Standards
Summary of Statement No. 3
Reporting Accounting Changes in Interim Financial Statements--an amendment of APB Opinion No. 28 (Issued 12/74)
Summary
This Statement amends APB Opinion No. 28, Interim Financial
Reporting with respect to two aspects of reporting accounting
changes in interim financial reports. This Statement specifies that
certain changes in accounting principles-termed "cumulative effect
type" accounting changes-made in other than the first interim
period of the year will result in the restatement of financial
information for the earlier interim periods of that year. It also
requires certain financial statement disclosures for situations in
which a company changes to the Last-In, First-Out (LIFO) method of
inventory pricing but is unable to determine the cumulative effect
of that change.
Additional Details
Section Pages