APB opinion

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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 In 1973 the Accounting Principles Board was superseded by the Financial Accounting Standards Board, thereby halting further APB opinions and initiating FASB Statements.
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Before the end of 1974, it issued three interpretations of APB opinions and two statements.
The need to restate the Company's financial statements arises from incorrect application of generally accepted accounting principles related to the beneficial conversion feature on the issuance of the convertible debt by the Company, and revised calculations of the Employee Stock Options pursuant to FIN 28: Accounting for Stock Appreciation Rights and Other Variable Stock Options or Award Plans, an Interpretation of APB Opinions Number 15 and 25 (FASB Interpretations).
This 1969 Supreme Court decision established that relying on the guidance in GAAP and APB Opinions was no longer a shield against litigation.
Concurrently, the Financial Accounting Standards Board has issued an exposure draft of a proposed Statement of Financial Accounting Standards, Accounting in Interim and Annual Financial Statements for Certain Costs and Activities Related to Property, Plant, and Equipment--an Amendment of APB Opinions Nos.
It includes analysis and explanations of the pronouncements of the Accounting Principles Board (APB) and the Financial Accounting Standards Board (FASB) and analyzes Accounting Research Bulletins, APB Opinions, FASB statements, interpretations, and technical bulletins.
Category Type of Pronouncements (a) FASB Statements and Interpretations, APB Opinions, AICPA Accounting Research Bulletins; and for state and local governments, GASB statements and interpretations.
Jones wrote: "We are confident that Professor Burton's work played a significant role in the subsequent development of APB Opinions No.
66 and 67 7/10/01 Accounting in Interim and Annual Financial 11/15/01 Statements for Certain Cost and Activities Related to Property, Plant, and Equipment --an amendment of APB Opinions No.
66 and 67 7/10/01 Accounting in Interim and Annual Financial 11/15/01 Statements for Certain Costs and Activities Related to Property, Plant, and Equipment--an amendment of APB Opinions No.
As part of an effort to reinforce APB authority, a 1964 AICPA council resolution calls for the disclosure of departures from APB opinions.
SOP 94-2 requires NPOs to follow the guidance in accounting research bulletins, APB opinions and FASB statements and interpretations, unless a pronouncement explicitly exempts them.
Before that he had spent tour years with the FASB's predecessor, the Accounting Principles Board, as an American Institute of CPAs staff member preparing interpretations of APB opinions.