Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition 14-2 CHAPTER REVIEW 1. Chapter 14 presents a discussion of the issues related to long-term liabilities. Long-term debt consists of probable future sacrifices of economic benefits. These benefits are payable in the future, normally beyond one year or operating cycle, whichever is longer. Coverage in this chapter includes bonds payable, long-term notes payable, mortgage notes payable, issues related to the extinguishment of debt and issues surrounding off-balance sheet financing. The accounting and disclosure issues related to long-term liabilities includes a great deal of detail due to the potentially complicated nature of debt instruments. Long-Term Financial Liabilities 2. Long-term debt consists of obligations of an entity arising from past transactions or events that are not payable within the next year or operating cycle, whichever is longer. These obligations normally require a formal agreement
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