United States

Borrower’s accounting for debt restructurings and modifications

FINANCIAL REPORTING INSIGHTS  | 

When modifying or restructuring outstanding debt arrangements, entities should evaluate all facts and circumstances to ensure the debt modification is appropriately accounted for in accordance with Subtopic 470-50, “Debt – Modifications and Extinguishments,” or Subtopic 470-60, “Debt – Troubled Debt Restructurings by Debtors,” of the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification. To help entities navigate this guidance, the FASB recently released a Staff Educational Paper, Topic 470 (Debt): Borrower’s Accounting for Debt Modifications, which provides an overview of the accounting guidance for, and includes examples of, common debt modifications and exchanges.

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