repurchase of own debt

repurchase of own debt
The buying back by a company of its own debt at an amount different from the amount of the liability shown in the balance sheet. Urgent Issues Task Force (UITF) Abstract 8 ruled that any difference on repurchase should be taken to the profit and loss account, except in specified exceptional circumstances. UITF 8 has now been superseded by Financial Reporting Standard 4, Financial Instruments: Disclosure and Presentation.

Accounting dictionary. 2014.

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