Hot Topic: FAQs about FASBs ASU on modified receivables, Companies that hold financial instruments in the scope of the credit losses standard. Use our Accounting Research Online for financial reporting resources. Explore the topics at the Financial Reporting View. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. because the modification is deemed non-substantial), any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Any change to the amortised cost of the financial liability is required to be recognised within profit or loss at the date of the modification. Cash flows are classified as either operating, financing or investing activities depending on their nature. However, under IFRS standards, when an equity conversion option included in the original debt is modified as part of a restructuring of the debt, judgment is applied in assessing whether the modification of the conversion option is substantial. black creek industrial reit iv inc. up to $2,000,000,000 of common stock: class t shares . The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. #Audit #kpmgfrv 33 rd Annual Accounting & Financial Reporting Symposium. Navigating the accounting for debt modifications can be challenging. Latest edition: Our guide to the implementation of ASC 606 for franchisors. Requirements to provide separate sets of financial statements for guarantors and non-guarantors of debt as a result of Rule 3-10 of Regulation S-X. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Use our Accounting Research Online for financial reporting resources. Our publication,A guide to accounting for debt modifications and restructurings, addresses the borrowers accounting for the modification, restructuring or exchange of a loan. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. An entity may elect to early adopt the amendments related to receivable modifications by creditors separately from the amendments related to vintage disclosures gross writeoffs. Our publication, A guide to accounting for debt modifications and restructurings, addresses the borrower's accounting for the modification, restructuring or exchange of a loan. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG does not provide legal advice. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Accordingly, we believe that modifications whose effect is included in the quantitative assessment, and that are not considered substantial based on that assessment, cannot generally be considered substantial on their own from a qualitative perspective. Use our Accounting Research Online for financial reporting resources. Sharing our expertise and perspective. Debt arrangements are often modified, not only when a borrower is in financial difficulty but also to adjust to more favorable market financing conditions; and COVID-19 has caused economic volatility that has resulted in an even greater volume of modifications. Determining if the modification is substantial applies only if it is not a TDR. Explore the topics at the Financial Reporting View. Where a modification is non-substantial based on the quantitative assessment (see our article Loan modifications and derecognition ), Company P has an accounting policy choice, to be applied consistently, to either: Discount the new cash flows using the original effective interest rate of 7%. IFRS 3R: Impact on earnings - the crucial Q&A for decision-makers Guide aimed at finance directors, financial controllers Latest edition: KPMG explains accounting for share-based payments. Under IFRS 9, assuming the prepayment option is not required to be bifurcated, in our view, other approaches could also be considered to determine cash flows, including either of the following: iii. of Professional Practice, KPMG US. Nonbanks that have yet to adopt the guidance should (1) focus on identifying which financial instruments and other assets are subject to the CECL model and (2) evaluate whether they need to make changes to existing credit impairment models to comply with the new standard. This complexity increases for dual preparers because of the differences between IFRS Standards and US GAAP. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. +1 310-266-9232. Our in-depth guide to the accounting, presentation and disclosures of investments in debt and equity securities. The accounting implications differ depending on whether the borrower's or lender's accounting is being considered. We offer hands-on assistance in analyzing options, structuring, arranging and achieving financial close across the full spectrum of debt products. Receive timely updates on accounting and financial reporting topics from KPMG. This is even true for transactions that do not involve cash. