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Bonds and Long-Term Notes


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.



Identify the underlying characteristics of debt instruments and describe the basic approach to accounting for debt.

Account for bonds issued at par, at a discount, or at a premium, recording interest at the effective rate or by the straight-line method.

Characterize the accounting treatment of notes, including installment notes, issued for cash or for noncash consideration.

Describe the disclosures appropriate to long-term debt in its various forms.

Record the early extinguishment of debt and its conversion into equity securities.





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