APB opinion

APB Opinion

An official opinion by the Accounting Principles Board on how to report a transaction. APB opinions set standards for the accounting industry and helped establish uniform practice insofar as it was possible. APB opinions have not been issued since 1973, when the APB was replaced by the Financial Accounting Standards Board. See also: FASB opinion.

APB opinion

A determination by the former Accounting Principles Board regarding the way a certain financial transaction is to be treated for reporting purposes. For example, APB Opinion 15 sets forth the ways in which convertible issues and common-stock equivalents are to be used in calculating earnings per share. In 1973 the Accounting Principles Board was superseded by the Financial Accounting Standards Board, thereby halting further APB opinions and initiating FASB Statements.
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One area where the concept of materiality has direct application is the disclosure of extraordinary items required by APB Opinion No.
128 12/15/03 Exchanges of Productive Assets--an 1/13/04 amendment of APB Opinion No.
Board members unanimously supported the issuance of two final Statements -- Business Combinations and Goodwill and Other Intangible Assets, replacing APB Opinion Nos.
The board removed the purchase-pooling option in its APB Opinion No.
44, Accounting for Certain Transactions Involving Stock Compensation, (an interpretation to APB Opinion no.
Board members unanimously supported the issuance of two final Statements: Business Combinations and Goodwill and Intangible Assets, replacing APB Opinion Nos.
This is accounted for as a cumulative effect of accounting change in accounting principle in accordance with APB Opinion no.
The non-cash compensation charge of $1,056,000 in 1999 was recorded in accordance with APB Opinion No.
The corporation currently accounts for income taxes under the deferred method as required by APB Opinion No.
However, while asserting that differences in tax and GAAP asset bases are not timing differences, APB Opinion No.
In December 1987, FASB issued statement #96, Accounting for Income Taxes, which supersedes APB opinion #11 and is effective for fiscal years beginning after December 15, 1988.
AMEX: UFG) announced that pursuant to the company's adoption of APB Opinion 16, paragraph 70, with respect to its accounting treatment of the Oct.