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Statement No. 6
Classification of Short -Term Obligations Expected to Be Refinanced-an amendment of ARB No. 43, Chapter 3A
STATUS
Issue Date: May 1975
Effective Date: For fiscal periods ending on or after December 31, 1975
Affects: Amends ARB 43, Chapter 3A, paragraph 8
Supersedes ARB 43, Chapter 3A, footnote 4
Affected by: No other pronouncements
Other Interpretive Pronouncements: FIN 8
FTB 79-3
Issues Discussed by FASB Emerging Issues Task Force (EITF)
Affects: No EITF Issues
Interpreted by: Paragraph 8 interpreted by EITF Issues No. 87-30 and 95-22
Paragraph 9 interpreted by EITF Issue No. 95-22 and EITF Topic No. D-23
Paragraph 9 through 11 interpreted by EITF Issue No. 86-30
Related Issues: EITF Issue No. 86-15
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 short-term obligations arising from transactions in the normal course of business that are due in customary terms shall be classified as current liabilities. Short-term obligations expected to be refinanced on a long-term basis shall be excluded from current liabilities only if the enterprise intends to refinance the obligation on a long-term basis and has the demonstrated ability to consummate the refinancing.
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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