 |
|
 |
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. 47 Disclosure of Long-Term Obligations STATUS Issue Date: March 1981 Effective Date: For fiscal years ending after June 15, 1981 Affects: No other pronouncements Affected by: No other pronouncements Issues Discussed by FASB Emerging Issues Task Force (EITF) Affects: No EITF Issues Interpreted by: No EITF Issues Related Issues: EITF Issues No. 91-6 and 96-17 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 requires that an enterprise disclose its commitments under unconditional purchase obligations that are associated with suppliers' financing arrangements. Such obligations often are in the form of take-or-pay contracts and throughput contracts. This Statement also requires disclosure of future payments on long-term borrowings and redeemable stock. For long-term unconditional purchase obligations that are associated with suppliers' financing and are not recognized on purchasers' balance sheets, the disclosures include the nature of the obligation, the amount of the fixed and determinable obligation in the aggregate and for each of the next five years, a description of any portion of the obligation that is variable, and the purchases in each year for which an income statement is presented. For long-term unconditional purchase obligations that are associated with suppliers' financing and are recognized on purchasers' balance sheets, payments for each of the next five years shall be disclosed. For long-term borrowings and redeemable stock, the disclosures include maturities and sinking fund requirements (if any) for each of the next five years and redemption requirements for each of the next five years, respectively. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society of Certified Public Accountants. Legal Notices. |