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Statement No. 7
Accounting and Reporting by Development Stage Enterprises
STATUS
Issue Date: June 1975
Effective Date: For fiscal periods beginning on or after January 1, 1976
Affects: Supersedes FIN 5
Affected by: Paragraph 5 amended by FAS 71
Paragraphs 10 and 11(c) and footnote 6 amended by FAS 95
Footnote 8 superseded by FAS 95
Other Interpretive Pronouncement: FIN 7
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 specifies the guidelines for identifying an enterprise in the development stage and the standards of financial accounting and reporting for such an enterprise. This Statement requires development stage companies to do their accounting and to prepare their financial statements using the same accounting principles as established operating companies.
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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