Intermediate Accounting

IFRS Edition
Kieso, Weygandt, Warfield
Fourth Edition

Chapter 14
Non-Current Liabilities
Prepared by
Coby Harmon
University of California, Santa Barbara
Westmont College

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Learning Objectives
After studying this chapter, you should be able to:
LO 1 Describe the nature of bonds and indicate the
accounting for bond issuances.
LO 2 Explain the accounting for long-term notes payable.
LO 3 Explain the accounting for the extinguishment of non-
current liabilities.
LO 4 Indicate how to present and analyze non-current
liabilities.

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PREVIEW OF CHAPTER 14

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Non-Current Liabilities
Non-current liabilities (long-term debt) consist of an expected
outflow of resources arising from present obligations that are not
payable within a year or the operating cycle of the company,
whichever is longer.
Examples:
• Bonds payable
• Long-term notes payable
• Mortgages payable
• Pension liabilities Long-term debt has various
• Lease liabilities covenants or restrictions.

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Types of Bonds
Common types found in practice:
• Secured and Unsecured (debenture) bonds.
• Term, Serial, and Callable bonds.
• Convertible bonds.
• Commodity-backed bonds.
• Deep-discount bonds.
• Registered and Bearer (Coupon) bonds.
• Income and Revenue bonds.

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Types of Bonds
• Secured bonds are backed by a pledge of some sort of collateral.
Mortgage bonds are secured by a claim on real estate. Collateral
trust bonds are secured by stocks and bonds of other corporations.
• Bonds not backed by collateral are unsecured. A debenture bond is
unsecured. A “junk bond” is unsecured and also very risky, and
therefore pays a high interest rate.
• Bond issues that mature on a single date are called term bonds.
Issues that mature in installments are called serial bonds.. Callable
bonds give the issuer the right to call and redeem the bonds prior to
maturity.
• If bonds are convertible into other securities of the corporation for a
specified time after issuance, they are convertible bonds.
Commodity-backed bonds (also called asset-linked bonds) are
redeemable in measures of a commodity, such as barrels of oil, tons
of coal, or ounces of rare metal.
Types of Bonds

Deep-discount bonds, also referred to as zero-interest debenture bonds,

are sold at a discount that provides the buyer’s total interest payoff at
maturity, with no periodic interest payments.
Registered and Bearer (Coupon) Bonds. Bonds issued in the name of
the owner are registered bonds and require surrender of the
certificate and issuance of a new certificate to complete a sale. A
bearer or coupon bond, however, is not recorded in the name of the
owner and may be transferred from one owner to another by mere
delivery.
Income and Revenue Bonds. Income bonds pay no interest unless
the issuing company is profitable. Revenue bonds, so called because
the interest on them is paid from specified revenue sources,
Issuing Bonds
• Bond contract known as a bond indenture.
• Represents a promise to pay:
1) sum of money at designated maturity date, plus
2) periodic interest at a specified rate on the maturity
amount (face value).
• Paper certificate, typically a €1,000 face value.
• Interest payments usually made semiannually.
• Used when the amount of capital needed is too large for
one lender to supply.

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What Do the Numbers Mean?

Corporate bond listing.

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Valuation and Accounting for Bonds
Payable
Issuance and Marketing of Bonds

• Usually takes weeks or months.

• Issuing company must
o Arrange for underwriters.
o Obtain regulatory approval of the bond issue, undergo
audits, and issue a prospectus.
o Have bond certificates printed.

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Valuation and Accounting for Bonds
Payable
Selling Price of a Bond Issue
Set by the
• supply and demand of buyers and sellers,
• relative risk,
• market conditions, and
• state of the economy.
Investment community values a bond at the present value of
its expected future cash flows, which consist of
1) interest and
2) principal.
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Valuation and Accounting for Bonds
Payable
Interest Rates
• Stated, coupon, or nominal rate = Rate written in the
terms of the bond indenture.
o Bond issuer sets this rate.
o Stated as a percentage of bond face value (par).
• Market rate or effective yield = Rate that provides an
acceptable return commensurate with the issuer’s risk.
o Rate of interest actually earned by the bondholders.

