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Statement No. 16
Prior Period Adjustments
STATUS
Issue Date: June 1977
Effective Date: For fiscal years beginning after October 15, 1977
Affects: Amends APB 9, paragraph 18
Supersedes APB 9, paragraphs 23 and 24
Supersedes APB 20, footnote 9
Amends APB 30, paragraph 25
Supersedes FAS 5, footnote 3
Affected by: Paragraph 9 superseded by FAS 71
Paragraph 11 and footnote 5 superseded by FAS 96 and FAS 109
Paragraph 13 and footnotes 3 and 4 amended by FAS 96 and FAS 109
Abbreviations for Accounting Pronouncements
FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides
SUMMARY
This Statement limits adjustments of previously issued annual financial statements to correction of a material error and recognition of certain income tax benefits relating to preacquisition loss carryforwards of a purchased subsidiary. It restricts adjustments of prior interim period (quarterly) financial statements of the current fiscal year to the settlement of certain transactions that are material in amount, that can be specifically identified with business activities of a prior interim period, and that could not be estimated prior to the current interim period. The method of allocating interim period adjustments is also described in this Statement.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
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