FASB publishes Exposure Draft on the rescission of FASB Statements No. 4, 44 and 64, corrections. (Domestic).The Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) issued an Exposure Draft that rescinds 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 No. 4, Reporting Gains and Losses from Extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of Debt, and an amendment of that Statement, FASB Statement No. 64, Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements. In addition, this proposed Statement would rescind FASB Statement No. 44, Accounting for Intangible Assets of Motor Carriers, as well as amend other existing authoritative pronouncements to make various technical corrections. Comments on the Exposure Draft must be received in writing by the FASB by Jan. 14,2002. The Exposure Draft can be accessed from the FASB Web site, www.fasb.org. |
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