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Valuation and Accounting for Bonds
Payable
Questions

How do you calculate the amount of interest that is actually

paid to the bondholder each period?
(Stated rate x Face Value of the Bond)
How do you calculate the amount of interest that is actually
recorded as interest expense by the issuer of the bonds?
(Market rate x Carrying Value of the Bond)

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Valuation and Accounting for Bonds
Payable
Stated Rate vs. Market Rate
Assume Stated Rate of 8%

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Bonds Issued at Par
Time Diagram for Bonds Issued at Par
Illustration: Santos SA issues R$100,000 in bonds dated January 1,
2022, due in five years with 9 percent interest payable annually on
January 1. At the time of issue, the market rate for such bonds is 9
percent.

ILLUSTRATION 14.1

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Bonds Issued at Par
Present Value Computation of Bond Selling at Par

ILLUSTRATION 14.2

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Bonds Issued at Par
Journal Entries in the First Year of the Bonds

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Bonds Issued at a Discount
Time Diagram for Bonds Issued at a Discount
Illustration: Assuming now that Santos issues R$100,000 in bonds,
due in five years with 9 percent interest payable annually at year-
end. At the time of issue, the market rate for such bonds is 11
percent.

ILLUSTRATION 14.3

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Bonds Issued at a Discount
Present Value Computation of Bond Selling at
Discount

ILLUSTRATION 14.4

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Bonds Issued at a Discount
Journal Entries in the First Year of the Bonds
Journal entry on date of issue, Jan. 1, 2022.

Cash 92,608
Bonds Payable 92,608

Journal entry to record accrued interest at Dec. 31, 2022.

Interest Expense ($92,608 x 11%) 10,187
Interest Payable 9,000
Bonds Payable 1,187
Journal entry to record the first payment on Jan. 1, 2023.

Interest Payable 9,000

Cash 9,000

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Bonds Issued at a Discount
Why Do Bonds Sell at a Discount?
When bonds sell at less than face value:
• Investors demand a rate of interest higher than stated
rate.
• Usually occurs because investors can earn a higher rate
on alternative investments of equal risk.
• Cannot change stated rate so investors refuse to pay face
value for the bonds.
• Investors receive interest at the stated rate computed on
the face value, but they actually earn at an effective rate
because they paid less than face value for the bonds.

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Effective-Interest Method
Bond issued at a discount - amount paid at maturity is more
than the issue amount.
Bonds issued at a premium - company pays less at maturity
relative to the issue price.
Adjustment to the cost is recorded as bond interest expense
over the life of the bonds through a process called
amortization.
Required procedure for amortization is the effective-interest
method (also called present value amortization).

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Effective-Interest Method
Bond Discount and Premium Amortization
Computation
Effective-interest method produces a periodic interest
expense equal to a constant percentage of the carrying value
of the bonds.

ILLUSTRATION 14.5

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Effective-Interest Method
Computation of Discount on Bonds Payable
Illustration: Evermaster AG issued €100,000 of 8% term
bonds on January 1, 2022, due on January 1, 2027, with
interest payable each July 1 and January 1. Investors require
an effective-interest rate of 10%. Calculate the bond
proceeds.

ILLUSTRATION 14.6

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Effective-Interest Method
Table 6.2 Present Value of 1—5% Per Period

$100,000 × .61391 = $61,391

Face Value Factor Present Value

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Effective-Interest Method
Table 6.4 Present Value of an Ordinary Annuity of
1—5% Per Period

$4,000 × 7.72173 = $30,887

Semiannual Factor Present Value
Payment

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Effective-Interest Method
Bond Discount Amortization Schedule

ILLUSTRATION 14.7
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Effective-Interest Amortization
Journal Entry on January 1, 2022 to Issue Bonds at
a Discount

ILLUSTRATION 14.7

Journal entry on date of issue, Jan. 1, 2022.

Cash 92,278
Bonds Payable 92,278

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Effective-Interest Amortization
Journal Entry on July 1, 2022 to Record Interest
Payment and Discount Amortization

ILLUSTRATION 14.7
Journal entry to record first payment and amortization of the discount on July 1,
2022.
Interest Expense 4,614
Bonds Payable 614
Cash 4,000
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Effective-Interest Amortization
Journal Entry on December 31, 2022 to Accrue
Interest and Discount Amortization

ILLUSTRATION 14.7
Journal entry to record accrued interest and amortization of the discount on
Dec. 31, 2022.
Interest Expense 4,645
Interest Payable 4,000
Bonds payable 645
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Effective-Interest Method
Computation of Premium on Bonds Payable
Illustration: Evermaster Corporation issued €100,000 of 8% term
bonds on January 1, 2022, due on January 1, 2027, with interest
payable each July 1 and January 1. Investors require an effective-
interest rate of 6%. Calculate the bond proceeds.

