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Statement No. 42 Determining Materiality for Capitalization of Interest Cost-an amendment of FASB Statement No. 34 STATUS Issue Date: November 1980 Effective Date: For fiscal years beginning after December 15, 1979, unless enterprise had already adopted FAS 34; if so, effective for fiscal years beginning after October 15, 1980 Affects: Amends FAS 34, paragraphs 8 and 9 Affected by: No other pronouncements 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 amends FASB Statement No. 34, Capitalization of Interest Cost, (1) to delete language that some believe allows capitalization of interest to be avoided under certain circumstances and (2) to make clear that Statement 34 does not establish new tests of materiality. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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