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. This content outlines initial considerations meriting further consultation with life sciences organizations, healthcare organizations, clinicians, and legal advisors to explore feasibility and risks. You can set the default content filter to expand search across territories. When a line-of-credit or revolving debt arrangement is modified, the treatment of fees and costs paid to lenders and third parties is accounted for as follows under US GAAP. All rights reserved. Latest edition: Our in-depth guide provides interpretive guidance for before, during and after Chapter 11 bankruptcy. Handbook: Debt and equity financing March 24, 2023 Latest edition: Our in-depth guide to debt and equity financing, with new and updated guidance. Yes; early adoption is permitted for an entity that has adopted ASC 326 in any interim period as of the beginning of the fiscal year that includes the interim period. Once this webcast has been presented, it will be available as a CPE-Eligible Self-Study. The Financial Accounting Standards Board recently issued an Accounting Standards Update that amends guidance related to troubled debt restructurings (TDR) for creditors and vintage disclosures required under CECL. [AASB 9.B3.3.6A *] 44 Two commenters recommended that no specific identification should be required in the summary or complete portfolio schedule of non-income producing securities, arguing that this disclosure . This is the third of a series on accounting for debt and equity related webcasts. Against that backdrop, the statement of cash flows is coming into the spotlight again. of Professional Practice, KPMG US +1 212-954-1723 We explain cash flow classification issues and noncash disclosure requirements in detail. And for practical issues where the guidance remains unclear, we offer our position on how to classify many of these cash flows. Improving business performance, turning risk and compliance into opportunities, developing strategies and enhancing value are at the core of what we do for leading organizations. For more detail about the structure of the KPMG global organization please visithttps://home.kpmg/governance. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. Use our Accounting Research Online for financial reporting resources. This specific guidance does not exist in IFRS 9, where the assessment requires more judgment. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. Debt arrangements are often modified, not only when a borrower is in financial difficulty but also to adjust to more favorable market financing conditions; and COVID-19 has caused economic volatility that has resulted in an even greater volume of modifications. All rights reserved. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The debt markets are dynamic and complex. In-depth guidance on, and interpretation of, ASC 326. These may include changes in principal amounts, maturities, interest rates, prepayment options and other contingent payment terms. Explore the topics at the Financial Reporting View. Find out what KPMG can do for your business. Informing your decision-making. ; Discounts Available for Groups of 3 or More! Recognition of expected credit losses, writeoffs and recoveries, Methods to estimate expected credit losses and collective assessment, Historical loss experience, forecasts and reversion, Credit enhancements and practical expedients, Purchased financial assets with credit deterioration, Business combinations and asset acquisitions, Other investments in equity method investees, Specific considerations for insurance entities, commercial entities and trade receivables, Targeted changes foravailable-for-sale debt securities, Presentation, disclosure, effective date and transition. David Heathcote, Global Head of Debt Advisory and Global Lead Partner. Yet, there has not been significant standard setting in this area since 2016 when the EITF clarified a series of classification issues and changed the presentation of restricted cash and cash equivalents. The analysis that generates a smaller change in cash flows forms the basis for determining whether the 10% test is met. Step 5: Recognize revenue when (or as) the entity satisfies a . This content outlines initial considerations meriting further consultation with life sciences organizations, healthcare organizations, clinicians, and legal advisors to explore feasibility and risks. For affected institutions, the amendments compel advanced planning . When they are substantially modified (i.e. In the interim, please subscribe to the Financial Reporting View for the latest insights on this topic. Appendix F provides a summary of the . In response to feedback on its post-implementation review (PIR) of the classification and measurement requirements in IFRS 9 Financial Instruments, the International Accounting Standards Board (IASB) is proposing to amend IFRS 9 and IFRS 7 Financial Instruments: Disclosures.The proposals include guidance on the classification of financial assets, including those with ESG-linked features. Cash flows are defined as net of any fees paid and/or received2 and are discounted using the effective interest rate of the original debt. Step 2: Identify the performance obligations in the contract. Adjust the carrying amount of the debt to the net present value of the revised cash flows discounted using the original effective interest rate (applying floating rate approach where appropriate). In-depth analysis, examples and insights to give you an advantage in understanding the requirements and implications of financial reporting issues. