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Statement No. 73 Reporting a Change in Accounting for Railroad Track Structures-an amendment of APB Opinion No. 20 STATUS Issue Date: August 1983 Effective date: For changes from retirement-replacement-betterment accounting to depreciation accounting made after June 30, 1983 Affects: Amends APB 20, paragraph 27 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. 20, Accounting Changes, to specify that a change to depreciation accounting for railroad track structures shall be reported by restating financial statements of all prior periods presented. The Statement is effective for changes made after June 30, 1983; however, earlier application is encouraged but not required. Prior to 1983, railroads generally followed betterment accounting for track structures in their general purpose financial statements. In 1983, the Interstate Commerce Commission (ICC) adopted changes requiring depreciation accounting in ICC filings. As a result, railroads and their accountants requested a determination of how best to report a voluntary change from betterment to depreciation accounting for general purpose financial reporting. This Statement is a response to that request. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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