ILLUSTRATION 14.8

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Effective-Interest Method
Table 6.2 Present Value of 1—3% Per Period

$100,000 × .74409 = $74,409

Face Value Factor Present Value

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Effective-Interest Method
Table 6.4 Present Value of an Ordinary Annuity of
1—3% Per Period

$4,000 × 8.53020 = $34,121

Semiannual Factor Present Value
Payment

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Effective-Interest Amortization
Bond Premium Amortization Schedule

ILLUSTRATION 14.9
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Effective-Interest Amortization
Journal Entry on January 1, 2022 to Issue Bonds at
a Premium

ILLUSTRATION 14.9
Journal entry on date of issue, Jan. 1, 2022.
Cash 108,530
Bonds Payable 108,530

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Effective-Interest Amortization
Journal Entry on July 1, 2022 to Record Interest
Payment and Premium Amortization

ILLUSTRATION 14.9
Journal entry to record first payment and amortization of the premium on
July 1, 2022.
Interest Expense 3,256
Bonds Payable 744
Cash 4,000
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Effective-Interest Method
Accruing Interest
What happens if Evermaster prepares financial statements at the
end of February 2022? In this case, the company prorates the
premium by the appropriate number of months to arrive at the
proper interest expense, as follows.

ILLUSTRATION 14.10

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Accrued Interest
Computation of Interest Expense

ILLUSTRATION 14.10

Evermaster records this accrual as follows.

Interest Expense 1,085.33
Bonds Payable 248.00
Interest payable 1,333.33

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Bonds Issued Between Interest Dates
Bond investors will pay the issuer the interest accrued from
the last interest payment date to the date of issue.
On the next semiannual interest payment date, bond
investors will receive the full six months’ interest payment.

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Bonds Issued Between Interest Dates
Bonds Issued at Par
Illustration: Assume Evermaster issued its five-year bonds, dated
January 1, 2022, on May 1, 2022, at par (€100,000). On May 1,
2022, Evermaster records the issuance of the bonds between
interest dates as follows.
(€100,000 x .08 x 4/12) = €2,667

Cash 100,000
Bonds Payable 100,000
Cash 2,667
Interest Expense 2,667

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Bonds Issued Between Interest Dates
Bonds Issued at Par—Payment of Interest

On July 1, 2022, two months after the date of purchase, Evermaster pays
the investors six months’ interest, by making the following entry.
($100,000 x .08 x 1/2) = $4,000

Interest Expense 4,000

Cash 4,000

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Bonds Issued Between Interest Dates
Bonds Issued at Discount or Premium
Illustration: Assume that the Evermaster 8 percent bonds were
issued on May 1, 2022, to yield 6 percent. Thus, the bonds are
issued at a premium price of €108,039. On May 1, 2022,
Evermaster records the issuance of the bonds between interest
dates as follows.
Cash 108,039
Bonds Payable 108,039
Cash 2,667
Interest Expense 2,667
(€100,000 x .08 x 4/12) = €2,667

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Bonds Issued Between Interest Dates
Partial Period Interest Amortization

Evermaster then determines interest expense from the date of sale

(May 1, 2022), not from the date of the bonds (January 1, 2022).

ILLUSTRATION 14.12

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Bonds Issued Between Interest Dates
Premium Amortization

The premium amortization of the bonds is also for only two

months.

ILLUSTRATION 14.13

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Bonds Issued Between Interest Dates
Journal Entry on July 1, 2022
Evermaster therefore makes the following entries on July 1,
2022, to record the interest payment and the premium
amortization.
Interest Expense 4,000
Cash 4,000
Bonds Payable 253
Interest Expense 253

The Interest Expense account now contains a debit balance of

€1,080 (€4,000 − €2,667 − €253).

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Long-Term Notes Payable
Accounting is Similar to Bonds
• A note is valued at the present value of its future interest
and principal cash flows.
• Company amortizes any discount or premium over the life
of the note.

