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Statement No. 56 Designation of AICPA Guide and Statement of Position (SOP) 81-1 on Contractor Accounting and SOP 81-2 concerning Hospital-Related Organizations as Preferable for Purposes of Applying APB Opinion 20-an amendment of FASB Statement No. 32 STATUS Issue Date: February 1982 Effective Date: For fiscal years beginning after December 31, 1981 Affects: Amends FAS 32, Appendixes A and B Affected by: Superseded by FAS 111 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN -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 This Statement specifies that the specialized accounting and reporting principles and practices contained in the AICPA Audit and Accounting Guide for Construction Contractors and in AICPA Statements of Position 81-1, Accounting for Performance of Construction-Type and Certain Production-Type Contracts, and 81-2, Reporting Practices Concerning Hospital-Related Organizations, are preferable accounting principles for purposes of justifying a change in accounting principles under APB Opinion No. 20, Accounting Changes. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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