noseykibitzer
New member
- Apr 10, 2006
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I had asked this one before and got mixed answers
It used to be that gain/loss on early retirement of debt (with the exception of those on sinking fund) were extraordinary
But SFAS 145(2002) rescinded both SFAS 4 which required extraordinary item treatment of gains or losses from early retirement of debt, and rescinded SFAS 64, the normal treament of gain loss through sinking fund (which was classified above the line)
Two questions...1) What does the study material that others have say about this...does SFAS 4 and 64 still hold that G/L are extraordinary 2) if they do not hold then it is not an extra-ordinary item and then what is the new treatment for sinking fund gain/loss because this was not reported as extraordinary to begin with??
Thanks
It used to be that gain/loss on early retirement of debt (with the exception of those on sinking fund) were extraordinary
But SFAS 145(2002) rescinded both SFAS 4 which required extraordinary item treatment of gains or losses from early retirement of debt, and rescinded SFAS 64, the normal treament of gain loss through sinking fund (which was classified above the line)
Two questions...1) What does the study material that others have say about this...does SFAS 4 and 64 still hold that G/L are extraordinary 2) if they do not hold then it is not an extra-ordinary item and then what is the new treatment for sinking fund gain/loss because this was not reported as extraordinary to begin with??
Thanks