The Financial Accounting Standards Board advanced a plan to streamline how companies report debt exchange transactions involving multiple creditors.
The plan is aimed at improving corporate financial reporting by requiring exchanges of debt instruments that are economically comparable to be accounted for similarly. The board agreed unanimously Wednesday to finalize it.
“This is one of those instances where we are able to provide more decision-useful information to investors at a lower cost to preparers,” FASB vice chair Hillary Salo said. “That is a real win-win from that standpoint.”
The plan applies to exchanges of debt instruments ...
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