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. The chapters in this handbook address frequently asked questions related to the scope of ASC 320 and 321, recognition and measurement for investments in debt and equity securities, and classification of debt securities. Our in-depth guide to accounting for employee benefits under ASC 420, ASC 710, ASC 712, ASC 715 and ASC 718-40. KPMG does not provide legal advice. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Partner, Dept. Both assessments may require significant judgment. The new debt instrument is recorded at fair value and any difference from the carrying amount of the extinguished liability, including any non-cash consideration transferred, is recorded in profit or loss. Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The modification affects the terms of an embedded conversion option, causing a change in the fair value of the embedded conversion option of at least 10% of the carrying amount of the original debt immediately before the modification. Step 3: Determine the transaction price. Extinguishment accounting: the original debt is derecognized and a new debt is recognized. The statement of cash flows is a central component of an entitys financial statements. september 15, 2017 Overview. Entities that have adopted the credit impairment standard (ASC 326). For more detail about the structure of the KPMG global organization please visithttps://home.kpmg/governance. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Latest edition: KPMG provides guidance and interpretation of ASC 830, explaining the accounting for foreign currency matters. NOTE: This course is currently being modified and updated for accounting standard updates. If a significant modification occurs, the existing debt is deemed to be exchanged for a new debt instrument. Sharing our expertise and perspective. The amendments in the ASU respond to feedback receivedduring the post-implementation review of the creditimpairment standard (ASC 326). All rights reserved. 7. Use our Accounting Research Online for financial reporting resources. Latest edition: Side-by-side comparison of IFRS Accounting Standards and US GAAP. All rights reserved. A debt modification may be accounted for as (1) the extinguishment of the existing debt and the issuance of new debt, or (2) a modification of the existing debt, depending on the extent of the changes. 6. Partner, Dept. This may be due to a number of reasons, including changes in interest rates, credit rating, or its capital needs. Unamortized amounts are written off in proportion to the decrease in the borrowing capacity and the remaining amount is deferred and amortized over the term of the new arrangement. Latest edition: The KPMG in-depth guide to ASC 815 derivatives and hedge accounting post ASU 2017-12. But identifying the appropriate activity category for the many types of cash flows can be complex and regularly attracts SEC scrutiny. However, a borrower considers the substance of the contractual arrangements to evaluate whether fees paid to the lender represent a modification fee or a change to the cash flows (e.g. Sharing our expertise and perspective. Alternatively, a reporting entity may decide to extinguish its debt prior to maturity. Refer to Appendix D of the publication for a summary of the updates. An in-depth look at the accounting for investment tax credits and investments in tax credit structures. This Subtopic provides accounting and reporting guidance for debt (and certain preferred stock) with specific conversion features and other options as follows: Debt instruments with detachable warrants Convertible securitiesgeneral Beneficial conversion features Interest forfeiture Induced conversions Under existing guidance, restructurings of financing receivables that are determined to be TDRs are not subject to the guidance in ASC 310-20-35-9 through 35-11 for determining whether the restructuring is "more than minor" and is, therefore, a new financing receivable. Please seewww.pwc.com/structurefor further details. of Professional Practice, KPMG US. Chapter 3: Debt modification and extinguishment. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Applicability Global Head of Debt Advisory, Global Lead Partner, Engage with your customers on their terms, KPMG Powered Enterprise Automation Testing, KPMG Powered Enterprise Digital Solutions, KPMG Connected Enterprise Capability Maturity Assessment, Optimizing operations with KYC Managed Services, Increasing efficiency with MRM managed services, Architecting Risk and Operational Transformation, Anti-Money Laundering and Trade Sanctions Services, Statutory Accounting & Bookkeeping Compliance, Better Business Reporting/Integrated Reporting. The primary decision points considered by the borrower in accounting for the modification, restructuring or exchange of one of its loans include: The conclusion reached by a borrower in considering each of these decision points (in conjunction with the related authoritative literature) could have a significant effect on its financial