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ASC 470, Debt, provides the primary accounting and reporting guidance for debt for all reporting entities. However, its guidance for separate classification of current assets and current liabilities is only applicable when a reporting entity prepares a classified balance sheet.
For SEC registrants, S-X 5-02 and S-X 4-08 provide disclosure requirements for debt. ASC 470-10-S99-3, Classification of Short-term Obligations—Debt Related to Long-Term Projects, also provides classification guidance for SEC registrants.
Finally, SEC registrants that issue registered securities that are guaranteed, or that guarantee a registered security, are subject to S-X 3-10.
Note about ongoing standard setting
The FASB has an active project on debt classification that may affect the presentation and disclosure requirements. Financial statement preparers and other users of this publication are therefore encouraged to monitor the status of the project and, if finalized, evaluate the effective date of the new guidance and the implications on presentation and disclosure.
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