Printer Friendly

FASB 32, made obsolete by SAS 69, may be rescinded.

The Financial Accounting Standards Board proposed rescinding its Statement no. 32, Specialized Accounting and Reporting Principles and Practices in AICPA Statements of Positions and Guides on Accounting and AUditing Matters, and its related pronouncements.

Statement no. 32 specifies that certain American institute of CPAs statements of position and guides are preferable for justifying a change in accounting principles, as required by Accounting Principles Board Opinion no. 20, Accounting Changes.

However, FASB Project Manager Judith Noe explained, "the AICPA changed the hierarchy of generally accepted accounting principles with the issuance of Statement on Auditing Standards no. 69, The Meaning of "Present Fairly in Conformity with Generally Accepted Accounting Principles" in the Independent Auditor's Report. She added that SAS no. 69, which spells out the accounting standards and guidelines that make up GAAP, makes FASB Statement no. 32 unnecessary.

Generally, SAS no. 69 requires entities to adopt the accounting principles in AICPA pronouncements effective after March 15, 1992.

If adopted as a final statement, the FASB proposal becomes effective immediately.
COPYRIGHT 1992 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Statement on Auditing Standards
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Sep 1, 1992
Previous Article:Health promotion: keeping employees physically fit.
Next Article:AICPA issues ED on advertising costs.

Related Articles
SAS issued on GAAP hierarchy revision.
Is there a gap in your GAAP library?
Three new statements: FASBs 111, 112 and 113.
The AICPA role in standard setting.
Investment company accounting; rescission of APB statements.
Update on two prior EITF consensuses.
Global auditing and accounting confusion.
SAS 21 is out.
FASB publishes Exposure Draft on the rescission of FASB Statements No. 4, 44 and 64, corrections. (Domestic).
FASB moves to simple majority vote; releases ED on derivatives; issues Statement 145. (accounting & auditing news).

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters