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When a creditor and a debtor agree to modify the terms of an existing debt instrument or to exchange debt instruments (other than in a troubled debt restructuring), each must determine whether the modification or exchange should be accounted for as (a) the creation of a new debt instrument and the extinguishment of the original debt instrument or (b) the continuation of the original debt instrument (as modified).
A creditor should assess a modification or exchange (that is not a troubled debt restructuring) using the guidance beginning in ASC 310-20-35-9. For information on a creditor’s assessment of a modification or exchange of debt instruments see LI 10A.
A debtor should assess the modification or exchange (that is not a troubled debt restructuring) using the guidance in ASC 470-50. For information on a debtor’s assessment of a modification or exchange of debt instruments see FG 3.4.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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