Debt

The amount of money that the U.S. government has on hand to pay its bills plummeted by $53 billion.

The government reached the statutory cap on borrowing in January and the Treasury has since been using special accounting measures to make cash available.

The International Accounting Standards Board hopes to improve the information provided by companies about their debts.

The government’s debt dynamics have strengthened thanks to recent improvements in the economy and increased revenue, according to credit assessor Fitch Ratings.

Here is a peek into what can be expected in the near future.

ASU 2020-06 simplifies accounting for convertible debt and free-standing equity-linked instruments.

The Federal Accounting Standards Advisory Board released an interpretation of the accounting rules around reporting debt cancellation for the federal government.

While the immediate threat of a default would recede, the deal would merely delay the fight to December.

America’s poorest families are using new child benefits in large measure to climb out of debt, much of it likely accumulated during the pandemic.

The Financial Accounting Standards Board has released a staff educational paper offering an overview of the accounting guidance for debt restructurings and modifications.