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short term obligations expected to be refinanced intermediate accounting cpa exam far chp13 p2 : Short term debt, also called current liabilities, is a firm's financial obligations that are expected to be paid off within a year. It is listed under the current liabilities portion of the total ...Classification of Short-Term Obligations Expected to Be Refinanced—an amendment of ARB No. 43, Chapter 3A (Issued 5/75) 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.In accounting for short-term debt expected to be refinanced to long-term debt: Entry field with correct answer GAAP uses the date of issue, but only for secured debt, to determine classification of short-term debt to be refinanced. GAAP uses the authorization date to determine classification of short-term debt to be refinanced.Short term obligations are those scheduled to mature within one year after the date of an enterprise's balance or within an enterprise's normal operating cycle if longer than one year. Long-term obligations are scheduled to mature beyond one year (or the operating cycle, if applicable) from the date of an enterprise's balance sheet.Some short-term obligations are expected to be refinanced on a long-term basis. These short-term obligations will not require the use of working capital during the next year (or operating cycle ...is a present legal obligation and the fair value of the obligation can be reasonably estimated. • Under IFRS, short-term obligations expected to be refinanced can be classified as non-current if the refinancing is completed by the financial statement date. GAAP uses the date the financial statements are issued. • IFRS uses the term provisions to refer to estimated liabilities.Classification of Short-Term Obligations Expected to Be Refinanced b. Issued in May 1975 SFAS No. 6 Debts to be refinanced are excluded from current liabilities only if both of the following conditions are met: a. Company intends to refinance the obligation on a long-term basis. b.Some short-term obligations are expected to be refinanced on a long-term basis and, therefore, are not expected to require the use of enterprise working capital during the ensuing fiscal year. Examples in-clude commercial paper, construction loans, and theB. IFRS uses the financial statement date to determine classification of short-term debt to be refinanced. Under IFRS, short-term obligations expected to be refinanced can be classified as noncurrent if the refinancing is completed by the financial statement date. GAAP uses the date the financial statements are issuedBelow is an overview of FASB Accounting Standards Codification Topic 470, Debt, as well as a list of FASB Accounting Standards Updates (ASUs) and proposed ASUs related to this Topic. Overview. ASC 470 comprises six Subtopics (Overall, Debt With Conversion and Other Options, Participating Mortgage Loans, Product Financing Arrangements, Modifications and Extinguishments, and Troubled Debt ...
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