- Board Activities
- Projects
- About FASB
- EITF
About Members Meeting Schedule Open Issues and
Proposed Agenda Description and Status
of Current Issues Meeting Materials and Minutes Proposed Codification Updates and
Comment Letters Meetings Available by Audio
Webcast and Telephone Recent Staff Announcements Issues Grouped by Type Effective Dates of Recent
Consensuses Full Text – Abstracts - Advisory Groups
About Financial Accounting Standards
Advisory Council (FASAC) Investors Technical
Advisory Committee (ITAC) Financial Crisis
Advisory Group (FCAG) Investor Task Force (ITF) Private Company Financial
Reporting Committee (PCFRC) Small Business
Advisory Committee (SBAC) Valuation Resource Group (VRG) Not-for-Profit Advisory
Committee (NAC) - Standards
- News Center
- Foundation
- FASB Store
Standards
Summary of Statement No. 22
Changes in the Provisions of Lease Agreements Resulting from Refundings of Tax-Exempt Debt--an amendment of FASB Statement No. 13 (Issued 6/78)
Summary
A refunding involves the use of the proceeds from issuing new debt
to retire existing debt. This Statement specifies that, if a change
in the provisions of a lease results from a refunding by the lessor
of tax-exempt debt that is accounted for as an early extinguishment
(retirement) of debt, any resulting gain or loss from the
adjustment must be recognized currently.
Additional Details