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Statement No. 40 Financial Reporting and Changing Prices: Specialized Assets-Timberlands and Growing Timber-a supplement to FASB Statement No. 33 STATUS Issue Date: November 1980 Effective Date: For fiscal years ending on or after December 25, 1980 Affects: Supersedes FAS 33, paragraph 53 Supersedes FAS 39, paragraph 12 Affected by: Paragraph 6 superseded by FAS 41 Paragraph 6 amended by FAS 46 Paragraph 6 superseded by FAS 69 Superseded by FAS 89 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN -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 extends the interim provisions in FASB Statement No. 33, Financial Reporting and Changing Prices, for the measurement of timberlands, growing timber, and related expenses, in information on a current cost basis. It requires enterprises that present information on a current cost basis to combine measures of those assets and expenses at either historical cost/constant dollar amounts or current cost amounts with current cost measures of other assets and expenses. Statement 33 provides that an enterprise need not present information on a current cost basis if there would be no material difference between that information and information on a historical cost/constant dollar basis. Therefore, an enterprise needs to present information on a current cost basis only if it has significant holdings of inventory, property, plant, and equipment apart from timberlands and growing timber. This Statement applies to fiscal years ended on or after December 25, 1980. The Board will continue to work with its advisory task group for the forest products industry to develop, as soon as possible, improved methods of measuring the effects of changing prices on this industry. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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