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Question on Financial Report terms [Copy link] 中文

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Post time 2006-3-3 13:34:02 |Display all floors
Hi, I just read the question about "Early extinguishment of debt" , can somebody tell me when this term was supposed to be used? I am working for an accounting firm now, never see this term before, or it is  just used in the notes of the financial accounts to describe a special arrangement? Thanks a lot.

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Post time 2006-3-3 13:40:40 |Display all floors
extinguishment :偿清(债务)

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Post time 2006-3-3 13:54:40 |Display all floors
Originally posted by maria2006 at 2006-3-3 13:34
Hi, I just read the question about "Early extinguishment of debt" , can somebody tell me when this term was supposed to be used? I am working for an accounting firm now, never see this te ...


An extinguishment of debt is the debtor's satisfaction of the
obligation to a creditor, either legally or in-substance. Approved
Accounting Standard ASRB 1014: Set-off and Extinguishment of
Debt, and Australian Accounting Standard AAS 23 "Set-off and
Extinguishment of Debt" both indicate that a debt shall be accounted
for as having been extinguished in a number of circumstances,
including when it has been settled through repayment or
replacement by another liability.

http://www.aasb.com.au/public_do ... ases/AAG11_6-90.pdf
Accounting Guidance Release AAG 11
(6/90)
Debtor's Accounting for Debt Restructuring
Prepared and issued by the
Accounting Standards Review Board and the Public Sector
Accounting Standards Board of the Australian Accounting Research Foundation
© Australian Accounting Research Foundation ISSN 1031-3109

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Post time 2006-3-3 14:54:51 |Display all floors
Thanks a lot, EdChan. Are you an accountant? If yes, hope we can keep in touch, because I am in Melbourne and doing my CPA program now. I'd like to exchange work and study experience with the friends in the same field.

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Post time 2006-3-3 14:58:53 |Display all floors
Originally posted by maria2006 at 2006-3-3 14:54
Thanks a lot, EdChan. Are you an accountant? If yes, hope we can keep in touch, because I am in Melbourne and doing my CPA program now. I'd like to exchange work and study experience with the frien ...


No thanks.  try google.

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