1978 Effective Date: For lease agreement revisions entered into on or after July 1, 1978 Affects: Amends FAS 13, paragraphs 14 and 17(f) Affected by: Paragraph 11 superseded by FAS 71 Footnote 1 amended by FAS 76 Other Interpretive Pronouncement: FTB 79-18 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB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 A refunding involves the use of the proceeds from issuing new debt to retire existing debt. This Statement specifies that, if a change in the provisions of a lease results from a refunding by the lessor of tax-exempt debt that is accounted for as an early extinguishment (retirement) of debt, any resulting gain or loss from the adjustment must be recognized currently. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society of Certified Public Accountants. Legal Notices. |