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The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) is the single source of...

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Accounting

The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) is the single source of authoritative generally accepted accounting principles (GAAP) in the United States. The section of the ASC that addresses the recording and presentation of notes payable, including zero-interest-bearing notes, is ASC 835- Interest. More specifically, ASC 835-30-05-4 explains that if a note has a below-market interest rate (which a zero-interest-bearing note does), then the note is recorded at its present value. This would apply to the note that Wie Company is considering, since it's a zero-interest-bearing note.

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