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Governmental Accounting Evaluated

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Evaluate the effect of refunding or reorganizing existing debt obligations in accounting (governmental accounting).
Please use at least two peer reviewed sources and provide citations.

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Solution Summary

Governmental accounting evaluated for reorganizing debt obligations are discussed.

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Statement No. 23, GASB (Issued 12/93), gives guidelines of refunding of debt reported for refunding of debt reported by proprietary activities. The guidelines mention that if refunding involves the issuance of new debt whose proceedings are used to repay previously issued debt. The proceedings may be used for current refunding, or they may be placed with an escrow agent and invested until they are used to pay principal and interest on the old debt at a future time (Chary, J L 2003).

For immediate refunding (current and advance refunding resulting in defeasance of debt reported by proprietary activities, statement No 23 requires that the difference between ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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