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Notes Issued at Face Value
Illustration: Scandinavian Imports issues a €10,000, three-year
note, at face value to Bigelow ASA. The stated rate and the
effective rate were both 10 percent. Scandinavian would record the
issuance of the note as follows.
Cash 10,000
Notes Payable 10,000

Scandinavian Imports would recognize the interest incurred each

year as follows.
Interest Expense 1,000
Cash 1,000
(€10,000 x .10 = €1,000)

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Notes Not Issued at Face Value
Zero-Interest-Bearing Notes

Issuing company records the difference between the face

amount and the present value (cash received) as
• a discount and
• amortizes that amount to interest expense over the life
of the note.

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Zero-Interest-Bearing Notes
Illustration: Turtle Cove Company issued the three-year, $10,000,
zero-interest-bearing note to Jeremiah Company. The implicit rate
that equated the total cash to be paid ($10,000 at maturity) to the
present value of the future cash flows ($7,721.80 cash proceeds at
date of issuance) was 9 percent.

ILLUSTRATION 14.14

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Zero-Interest-Bearing Notes
Journal Entry to Record Issuance of Note
Illustration: Turtle Cove Company issued the three-year,
$10,000, zero-interest-bearing note to Jeremiah Company.
The implicit rate that equated the total cash to be paid
($10,000 at maturity) to the present value of the future cash
flows ($7,721.80 cash proceeds at date of issuance) was 9
percent.
Turtle Cove records issuance of the note as follows.
Cash 7,721.80
Notes Payable 7,721.80

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Zero-Interest-Bearing Notes
Schedule of Note Discount Amortization

ILLUSTRATION 14.15
Turtle Cove records interest expense at the end of the first year as follows.
Interest Expense 694.96
Notes Payable 694.96

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Interest-Bearing Notes
Computation of Present Value—Effective Rate
Different from Stated Rate
Illustration: Marie Co. issued for cash a €10,000, three-year note bearing
interest at 10 percent to Morgan Group. The market rate of interest for a
note of similar risk is 12 percent. In this case, because the effective rate
of interest (12%) is greater than the stated rate (10%), the present value
of the note is less than the face value. That is, the note is exchanged at a
discount.

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Interest-Bearing Notes
Journal Entry to Record Issuance of Note
Illustration: Marie Co. issued for cash a €10,000, three-year
note bearing interest at 10 percent to Morgan Group. The
market rate of interest for a note of similar risk is 12 percent.
In this case, because the effective rate of interest (12%) is
greater than the stated rate (10%), the present value of the
note is less than the face value. That is, the note is exchanged
at a discount.
Marie Co. records the issuance of the note as follows.
Cash 9,520
Notes Payable 9,520

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Interest-Bearing Notes
Schedule of Note Discount Amortization

ILLUSTRATION 14.16
Marie Co. records the following entry at the end of Year 1.
Interest Expense 1,142
Notes Payable 142
Cash 1,000
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Special Notes Payable Situations
Notes Issued for Property, Goods, or Services

When exchanging the debt instrument for property, goods, or

services in a bargained transaction, the stated interest rate is
presumed to be fair unless:
1. No interest rate is stated, or
2. The stated interest rate is unreasonable, or
3. The stated face amount is materially different from the
current cash price for the same or similar items or from
the current fair value of the debt instrument.

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Special Notes Payable Situations
Choice of Interest Rates
If a company cannot determine the fair value of the property,
goods, services, or other rights, and if the note has no ready
market, the present value of the note must be determined by
the company to approximate an applicable interest rate
(imputation).
Choice of rate is affected by:
• Prevailing rates for similar instruments.
• Factors such as restrictive covenants, collateral, payment
schedule, and the existing prime interest rate.

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Special Notes Payable Situations Example
Illustration: On December 31, 2022, Wunderlich plc issued a
promissory note to Brown Interiors Company for architectural
services. The note has a face value of £550,000, a due date of
December 31, 2027, and bears a stated interest rate of 2
percent, payable at the end of each year. Wunderlich cannot
readily determine the fair value of the architectural services,
nor is the note readily marketable. On the basis of
Wunderlich’s credit rating, the absence of collateral, the
prime interest rate at that date, and the prevailing interest on
Wunderlich’s other outstanding debt, the company imputes
an 8 percent interest rate as appropriate in this circumstance.

