Calculates loss from the way debtor calculates gain

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Reference no: EM1353386

In a loan modification scenario, under what circumstances would a debtor record a gain? What is the key difference in the way the creditor calculates its loss from the way the debtor calculates its gain? One of the shortcomings of FASB114 is that it addresses mainly the creditor and not the debtor, thus leaving us with two different ways of addressing the gain (for the debtor) and loss (for the creditor).

Reference no: EM1353386

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