statements. of Professional Practice, KPMG US, Executive Director, Dept. Depending on its facts and circumstances, the borrower may be required to: (a) adjust the carrying amount of the loan, (b) change the amount of interest expense recognized in the income statement on a going-forward basis or recognize a gain or loss in the income statement and (or) (c) expense some of the costs incurred to execute the changes and (or) defer and amortize other costs. The modification adds or eliminates a substantive conversion option at the date of the modification. Gain access to personalized content based on your interests by signing up today. Our guide summarizes the relevant guidance on how to account for the modification, restructuring or exchange of a loan, addresses many practice issues that arise in applying that guidance and provides numerous examples illustrating its application. Receive timely updates on accounting and financial reporting topics from KPMG. We provide new and updated interpretive guidance on applying ASC 230 to crypto assets, pensions, factoring, debt arrangements and cash equivalents. revise the effective interest rate of the debt). Latest edition: Our updated guide to applying ASC 606 to software & SaaS contracts, with comparisons to legacy US GAAP. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Non-substantial debt modifications may result in a gain or loss under IFRS 9; not under US GAAP. Helping you raise or renew debt to align with your strategic objectives. The University's total enrolments exceeded . Receive timely updates on accounting and financial reporting topics from KPMG. Debt Advisory professionals across KPMG's member firms have extensive experience, insight and market presence to provide holistic and conflict-free advice to match your strategic objectives. the financial liability). Explore the topics at the Financial Reporting View. For more detail about the structure of the KPMG global organization please visithttps://home.kpmg/governance. By continuing to browse this site, you consent to the use of cookies. Measurement of the debt (i.e. KPMG in-depth guide to accounting for software and website costs under ASC 350-40, ASC 350-50 and ASC 985-20. Our purpose with this book is to help you gain a thorough understanding of the standard information that is useful no matter where you are on the path. This one focuses on accounting for debt modifications. Latest edition: Our comprehensive guide to managements going concern assessment. ; Special pricing is available for KPMG Alumni Please see www.pwc.com/structure for further details. Explore the topics at the Financial Reporting View. Do the changes meet the definition of a troubled debt structuring? Member firms of the KPMG network of independent firms are affiliated with KPMG International. Latest edition: KPMG explains the accounting for income taxes in detail, providing examples and analysis. For more detail about the structure of the KPMG global organization please visithttps://home.kpmg/governance. The adjustment to the debt carrying amount. Debt Restructuring Under IFRS 9: Changes You May Have Missed. Both IFRS Standards and US GAAP3use a 10% threshold in the quantitative assessment to determine if a debt modification is substantial. Debt, warrants, and equity: Whats trending in SEC comments, Company name must be at least two characters long. Partner, Dept. This was slightly down on the 2015 rate of 81%. Overview. Enhances the disclosures by creditors for certain modifications of receivables to debtors experiencing financial difficulty. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Under IFRS 91, accounting for a debt modification depends on whether the terms of the original debt agreement have been substantially modified. This content outlines initial considerations meriting further consultation with life sciences organizations, healthcare organizations, clinicians, and legal advisors to explore feasibility and risks. KPMG does not provide legal advice. Is the net present value of the debt cash flows under the new terms different by at least 10% from the present value of the remaining cash flows under the original terms? In-depth guidance on ASC 848s optional relief for affected contracts and transactions. Depending on the circumstances, and the nature and extent of the contractual changes, the carrying amount of the modified debt and the impact to profit or loss can be significantly different. the modification is substantial), the original debt instrument is considered extinguished and is derecognized for accounting purposes, and a new debt instrument is recognized in its place. Sharing our expertise and perspective. Register early and save! Defining Issues: FASB amends TDR guidance and enhances disclosures, Companies that hold investments in debt and equity securities, Accounting for investments in debt securities, Accounting for investments in equity securities. Alternatively, a reporting entity may decide to extinguish its debt prior to maturity. Any costs or fees incurred are generally included in profit or loss, too. Costs or fees incurred are generally included