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FASB Summaries |
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Statement No. 55 Determining whether a Convertible Security Is a Common Stock Equivalent-an amendment of APB Opinion No. 15 STATUS Issue Date: February 1982 Effective Date: For convertible securities issued after February 28, 1982 Affects: Amends APB 15, paragraph 33 and footnote 10 Affected by: Superseded by FAS 111 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN -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 APB Opinion No. 15, Earnings per Share, states that a convertible security is a common stock equivalent if it has a cash yield at the time of issuance of less than 66 2/3 percent of the then current bank prime interest rate. The Board has concluded that the prime rate should be replaced as the benchmark interest rate in the cash yield test. This Statement substitutes the average Aa corporate bond yield as the new benchmark rate. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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