his proposal on the grounds, that it was imprudent; in particular they noted that the amount of the reported gain would be inflated because the discount rate used in valuing the debt would reflect the collapse of the company's own credit rating, which seemed preversed. As a result of these comments, the matter was not dealt with in the eventual standards, i.e. FRS 4, which was issued in December 1993.
             Apart from this, one topic addressed by many commentators was the assessment of the maturity of debt: that is, how it should be determined whether debt is short-term or long-t
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