Summary of Statement No. 64
Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements—an amendment of FASB Statement No. 4 (Issued 9/82)
This Statement amends FASB Statement No. 4, Reporting Gains and Losses from Extinguishment of Debt, so that (a) gains and losses from extinguishments of debt made to satisfy sinking-fund requirements that an enterprise must meet within one year of the date of the extinguishment are not required to be classifed as extraordinary items and (b) the classification of gains and losses from extinguishments of debt made to satisfy sinking-fund requirements are to be determined without regard to the means used to achieve the extinguishment.