FASB Leveraging IFRS Language to Develop Principle for Classification of Long Term Debt

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 Jan. 28 — The Financial Accounting Standards Board said it will propose a principle that leverages language under international financial reporting standards for determining the classification of a loan, or other debt, as current or long term on balance sheets.

The board said it will leverage language under IFRS that requires a loan or other debt to be classified as long term when one or both of the following criteria are met: