Reporting Gains and Losses from Extinguishment of Debt—Amendment of APB Opinion No. 30 (Issued 3/75)
Summary
This Statement specifies that gains and losses in the current year from extinguishments of debt, other than to meet sinking fund requirements, shall be aggregated and, if material, classified as an extraordinary item, net of the related income tax effect. The standard also provides that a description of the extinguishment transaction, the income tax effect, and the per share amount of the aggregate gain or loss net of the tax effect be disclosed in the financial statements.
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