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Amortization of Refunding Loss
I am an accountant working for a governmental entity. The entity recently issued one large refunding bond that was used to defease several old bonds. GASB 23 requires refunding loss incurred to be amortized over the remaining life of the old debt or the life of the new debt, whichever is shorter. It would not have been a problem since the new bond and original bonds all had the same retirement date. However, one of the old bonds changed its payment schedule after refunding. As the result, remaining life for this particular old bond is now significantly shorter. How will this change affect amortization of refunding loss under GASB rules? Your help is greatly appreciated.
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