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Statement No. 64 Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements-an amendment of FASB Statement No. 4 STATUS Issue Date: September 1982 Effective Date: For extinguishments of debt occurring after September 30, 1982 Affects: Amends FAS 4, paragraph 8 and footnote 2 Affected by: No other pronouncements 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 amends FASB Statement No. 4, Reporting Gains and Losses from Extinguishment of Debt, so that (a) gains and losses from extinguishments of debt made to satisfy sinking-fund requirements that an enterprise must meet within one year of the date of the extinguishment are not required to be classifed as extraordinary items and (b) the classification of gains and losses from extinguishments of debt made to satisfy sinking-fund requirements are to be determined without regard to the means used to achieve the extinguishment. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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