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The guidance in ASC 470-10-50-1 through ASC 470-10-50-5 provides the following general disclosure requirements for all long-term borrowings:
  • The combined aggregate amount of maturities and sinking fund requirements for each of the five years following the date of the latest balance sheet
  • The circumstances surrounding any debt obligations that have a covenant violation at the balance sheet date and are classified as noncurrent
  • Subjective acceleration clauses required to be disclosed under ASC 470-10-45-2 (discussed in FSP
  • If a short-term obligation is excluded from current liabilities (as discussed in FSP 12.3.4), a general description of the financing agreement and the terms of any new obligation incurred, or expected to be incurred, or equity securities issued, or expected to be issued as part of the refinancing
  • Explanation of the pertinent rights and privileges of various securities outstanding, including:
    • Information regarding participation rights
    • Call price and dates
    • Conversion exercise prices or rates and pertinent dates
    • Number of shares issued upon conversion, exercise, or satisfaction of required conditions during at least the most recent annual period and any subsequent interim period presented
Example 3 in ASC 470-10-55-10 through ASC 470-10-55-12 provides an example disclosure for a long-term borrowing.
S-X 5-02 and S-X 4-08 provide the following incremental disclosure requirements for long-term debt for public reporting entities. An SEC registrant is required to disclose the following separately on the balance sheet or in a footnote for each issue or type of debt (including capital leases).
  • The general character of each type of debt including the rate of interest
  • The date of maturity or maturities (if maturing serially)
  • If the payment of principal or interest is contingent, an appropriate indication of such contingency
  • A brief indication of priority
  • The amount and terms (including commitment fees and the conditions under which commitments may be withdrawn) of unused commitments for long-term financing
  • Any significant changes in the authorized or issued amounts of debt since the date of the latest balance sheet filed for the reporting entity
  • The facts and amounts concerning any default in principal, interest, sinking fund, or redemption provisions with respect to any issue of securities or credit agreements or any covenant violation of a debt agreement, which default or violation existed at the date of the most recent balance sheet being filed, and which has not been subsequently cured. If a default or violation exists but acceleration of the obligation has been waived for a stated period of time beyond the date of the most recent balance sheet being filed, state the amount of the obligation and the period of the waiver.
In addition, since the nature of these incremental disclosure requirements appears to be consistent with the disclosure of "pertinent rights and privileges" discussed in ASC 470, private companies may also want to consider disclosing this information.

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