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 In 1973 the Accounting Principles Board was superseded by the Financial Accounting Standards Board, thereby halting further APB opinions and initiating FASB Statements.
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Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of the transition tax, deferred tax re-measurements, and other items to be provisional due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions.
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.
According to Mark Turnage, CEO of AOT, the litigation was over 'a closing balance sheet adjustment provision in the purchase contract, related to accounting interpretation of various clauses in the contract (and) several indemnities we received for various proprietary processes which we purchased.
This accounting treatment has been required since 1973 by AICPA Accounting Interpretation No.
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.