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FASB Summaries |
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Statement No. 49 Accounting for Product Financing Arrangements STATUS Issue Date: June 1981 Effective Date: For product financing arrangements entered into after June 15, 1981 Affects: Amends FAS 32, Appendix A Affected by: Paragraph 7 superseded by FAS 71 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN -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 criteria for determining when an arrangement involving the sale of inventory is in substance a financing arrangement. A product financing arrangement is a transaction in which an enterprise sells and agrees to repurchase inventory with the repurchase price equal to the original sale price plus carrying and financing costs, or other similar transactions. This Statement requires that a product financing arrangement be accounted for as a borrowing rather than as a sale. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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