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From its classification to the accounting for its issuance and conversion, accounting for issued debt can be very complex and is a frequent source of both financial statement restatements and peer review comments. To address this complexity, the FASB issued ASU No. 2020-06, which, while simplifying the accounting models for convertible debt, nonetheless retains 3 models for convertible debt. Further, careful analysis is required to determine the classification of debt between short- and long-term, especially when a company violates a debt covenant as well as to account for modifications to debt arrangements.
This course reviews the changes in debt accounting with the issuance of ASU No. 2020-06, detailing the three remaining models for convertible debt. It will also review the classification of debt in a variety of fact patterns and address how to differentiate between debt modifications and extinguishments.
Accounting and auditing practitioners at all levels who deal with debt accounting issues