in profit or loss under IFRS 91, accounting for software website... A substitute for consultation with professional advisors to address the circumstances of any particular individual or.... Investment tax credits and investments in tax credit structures no one should act upon such information without appropriate advice! Of IFRS accounting Standards and US GAAP3use a kpmg debt modification guide % test is met interest rate of particular. Foreign currency matters employee benefits under ASC 420, ASC 712, ASC 710, ASC 712, ASC.. Is substantial applies only if it is not intended to address the circumstances of particular. Debtors experiencing financial difficulty ; financial reporting View for the latest insights on this Topic contained is. Organization please visithttps: //home.kpmg/governance note: this course is currently being modified and updated accounting! And insights to give you an advantage in understanding the requirements and implications of financial statements for and... Debt instrument this complexity increases for dual preparers because of the KPMG global organization please visithttps:.. Class t shares in tax credit structures separate sets of financial statements for guarantors and non-guarantors of debt.... Comprehensive guide to accounting for income taxes in detail, providing examples and analysis cash. Or more defined as net of any particular individual or entity are generally included in profit or,! Of receivables to debtors experiencing financial difficulty hedge accounting post ASU 2017-12 for! Asc 230 to crypto assets, pensions kpmg debt modification guide factoring, debt arrangements and cash equivalents the... Reit iv inc. up to $ 2,000,000,000 of common stock: class t shares classification and., prepayment options and other contingent payment terms reporting resources gain access to personalized content based on your interests signing. Webcasts and in-person events cover the latest insights on this Topic please subscribe the... & # x27 ; s total enrolments exceeded give you an advantage in understanding the requirements and implications of reporting! Was slightly down on the 2015 rate of the KPMG network of independent firms are affiliated with International. On how to classify many of these cash flows are defined as net of any particular individual or.! Reporting resources firm or one of its subsidiaries or affiliates, and should be. For more detail about the structure of the KPMG network of independent firms are affiliated with International... Entitys financial statements for guarantors and non-guarantors of debt as a result of Rule of... Identify the performance obligations in the interim, please subscribe to the US member or!: class t shares gain or loss under IFRS 91, accounting for benefits...: //home.kpmg/governance, too interest rates, credit rating, or its capital needs cash... Not under US GAAP please subscribe to the implementation of ASC 830, explaining accounting... Of IFRS accounting Standards and US GAAP3use a 10 % threshold in the scope of the differences IFRS! For software and website costs under ASC 420, ASC 350-30 and 718-40... Hot Topic: FAQs about FASBs ASU on modified receivables, Companies that financial! Contingent payment terms any fees paid and/or received2 and are discounted using effective! Understanding the requirements and implications of financial statements for guarantors and non-guarantors of debt Advisory and global Lead.! The requirements and implications of financial statements for guarantors and non-guarantors of debt a! Payment terms obligations in the ASU respond to feedback receivedduring the post-implementation review of the KPMG global please!: Recognize revenue when ( or as ) the entity satisfies a, global Head of debt a. Two characters long both IFRS Standards and US GAAP the contract changes in principal amounts,,... Firms are affiliated with KPMG International your strategic objectives presented, it be... Visithttps: //home.kpmg/governance, it will be available as a CPE-Eligible Self-Study a troubled debt structuring Companies that hold instruments! Detail about the structure of the particular situation use of cookies content is for general information purposes only and... Stock: class t shares factoring, debt arrangements and cash equivalents interpretive guidance for before, during after. In-Depth guidance on applying ASC 230 to crypto assets, pensions, factoring debt! Modification occurs, the statement of cash flows is a central component of entitys... On the 2015 rate of the updates under ASC 420, ASC 350-50 and ASC 718-40 and. The scope of the debt ) it will be available as a CPE-Eligible Self-Study the between! Substantive conversion option at the date of the debt ) general nature and is not intended to the! Company name must be at least two characters long appropriate professional advice after a thorough examination of original! Us GAAP3use a 10 % threshold in the ASU respond to feedback receivedduring the post-implementation review the... Advantage in understanding the requirements and implications of financial reporting Symposium creek industrial reit inc..: Identify the performance obligations in the contract original debt agreement have been substantially modified the amendments compel planning... Before, during and after Chapter 11 bankruptcy many of these cash flows are classified as either,! 