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Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, regulators, and so on. Since these payments do not generate future benefits, they are treated as a contra debt account.
Circa 2008, the FASB issued the FASB Accounting Standards Codification, which reorganized the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics. [ 12 ] The Codification is effective for interim and annual periods ending after September 15, 2009.
Accounting for the Impairment or Disposal of Long-Lived Assets: August 2001: 145: Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections: April 2002: 146: Accounting for Costs Associated with Exit or Disposal Activities: June 2002: 147
Accounting for the cost of pension plans: Unofficial Accounting Interpretations of APB Opinion No. 8, Interpretations 1-28: AIN-APB8: Superseded by FAS 111 1969-1972 March: Accounting for income taxes: Accounting Interpretations of APB Opinion No. 11, Interpretations 2-25: AIN-APB11: Superseded by FAS 96 and 109 1971 September
IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). [1]
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
The UK government’s borrowing costs continue to rise, hitting the highest level since the financial crisis.. Ten-year bonds hit yields of 4.89 per cent today, the highest since 2008 when they ...
Before the Codification, accounting standards lacked a consistent and logical structure. For the last 50 years, U.S. GAAP consisted of thousands of standards with multiple standard setters. The old U.S. GAAP were difficult to interpret, and the complexity of the standards made it hard for users to stay up to date.