Accounting:
FASB Summaries
FASB Exposure Drafts
GASB Summaries
GASB Exposure Drafts
AICPA White Paper
Taxation:
Federal Tax Forms
New York
State Tax Forms
New York City Tax Forms
Other State Tax Forms
Tax Acct. & Regulatory Bulletin
Ethics & Regulation
Code of Conduct
Briefing Book on Issues
Risk Management
Peer Review Summaries
Risk Mgt.& Liability Guidebook
Bookshelf
Other CPA Journal Publications
Forensic & Litigation Svcs. Directory
Career Opportunities Handbook
|
Statement No. 3
Reporting Accounting Changes in Interim Financial Statements-an amendment of APB Opinion No. 28
STATUS
Issue Date: December 1974
Effective Date: For interim periods ending on or after December 31, 1974
Affects: Supersedes APB 28, paragraph 27 and footnote 5
Amends APB 28, paragraph 31
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 APB Opinion No. 28,
Interim Financial Reporting with respect to two aspects of reporting accounting changes in interim financial reports. This Statement specifies that certain changes in accounting principles-termed "cumulative effect type" accounting changes-made in other than the first interim period of the year will result in the restatement of financial information for the earlier interim periods of that year. It also requires certain financial statement disclosures for situations in which a company changes to the Last-In, First-Out (LIFO) method of inventory pricing but is unable to determine the cumulative effect of that change.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
|
