FASB Statement no. 144 supersedes SOP 92-3 on Foreclosed Assets. (accounting & auditing news).

The Accounting Standards Executive Committee announced that AICPA AICPA

See American Institute of Certified Public Accountants (AICPA). Statement of Position 92-3, Accounting for Foreclosed Assets, is rescinded because it is effectively superseded by FASB Statement FASB Statement

A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting 144, Accounting for the Impairment Impairment

1. A reduction in a company's stated capital.

2. The total capital that is less than the par value of the company's capital stock.

Notes:
1. This is usually reduced because of poorly estimated losses or gains.

2. or Disposal of Long-Lived Assets.

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Publication:	CPA Letter
Date:	Dec 1, 2002
Words:	36
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AcSEC, the AICPA accounting standards executive committee, in agreement with FASB and the SEC, rescinds SOP 92-3, Accounting for Foreclosed Assets....