Accounting Standards Codification (ASC) generally applicable to debt is either missing (because the applicable accounting is ‘generally accepted’), or found in locations other than the primary Codification topic for debt, ASC 470, Debt. Here’s my take on the debt accounting hierarchy from both a practical point of view and as defined in the Codification.
This is a general overview and is not intended to be a comprehensive review of the entirety of GAAP applicable to debt. I’ll get to a more comprehensive analysis in time, but this will cover the majority of the situations encountered in practice. Look for articles and posts coming up that will address specific areas within the debt accounting hierarchy together with examples and calculations.