Describe how fair value accounting for long-term debt works. How does it differ from the current accounting using amortized cost?
Answer to relevant QuestionsDescribe the major disclosure requirements for long-term debt.Define margin of safety as it applies to debt contracts and describe how the margin of safety can impact assessment of the relative level of company risk.a. Explain a loss contingency. Provide examples.b. Explain the two conditions necessary before a company can record a loss contingency against income.Identify objectives of the classifications and note disclosures associated with the equity section of the balance sheet. Explain the relevance of these disclosures to analysis of financial statements.What does current pension accounting (SFAS158) recognize in the balance sheet? How is it different from what was recognized earlier (under SFAS 87)?
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