FAS No. 140 Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities

Financial Accounting Standard No. 125 was issued by the Financial Accounting Standards Board to address the Extinguishment of Liabilities. This statement was effective for extinguishment of liabilities occurring after March 31, 2001 and was to be applied prospectively. FAS No. 125 was the predecessor of FAS No. 140. In addition, all FASB Statements of Financial Accounting Standards, including FAS No. 140,  were superseded by the Accounting Standards Codification in 2009.