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The AICPA Accounting Standards Executive Committee (AcSEC) issued Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions, to address diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions.

* The AICPA Accounting Standards Executive Committee (AcSEC) issued Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions, to address diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions. Concurrently the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards no. 152, Accounting, for Real Estate Time-Sharing Transactions--an amendment of FASB Statements No. 66 and 67, which includes amendments to FASB pronouncements being made in conjunction with issuance of the SOP which is effective for financial statements issued for fiscal years beginning after June 15, 2005, with earlier application encouraged. The SOP is available separately (product no. 014942JA) or through a Technical Practice Aids subscription (product no. WTP-XXJA) from the AICPA order department at 888-777-7077 or online at www.cpa2biz.com.
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Title Annotation:Accounting
Publication:Journal of Accountancy
Date:Jan 1, 2005
Words:130
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