Summary of Statement No. 83
Designation of AICPA Guides and Statement of Position on Accounting by Brokers and Dealers in Securities, by Employee Benefit Plans, and by Banks as Preferable for Purposes of Applying APB Opinion 20--an amendment FASB Statement No. 32 and APB Opinion No. 30 and a rescission of FASB Interpretation No. 10 (Issued 3/85)
Summary
FASB Statement No. 32, Specialized Accounting and Reporting
Principles and Practices in AICPA Statements of Position and Guides
on Accounting and Auditing Matters, identifies the AICPA
Statements of Position and Guides on accounting and auditing
matters designated as containing preferable accounting principles
for purposes of justifying a change in accounting in applying APB
Opinion No. 20, Accounting Changes. This Statement specifies
that the specialized accounting and reporting principles and
practices contained in the revised AICPA Guides for banks, brokers
and dealers in securities, and employee benefit plans and the AICPA
Statement of Position on reporting of investment securities gains
and losses by banks are preferable accounting principles for
purposes of justifying a change in accounting principles under
Opinion 20. In addition, this Statement rescinds FASB
Interpretation No. 10, Application of FASB Statement No. 12 to
Personal Financial Statements, and amends footnote 8 of APB
Opinion No. 30, Reporting the Results of Operations-Reporting
the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual and Infrequently Occurring Events and
Transactions, to eliminate reference to the superseded Guide
for banks.