FASB Interpretation No. 8

FASB Statement No. 6, “Classification of Short-Term Obligations Expected to Be Refinanced,”specifies that a short-term obligation shall be excluded from current liabilities only if the enterprise intends to refinance the obligation on a long-term basis and before the balance sheet is issued has either completed the refinancing by issuing a long-term
obligation or by issuing equity securities or has entered into a financing agreement that permits refinancing on a long-term basis. (See paragraphs 9–11 of the Statement.)
The FASB has been asked to clarify whether a short-term obligation should be included in or excluded from current liabilities if it is repaid after the balance sheet
date and subsequently replaced by long-term debt before the balance sheet is issued. For example, assume that an
enterprise has issued $3,000,000 of short-term commercial paper during the year to finance construction of a
plant. At June 30, 1976, the enterprise’s fiscal year end,the enterprise intends to refinance the commercial paper
by issuing long-term debt. However, because the enterprise temporarily has excess cash, in July 1976 it liquidates
$1,000,000 of the commercial paper as the paper matures. In August 1976, the enterprise completes a
$6,000,000 long-term debt offering. Later during the month of August, it issues its June 30, 1976 financial
statements. The proceeds of the long-term debt offering are to be used to replenish $1,000,000 in working capital,
to pay $2,000,000 of commercial paper as it matures in September 1976, and to pay $3,000,000 of construction
costs expected to be incurred later that year to complete the plant.


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