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Ultimately, It Will Be the Responsibility of the FASB in the U.S.to

question 12

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Ultimately, it will be the responsibility of the FASB in the U.S.to decide if the advantages of IFRS's outweigh the disadvantages.


Definitions:

Bonds

Fixed income investments representing loans made by an investor to a borrower, typically corporate or governmental, which pay interest at predetermined intervals.

Notes Payable

A written agreement where the borrower promises to pay back a certain amount of money, under specific terms, to the lender at a future date.

Unamortized Discount

The portion of a bond's issue price that is below its face value and has not yet been amortized over the life of the bond.

Unamortized Premium

The portion of a bond premium that has not yet been amortized or gradually written off over the life of the bond.

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