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This chapter continues the presentation of liabilities. Specifically, the discussion focuses on the accounting treatment of long-term liabilities. Long-term notes and bonds are discussed, as well as the extinguishment of debt and debt convertible into stock. | BONDS AND LONG-TERM NOTES Chapter 14 © 2013 The McGraw-Hill Companies, Inc. Chapter 14: Bonds and Long-Term Notes Liabilities . . . Resulting from past transactions or events. . . . Arising from present obligations to other entities . . . Probable future transfer of economic benefits . . . Some liabilities are not contractual obligations and may not be payable in cash. Notice that the definition of a liability involves the present, the future, and the past. It is a present responsibility, to transfer assets or services in the future, caused by a transaction or other event that already has happened. © 2013 The McGraw-Hill Companies, Inc. Liabilities are probable future transfers of economic benefits arising from present obligations to other entities resulting from past transactions or events. Some liabilities are not contractual obligations and may not be payable in cash. Notice that the definition of a liability involves the present, the future, and the past. It is a present responsibility, to transfer assets or services in the future, caused by a transaction or other event that already has happened. Long-Term Debt Creditors’ interests in a company’s assets. Obligation for future payments at specified (or estimated) amounts, at specified (or projected) dates. Interest accrues on debt over time. Periodic interest is the effective interest rate times the amount of the debt outstanding during the interest period. Debt is reported at the present value of principal and/or interest payments, discounted at the effective rate of interest at issuance. © 2013 The McGraw-Hill Companies, Inc. Long-term debt: Signifies creditors’ interest in a company’s assets. Requires the future payments in specified (or estimated) amounts, at specified (or projected) dates. As time passes, interest accrues on debt. Periodic interest is the effective interest rate times the amount of the debt outstanding during the interest period. As the time value of money is likely to be | BONDS AND LONG-TERM NOTES Chapter 14 © 2013 The McGraw-Hill Companies, Inc. Chapter 14: Bonds and Long-Term Notes Liabilities . . . Resulting from past transactions or events. . . . Arising from present obligations to other entities . . . Probable future transfer of economic benefits . . . Some liabilities are not contractual obligations and may not be payable in cash. Notice that the definition of a liability involves the present, the future, and the past. It is a present responsibility, to transfer assets or services in the future, caused by a transaction or other event that already has happened. © 2013 The McGraw-Hill Companies, Inc. Liabilities are probable future transfers of economic benefits arising from present obligations to other entities resulting from past transactions or events. Some liabilities are not contractual obligations and may not be payable in cash. Notice that the definition of a liability involves the present, the future, and the past. It is a present
