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)


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.