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 In 1973 the Accounting Principles Board was superseded by the Financial Accounting Standards Board, thereby halting further APB opinions and initiating FASB Statements.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 FASB issued Financial Accounting Interpretation 48 - Accounting for Uncertainty in Income Taxes in June 2006, companies generally booked their tax expense for financial reporting purposes on the basis of the return "as filed" or to be filed for a tax period.
A principles-based system places the onus on managers--and the auditors--to exercise professional judgment to ensure that the accounting interpretation is fair and reasonable.
An accounting firm receiving hundreds of thousands of dollars in consulting fees may be reluctant to enforce a strict accounting interpretation that would anger the client.
The proposal would amend National Council on Governmental Accounting Interpretation no.
on the other hand, places considerable emphasis on educating accountants as professionals, a natural consequence of an increasingly complex economic operating environment, ever more complex and formal accounting measurement rules, and the need for an accounting interpretation of economic events in terms of the American emphasis on matching revenues and expenses.
15; American Institute of CPAs Accounting Interpretation nos.
Financial Accounting Interpretation Number 48, known as "FIN 48," is the latest rule from FASB regarding accounting for uncertainty in income tax positions.
Arguments: On the first issue, those in favor of applying historical cost accounting cite AICPA Accounting Interpretation no.
The accounting interpretation issues need to be resolved prior to filing of the Company's Form 10-Q and the release of the financial results for the fiscal third quarter of fiscal year 2008.
The objective of this book is to provide a conceptual framework based on the extensive use of cases so that readers can create their own accounting interpretation of the hedging strategy being considered.
07 per diluted share, related to the Company's first-quarter 2007 adoption of Financial Accounting Interpretation No.
The Company has chosen to schedule the announcement of first quarter results pending a review by the Company of an accounting interpretation by the Company which, as applied to the first quarter results, could be deemed conservative.