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ED issued on SOP for the results of operations of foreclosed assets held for sale.

The American Institute of CPAs accounting standards executive committee has issued an exposure draft of a proposed statement of position on measuring foreclosed assets after foreclosure.

The proposed SOP, Accounting for the Results of Operations of Foreclosed Assets Held for Sale, applies to all reporting entities except those accounting for assets at fair market value. It also applies to all assets obtained through foreclosure that are considered held for sale, except for inventories, marketable equity securities and real estate previously owned by the lender and accounted for under FASB Statement no. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects. It does not apply to in-substanceforeclosed assets.

Copies of the ED (product no. 800040JA) are available from the AICPA order department at (800) TO-AICPA. The first copy is free. Additional copies are $2.50 each.
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Title Annotation:exposure draft, statement of position
Author:Baliga, Wayne
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jan 1, 1993
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