FASB ASC 470 - Debt


The Financial Accounting Standards Board (FASB) released the 400 section of the Accounting Standards Codification for the purpose of discussing the broad topic of Liabilities. Accounting Standards Codification 470 (ASC 470) was released to address the more specific topic of debt, or borrowed money. Debt for companies often takes the form of bonds or notes. These are split into current and long term portions, depending on the time frame in which the debt is due to mature.

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

Also see related topics
+How to calculate the effective interest on a bond
+Presentation of a bond sinking fund

For more in depth information on this and other FASB ASC topics, check out the following books.

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