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Statement No. 4
Reporting Gains and Losses from Extinguishment of Debt-an amendment of APB Opinion No. 30
STATUS
Issue Date: March 1975
Effective Date: For extinguishments after March 31, 1975
Affects: Amends APB 26, paragraph 20
Amends APB 30, paragraph 20
Affected by: Paragraph 7 superseded by FAS 71
Paragraph 8 and footnote 2 amended by FAS 64
Other Interpretive Pronouncement: FTB 80-1
Issues Discussed by FASB Emerging Issues Task Force (EITF)
Affects: No EITF Issues
Interpreted by: Paragraph 8 interpreted by EITF Issue No. 95-15
Related Issues: EITF Issues No. 86-15 and 90-19
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 specifies that gains and losses in the current year from extinguishments of debt, other than to meet sinking fund requirements, shall be aggregated and, if material, classified as an extraordinary item, net of the related income tax effect. The standard also provides that a description of the extinguishment transaction, the income tax effect, and the per share amount of the aggregate gain or loss net of the tax effect be disclosed in the financial statements.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
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