FASB rescinds statements. (FASB News).FASB FASB - Financial Accounting Standards Board FASB - Florida Association of School Boards has issued an exposure draft that rescinds Rescind To cancel a contract because of misrepresentation, fraud, or illegal procedure. FASB Statement No. 4, Reporting Gains and Losses from Extinguishment extinguishment n. the cancellation or destruction of a right, quite often because the time for enforcement has passed. Example: waiting more than four years after the due date to make a demand for payment on a promissory note wipes out the person's right to collect the money owed to him/her. It can also occur by fulfilling the obligation so no further money or performance is due. of Debt, as well as an amendment of that statement, FASB Statement No. 64, Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements. This proposed statement also would rescind FASB Statement No. 44, Accounting for Intangible Assets of Motor Carriers, and amend other existing authoritative pronouncements to make various technical corrections. Download the exposure draft from the FASB Web site at http://accounting.rutgers.edu/raw/fasb/news/Index.html. |
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