FASB Original Pronouncements As Amended and Current Text Annual Bound Editions 2007–2008

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Prices for 2007–2008 Editions

• Sets of Original Pronouncements As Amended and Current Text—5 Vol: $240.00
• Original Pronouncements As Amended—3 Vol: $140.00
• Current Text—2 Vol: $125.00
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Original Pronouncements As Amended as of June 1, 2007—Three Volumes
The authoritative pronouncements in an “as amended” format, including FASB Statements of Standards, Concepts Statements, Interpretations, Technical Bulletins, and FASB Staff Positions, and AICPA APB Opinions, Interpretations, and Accounting Research Bulletins. In this format, all pronouncements amended by subsequent pronouncements reflect those amendments. Pronouncements that have been superseded but may still be applied by some entities are shaded to indicate that they have been superseded. Completely superseded pronouncements that may no longer be applied are omitted from this bound edition; however, a Status page is retained for those omitted pronouncements.

New in the 2007–2008 edition of Original Pronouncements As Amended:

• FAS157, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Statement 157 applies under other accounting pronouncements that require or permit fair value measurements. Accordingly, Statement 157 does not require any new fair value measurements.
• FAS158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, requires employers to fully recognize the obligations associated with single-employer defined benefit pension, retiree healthcare and other postretirement plans in their financial statements. Statement 158 requires an employer to recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions), and recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Those changes will be reported in comprehensive income of a business entity and in changes in unrestricted net assets of a not-for-profit organization. Statement 158 applies to public or private business entities and nongovernmental not-for-profit organizations that sponsor one or more single-employer defined benefit plans.
• FAS159, The Fair Value Option for Financial Assets and Financial Liabilities, provides companies with an option to report selected assets and liabilities (principally financial assets and financial liabilities) at fair value. The objective of Statement 159 is to reduce both complexity in accounting for financial instruments and the volatility in earnings caused by measuring related assets and liabilities differently. Statement 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities. Statement 159 requires entities to display the fair value of those assets and liabilities for which the company has chosen to use fair value on the face of the balance sheet. Statement 159 does not eliminate disclosure requirements included in other accounting standards.
• FIN48, Accounting for Uncertainty in Income Taxes, increases the relevancy and comparability of financial reporting by clarifying the way companies account for uncertainty in income taxes. Interpretation 48 prescribes a consistent recognition threshold and measurement attribute, as well as clear criteria for subsequently recognizing, derecognizing and measuring such tax positions for financial statement purposes. The Interpretation also requires expanded disclosure with respect to the uncertainty in income taxes.
• FASB Staff Positions (FSPs): The following new FSPs have been added to Volume III of Original Pronouncements:
  • FSP FAS 13-2, “Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction
  • FSP FAS 123(R)-5, “Amendment of FASB Staff Position FAS 123(R)-1”
  • FSP FAS 123(R)-6, “Technical Corrections of FASB Statement No. 123(R)”
  • FSP FAS 126-1, “Applicability of Certain Disclosure and Interim Reporting Requirements for Obligors for Conduit Debt Securities”
  • FSP FAS 158-1, “Conforming Amendments to the Illustrations in FASB Statements No. 87, No. 88, and No. 106 and to the Related Staff Implementation Guides”
  • FSP FIN 39-1, “Amendment of FASB Interpretation No. 39”
  • FSP FIN 46(R)-7, “Application of FASB Interpretation No. 46(R) to Investment Companies”
  • FSP FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48”
  • FSP EITF 00-19-2, “Accounting for Registration Payment Arrangements”
  • FSP AUG AIR-1, “Accounting for Planned Major Maintenance Activities.”

Current Text as of June 1, 2007—Two Volumes
Integration of the financial accounting and reporting standards included in the Original Pronouncements As Amended, arranged by topic for general and industry standards. In the 2007–2008 edition of Current Text, sections have been added or revised due to issuance of the FASB documents noted in the above description for Original Pronouncements As Amended.

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