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.