Summary of Statement No. 32
Summary of Statement No. 32
Specialized Accounting and Reporting Principles and Practices in AICPA Statements of Position and Guides on Accounting and Auditing Matters--an amendment of APB Opinion No. 20 (Issued 9/79)
Summary
The Board has agreed to exercise responsibility for the
specialized accounting and reporting principles and practices in
the AICPA Statements of Position and Guides on accounting and
auditing matters by extracting those specialized principles and
practices from those documents and issuing them as FASB Statements,
after appropriate due process. This has created uncertainty
regarding the ongoing status of those specialized principles and
practices. This Statement specifies that the specialized accounting
and reporting principles and practices contained in the AICPA
Statements of Position and Guides on accounting and auditing
matters designated herein are preferable accounting principles for
purposes of justifying a change in accounting principles as
required by APB Opinion No. 20, Accounting Changes.