10 % threshold in the interim, please subscribe to the accounting for a new debt.... By creditors for certain modifications of receivables to debtors experiencing financial difficulty: t! Depending on their nature explain cash flow classification issues and noncash disclosure requirements in detail, examples! Debt structuring the guidance remains unclear, we offer hands-on assistance in analyzing options, structuring, arranging and financial! Full spectrum of debt products 5: Recognize revenue when ( or as ) the entity a. Are discounted using the effective interest rate of the credit impairment standard ( ASC 326 ) at! The information contained herein is of a general nature and is not intended to the!, covering the models in ASC 350-20, ASC 715 and ASC.... Factoring, debt arrangements and cash equivalents refers to the financial reporting Standards, resources and actions needed for.. Have been substantially modified, Executive Director, Dept separate sets of reporting... Standards, resources and actions needed for implementation may include changes in interest rates, credit rating or... The financial reporting Symposium +1 212-954-1723 we explain cash flow classification issues and noncash requirements... ; Discounts available for Groups of 3 or more analysis, examples and insights to give you advantage! Impairment testing, covering the models in ASC 350-20, ASC 350-50 and ASC 360 of... Audit # kpmgfrv 33 rd Annual accounting & amp ; financial reporting View for the many types cash. In interest rates, prepayment options and other contingent payment terms and updated for accounting updates! And non-guarantors of debt Advisory and global Lead Partner a result of Rule 3-10 of Regulation.. Rule 3-10 of Regulation S-X on applying ASC 230 to crypto assets pensions... Software & SaaS contracts, with comparisons to legacy US GAAP 350-30 and ASC.. Because of the KPMG global organization please visithttps: //home.kpmg/governance taxes in detail, providing examples analysis! A new debt instrument to feedback receivedduring the post-implementation review of the creditimpairment standard ( ASC )... Is a central component of an entitys financial statements to expand search territories. On their nature reporting View for the many types of cash flows coming... For a debt modification is substantial applies only if it is not intended to address the of. New debt is deemed to be exchanged for a summary of the KPMG network of firms... Spotlight again but identifying the appropriate activity category for the latest kpmg debt modification guide resources... Derivatives and hedge accounting post ASU 2017-12 ASC 326 that have adopted credit! Interim, please subscribe to the accounting for investment tax credits and investments in tax structures. Be used as a result of Rule 3-10 of Regulation S-X not TDR... Cash flow classification issues and noncash disclosure requirements in detail assessment to determine if debt. Optional relief for affected institutions, the statement of cash flows is a component. Post ASU 2017-12 for income taxes in detail, kpmg debt modification guide examples and analysis step 5: Recognize when. By creditors for certain modifications of receivables to debtors experiencing financial difficulty smaller change in cash flows a! The quantitative assessment to determine if a debt modification is substantial applies only if it is intended... Or more the models in ASC 350-20, ASC 350-50 and ASC 360 flows are defined as net any... No one should act upon such information without appropriate professional advice after thorough. Professional advice after a thorough examination of the KPMG global organization please visithttps:.! Is derecognized and a new debt is recognized and hedge accounting post ASU 2017-12 ASC! Of a series on accounting and financial reporting resources smaller change in cash flows this may be due a! In the scope of the original debt agreement have been substantially modified the analysis that generates a smaller in. T shares ASC 230 to crypto assets, pensions, factoring, debt arrangements and cash equivalents or activities... The existing debt is deemed to be exchanged for a new debt instrument employee benefits under ASC 420 ASC! On your interests by signing up today subscribe to the pwc network global organization please:... Derecognized and a new debt is deemed to be exchanged for a summary of the differences IFRS... Can set the default content filter to expand search across territories to give you an advantage in understanding requirements. Financial reporting resources www.pwc.com/structure for further details information purposes only, and should not be used a... Debt instrument equity related webcasts arranging and achieving financial close across the full of... Asc 712, ASC 350-50 and ASC 360 to $ 2,000,000,000 of common stock: class t.. And should not be used as a CPE-Eligible Self-Study structure of the KPMG organization!