Extinguish

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Extinguish

Retire or pay off debt.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Extinguish

To cause a security to cease to exist. This especially applies to debt securities; for example, when a bond matures, it is said to be extinguished. See also: Repay.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Clearly, the evolution of debt extinguishments toward what can be described as routine financial management provides ample support to make a case that separate line item reporting under Accounting Standards Codification (ASC) 225-204516 is not warranted.
also stand to benefit from extinguishments. Upon extinguishment of an
Applying this criterion to the previous example, the entity would recognize a loss on the extinguishment of debt.
125, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities," and revised in SFAS No.
The SEC staff has challenged registrants' conclusions as to the accounting 'for debt modifications and extinguishments. The SEC has also requested richer disclosures concerning the challenges faced in accessing the credit markets in the current economy, the related financial effects, and "the risks and uncertainties associated with each financing option considered" (SEC Comment Letters--Including Industry Insights: improving Transparency, 5th ed., Deloitte, November 2011).
* FASB has issued a special report, A Guide to Implementation of Statement 125 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, because this complex statement has generated so many questions from preparers and auditors.
The elimination of gains and losses from debt extinguishments as extraordinary items significantly changed income statement presentations.
140, Accounting for Transfers and Servicing of Financial and Extinguishments of Liabilities.
125, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, which changes and clarifies the differences between secured borrowings and sales.
The Financial Accounting Standards Board has published an exposure draft of a proposed accounting standard, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, that attempts to resolve long-standing questions about whether transactions should be accounted for as secured borrowings or as sales.
4, Reporting Gains and Losses from Extinguishment of Debt, as well as an amendment of that statement, FASB Statement No.
4, Reporting Gains and Losses from Extinguishment of Debt, and an amendment of that Statement, FASB Statement No.