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.