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ASC 320 applies to debt securities that are securities as defined in ASC 320-10-20. This definition in ASC 320 is based on the Uniform Commercial Code at the time the guidance was developed more than 20 years ago but may not be consistent with the legal definition of a security today. The form of the instrument needs to be evaluated to determine whether it meets the definition of a security and is therefore covered by ASC 320. In the case of a foreign security, the determination of whether the instrument is, in form, a security, and whether it is debt or equity, depends on the laws and regulations in the legal jurisdiction in which the instrument was issued.
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