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What is FAR 21: Notes, Loans, and Debt Restructuring about?

This document discusses notes payable, loans payable, and debt restructuring. It defines notes payable as written promises to pay a sum of money, and discusses their classification and measurement at amortized cost or fair value. Debt restructuring occurs when a creditor grants concessions to a debtor in financial difficulty. Forms of debt restructuring include asset swaps, where assets are transferred to the creditor to settle debt, and modifications of terms, such as lowering interest rates.

Author

Julie Mae Caling Malit

Language

EN