Extinguishment Of Debt

Business, Legal & Accounting Glossary

Definition: Extinguishment Of Debt

Full Definition of Extinguishment Of Debt

Extinguishment of debt refers to the elimination and/or ending of liabilities by payment.

There are a number of FASB statements providing guidance for issues related to the extinguishment of debt: FASB Statement No. 4, Reporting Gains and Losses from Extinguishment of Debt, FASB Statement No. 64, Extinguishments od Debt Made to Satisfy Sinking-Fund Requirements, FASB Statement No. 44, Accounting for Intangible Assets of Motor Carriers, FASB Statement No. 13, Accounting for Leases, and the latest release, FASB Statement No. 145, which rescinds Statements No. 4, 44, and 64, and amends 13.

Cite Term

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Page URL
Modern Language Association (MLA):
Extinguishment Of Debt. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 16, 2021 https://payrollheaven.com/define/extinguishment-of-debt/.
Chicago Manual of Style (CMS):
Extinguishment Of Debt. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/extinguishment-of-debt/ (accessed: September 16, 2021).
American Psychological Association (APA):
Extinguishment Of Debt. PayrollHeaven.com. Retrieved September 16, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/extinguishment-of-debt/

Definition Sources

Definitions for Extinguishment Of Debt are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd April, 2020 | 2 Views.