Three quarters of Americans are living paycheck to paycheck with no cushion for the unexpected. And according to a recent survey, one in five Americans believes they will die in debt. Spike and former Fortune 500 business strategist Victor Antonio are on a mission to chip away at these staggering statistics by knocking on the doors of families on the verge of financial ruin and giving them a much needed wakeup call. Antonio will not only help these families face the facts and the bleak future that awaits them if they continue down this path, he will also pinpoint the underlying issues and ultimately supply the tools needed to empower them to get back in the black. Ten one-hour episodes of Life or Debt debut starting Sunday, March 13 at 10PM ET/PT on Spike. Financial troubles can affect any family, from the affluent to the blue-collar middle class, to a young family just starting out. But oftentimes these monetary issues can be solved with some expert guidance, tough love and a change in approach. That's where Antonio, a personal finance consultant and former CEO, comes in with an innovative solution. Antonio believes family finances should be run like a business and that by streamlining operations, identifying hard line goals and executing reasonable action plans, families can avoid financial ruin.
Runtime: 60 minutes
Life or Debt - Deferred financing cost - Netflix
Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, regulators, and so on. Since these payments do not generate future benefits, they are treated as a contra debt account. The costs are capitalized, reflected in the balance sheet as a contra long-term liability, and amortized using the imputed interest method or over the finite life of the underlying debt instrument, if below de minimus. The unamortized amounts are included in the long-term debt, as a reduction of the total debt (hence contra debt) in the accompanying consolidated balance sheets. Early debt repayment results in expensing these costs.
Life or Debt - GAAP - Netflix
Under U.S. GAAP, when issuing securities without specific maturity, such as perpetual preferred stock, financing costs reduce the amount of paid in capital associated with that security.
Life or Debt - References - Netflix