extinguish

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extinguish

verb abolish, abort, annihilate, annul, assassinate, blot out, bring to an end, butcher, cancel, choke, crush, cut out, deaden, deal destruction, demolish, deracinate, devastate, dismantle, dispel, dispense with, do away with, drown out, efface, end, eradicate, erase, expunge, extinguere, extirpate, finish off, hold down, keep down, kill, kill by suffocation, lay waste to, liquidate, murder, nullify, obliterate, put an end to, put out, put to death, quash, quell, quench, raze, reduce to nothing, repress, restinguere, ruin, shatter, slaughter, slay, smother, squash, squelch, stifle, strangle, subdue, suffocate, suppress, terminate, wipe out
Associated concepts: extinguish a debt, extinguish a legacy, extinguish a right
Foreign phrases: Resoluto jure concedentis resolvitur jus concessum.When the right of the grantor is extinguished the right granted is extinguished. Extincto subjecto, tolliiur adjunctum. When the substance is extinguished, the innident ceases.
See also: abolish, annul, cancel, cease, defeat, destroy, disappear, efface, eradicate, expunge, extirpate, inhibit, kill, obliterate, quash, stifle, strangle, subvert, suppress, void
References in periodicals archive ?
Authoritative accounting principles for debt extinguishment gains and losses can be traced to the Committee on Accounting Procedure's 1953 Accounting Research Bulletin 43.
Under pressure from the SEC, which viewed disclosures as inadequate, FASB defended its decision to mandate extraordinary item treatment of debt extinguishment gains and losses on the basis that this treatment was "a practical and reasonable solution" (SFAS 4, para.
Since interest rates have fallen and remained at historically low levels since the 2008 credit crisis, there has been little chance that extinguishment transactions, including those of an opportunistic nature, would result in gains that could be misinterpreted by financial statement users.
Second, looking at data from after SFAS 145 was issued, Abhijit Barua found that "companies have an unusually high propensity to report gains from the early retirement of debt during periods of economic recession, as well as in the fourth quarter of a fiscal year" ("Early Extinguishment of Debt: Rational Debt Management or Earnings Management?
For managers making these judgments, FASB's own words in SFAS 145 provide justification for a conclusion that debt extinguishment transactions are neither unusual nor infrequent:
Under IFRS, much of the guidance on debt extinguishments, modifications, and exchanges resides in International Accounting Standard (1AS) 39, Financial Instruments: Recognition and Measurement.
An overview of the existing accounting literature highlights the importance of determining whether the transaction takes place in "troubled" or "nontroubled" circumstances Applicable "derecognition criteria" help delineate whether a particular transaction qualifies for accounting treatment as an extinguishment of debt.
In order to be derecognized, a transaction must meet one of the following criteria for extinguishment (ASC 405-20-40-1 and 2):
The difference between the reacquisition price and the net carrying amount is recognized as a gain or loss in the period of the extinguishment (ASC 470-50-40-2).
Derecognition of a Liability and Early Extinguishment of Debt
This uncertainty is especially obvious with regard to gains and losses from early extinguishment of debt, the classification of which has changed numerous times over the years.
As the exhibit indicates, the primary use of the EI classification has been for gains and losses from early extinguishment of debt.