Standards
Summary of Statement No. 56
Designation of AICPA Guide and Statement of Position (SOP) 81-1 on Contractor Accounting and SOP 81-2 concerning Hospital-Related Organizations as Preferable for Purposes of Applying APB Opinion 20--an amendment of FASB Statement No. 32 (Issued 2/82)
Summary
This Statement specifies that the specialized accounting and
reporting principles and practices contained in the AICPA Audit
and Accounting Guide for Construction Contractors and in AICPA
Statements of Position 81-1, Accounting for Performance of
Construction-Type and Certain Production-Type Contracts, and
81-2, Reporting Practices concerning Hospital-Related
Organizations, are preferable accounting principles for
purposes of justifying a change in accounting principles under APB
Opinion No. 20, Accounting Changes.
Additional Details
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