FASB rescinds statements. (FASB News).FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). has 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, as well as an amendment of that statement, FASB Statement No. 64, Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements. This proposed statement also would rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. FASB Statement No. 44, Accounting for Intangible Assets of Motor Carriers, and amend other existing authoritative pronouncements to make various technical corrections. Download the exposure draft from the FASB Web site at http://accounting.rutgers.edu/raw/fasb/news/Index.html. |
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