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Special Notes Payable Situations Example
Time Diagram and Computation of Imputed Fair
Value

ILLUSTRATION 14.18

ILLUSTRATION 14.19

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Special Notes Payable Situations Example
Journal Entry to Record Issuance of Note

On December 31, 2022, Wunderlich records issuance of the note in

payment for the architectural services as follows.

Building (or Construction in Process) 418,239

Notes Payable 418,239

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Special Notes Payable Situations Example
Schedule of Discount Amortization Using Imputed
Interest Rate

ILLUSTRATION 14.20

Payment of first year’s interest and amortization of the discount on

Dec. 31, 2023.
Interest Expense 33,459
Notes Payable 22,459
Cash 11,000
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Mortgage Notes Payable
A promissory note secured by a document called a mortgage
that pledges title to property as security for the loan.
• Common form of long-term notes payable.
• Payable in full at maturity or in installments.
• Fixed-rate mortgage.
• Variable-rate mortgage.

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Extinguishment of Non-Current Liabilities

Three common situations besides payment at maturity:

1. Extinguishment with cash before maturity,
2. Extinguishment by transferring assets or securities, and
3. Extinguishment with modification of terms.

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Extinguishment of Non-Current Liabilities
Extinguishment with Cash Before Maturity

• Net carrying amount > Reacquisition price = Gain

• Reacquisition price > Net carrying amount = Loss
• At time of reacquisition, unamortized premium or
discount must be amortized up to the reacquisition
date.

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Extinguishment with Cash Before Maturity
Bond Premium Amortization Schedule, Bond
Extinguishment
Illustration: Evermaster bonds issued at a discount on January 1, 2022. These
bonds are due in five years. The bonds have a par value of €100,000, a coupon
rate of 8 percent paid semiannually, and were sold to yield 10 percent.

ILLUSTRATION 14.21

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Extinguishment with Cash before Maturity
Computation of Loss on Redemption of Bonds
Two years after the issue date on January 1, 2024, Evermaster calls the
entire issue at 101 and cancels it.

ILLUSTRATION 14.22

On January 1, 2024, Evermaster records the reacquisition and

cancellation of the bonds as follows.
Bonds Payable 94,925
Loss on Extinguishment of Debt 6,075
Cash 101,000

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Extinguishment of Non-Current Liabilities
Extinguishment by Exchanging Assets or Securities

• Creditor should account for the non-cash assets or

equity interest received at their fair value.
• Debtor recognizes a gain equal to the excess of the
carrying amount of the payable over the fair value of the
assets or equity transferred (gain).

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Transfer of Assets
Illustration: Hamburg Bank loaned €20,000,000 to Bonn Mortgage
Company. Bonn, in turn, invested these monies in residential apartment
buildings. However, because of low occupancy rates, it cannot meet its
loan obligations. Hamburg Bank agrees to accept real estate from Bonn
Mortgage with a fair value of €16,000,000 in full settlement of the
€20,000,000 loan obligation. The real estate has a carrying value of
€21,000,000 on the books of Bonn Mortgage. Bonn (debtor) records this
transaction as follows.
Note Payable (to Hamburg Bank) 20,000,000
Loss on Disposal of Real Estate 5,000,000
Real Estate 21,000,000
Gain on Extinguishment of Debt 4,000,000

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Granting of Equity Interest
Illustration: Now assume that Hamburg Bank agrees to accept from
Bonn Mortgage 320,000 ordinary shares (€10 par) that have a fair
value of €16,000,000, in full settlement of the €20,000,000 loan
obligation. Bonn Mortgage (debtor) records this transaction as
follows.
Note Payable (to Hamburg Bank) 20,000,000
Share Capital—Ordinary 3,200,000
Share Premium—Ordinary 12,800,000
Gain on Extinguishment of Debt 4,000,000

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Extinguishment of Non-Current Liabilities
Extinguishment with Modification of Terms

Creditor may offer one or a combination of the following

modifications:
1. Reduction of the stated interest rate.
2. Extension of the maturity date of the face amount of the
debt.
3. Reduction of the face amount of the debt.
4. Reduction or deferral of any accrued interest.

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Modification of Terms
Illustration: On December 31, 2022, Morgan National Bank enters
into a debt modification agreement with Resorts Development
Group, which is experiencing financial difficulties. The bank
restructures a ¥10,500,000 loan receivable issued at par (interest
paid to date) by:
• Reducing the principal obligation from ¥10,500,000 to
¥9,000,000;
• Extending the maturity date from December 31, 2022, to
December 31, 2026; and
• Reducing the interest rate from the historical effective rate of
12 percent to 8 percent. Given Resorts Development’s financial
distress, its market-based borrowing rate is 15 percent.

