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GAAP For Non-Profits › Specific Financial Statement Items

Long Term Debt

Long-term debt is debt that was initially incurred to be repaid over a period greater than one year.

There are several disclosures required for long-term debt:

  • the title of bond issues
  • interest rates
  • maturity dates
  • amounts outstanding for sinking funds
  • required payments for each of the next five years for sinking funds and the retirement of debt
  • for foreign currency debt: the currency applicable
  • the details of any defaults in principal, interest or sinking funds
  • secured liabilities should be identified and presented separately
  • the interest on long-term debt should be presented separately
  • amounts payable within a year should be classified under current liabilities
  • the nature and carrying value of any assets securing liabilities (3856.43)

Contributions for the repayment of debt are discussed under contributions to repay debt.