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Disclosure of Long-Term Obligations
(SFAS No. 47)

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SFAS No. 47


Statement of Financial Accounting Standards (SFAS) No. 6
        a.  Disclosure of Long-Term Obligations
        b.  Issued in May 1981

 Unconditional purchase obligation
           --> obligation to transfer funds (in the future)
                 for fixed (or minimum) amounts of goods and services
                 at fixed (or minimum) prices.

 Unconditional purchase obligation
                 with all of the following characteristics
           --> required to be disclosed.

            a.  Non-cancelable
                             or
                       --> cancelable only if some remote contingency occurs
                             or
                       --> cancelable only with permission of other party
                             or 
                       --> cancelable only if replacement agreement is signed
                             or
                       --> cancelable only if a penalty is paid
                             (when the penalty amount is so big that
                             the continuation of agreement is reasonably assured.)

            b.  Negotiated as part of financing
                 --> for the facilities that will provide contracted goods or services
                       or
                 --> for the costs of contracted goods or services

            c.  Remaining term is over one year.

 Disclosure of unrecorded obligations
            a.  Nature and term of obligations
            b.  Amount of fixed (and determinable) portion of obligations
                      as of balance sheet date.
            c.  Nature of variable components of obligations
            d.  Amounts purchased under the obligations

 Disclosure of recorded (as liabilities) obligations
            --> for each of five years following the balance sheet date
            a.  Aggregate amount of payments
            b.  Combined aggregate amount of maturities and
                 sinking fund requirements for long-term borrowings
 








 
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