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Modification of Terms
Fair Value of Restructured Note
IFRS requires the modification to be accounted for as an
extinguishment of the old note and issuance of the new note,
measured at fair value.

ILLUSTRATION 14.23

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Modification of Terms
Journal Entry to Record Modification
The gain on the modification is ¥3,298,664, which is the difference
between the prior carrying value (¥10,500,000) and the fair value
of the restructured note, as computed in Illustration 14.23
(¥7,201,336). Given this information, Resorts Development makes
the following entry to record the modification.
Note Payable (old) 10,500,000
Gain on Extinguishment of Debt 3,298,664
Note Payable (new) 7,201,336

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Modification of Terms
Schedule of Interest and Amortization after Debt
Modification

ILLUSTRATION 14.24
Resorts Development recognizes interest expense on this note using the effective
rate of 15 percent. Thus, on December 31, 2023 (date of first interest payment
after restructure), Resorts Development makes the following entry.
Interest Expense 1,080,200
Notes Payable 360,200
Cash 720,000

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Modification of Terms
Journal Entry on Maturity Date of Note

Resorts Development makes a similar entry (except for different amounts for
credits to Notes Payable and debits to Interest Expense) each year until maturity.
At maturity date, December 31, 2026, Resorts Development makes the following
entry.

Notes Payable 9,000,000

Cash 9,000,000

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Presentation and Analysis
Fair Value Option

Companies have the option to record fair value in their

accounts for most financial assets and liabilities, including
bonds and notes payable.
The IASB believes that fair value measurement for financial
instruments, including financial liabilities, provides more
relevant and understandable information than amortized
cost.

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Fair Value Option
Fair Value Measurement
Non-current liabilities are recorded at fair value, with unrealized holding
gains or losses reported as part of net income.
Illustrations: Edmonds SE has issued €500,000 of 6 percent bonds at face
value on May 1, 2022. Edmonds chooses the fair value option for these
bonds. At December 31, 2022, the value of the bonds is €480,000
because interest rates in the market have increased to 8 percent. The
value of the debt securities fell because the bond paid less than market
rate for similar securities. Under the fair value option, Edmonds makes
the following entry on December 31, 2022.

Bonds Payable (€500,000 - €480,000) 20,000

Unrealized Holding Gain or Loss—Income 20,000

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Off-Balance-Sheet Financing
Different Forms

Off-balance-sheet financing is an attempt to borrow monies

in such a way to prevent recording the obligations.
Different Forms:
• Non-Consolidated Subsidiary
• Special Purpose Entity (SPE)

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Off-Balance-Sheet Financing
Rationale
• Removing debt enhances the quality of the balance sheet
and permits credit to be obtained more readily and at
less cost.
• Loan covenants often limit the amount of debt a
company may have. These types of commitments might
not be considered in computing the debt limitation.
• Some argue that the asset side of the balance sheet is
severely understated.

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Presentation of Non-Current Liabilities
Note disclosures generally indicate the nature of the
liabilities, maturity dates, interest rates, call provisions,
conversion privileges, restrictions imposed by the creditors,
and assets designated or pledged as security.
Fair value of the debt should be disclosed.
Must disclose future payments for sinking fund
requirements and maturity amounts of long-term debt
during each of the next five years.

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Analysis of Non-Current Liabilities
Debt to Assets
One ratio that provides information about debt-paying ability and
long-run solvency is:

ILLUSTRATION 14.26

The higher the percentage of total liabilities to total assets, the

greater the risk that the company may be unable to meet its
maturing obligations.

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Analysis of Non-Current Liabilities
Times Interest Earned
A second ratio that provides information about debt-paying ability
and long-run solvency is:

ILLUSTRATION 14.27

Indicates the company’s ability to meet interest payments as they

come due.

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Analysis of Non-Current Liabilities
Computation of Long-Term Debt Ratios
Illustration: Novartis has total liabilities of $66,871 million, total
assets of $145,563 million, interest expense of $957 million,
income taxes of $1,221 million, and net income of $12,614 million.
We compute Novartis’s debt to assets and times interest earned
ratios as shown.

ILLUSTRATION 14.28

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