Designation of AICPA Guide and Statement of Position (SOP) 81-1 on Contractor Accounting and SOP 81-2 concerning Hospital-Related Organizations as Preferable for Purposes of Applying APB Opinion 20—an amendment of FASB Statement No. 32 (Issued 2/82)
Summary
This Statement specifies that the specialized accounting and reporting principles and practices contained in the AICPA Audit and Accounting Guide for Construction Contractors and in AICPA Statements of Position 81-1, Accounting for Performance of Construction-Type and Certain Production-Type Contracts, and 81-2, Reporting Practices concerning Hospital-Related Organizations, are preferable accounting principles for purposes of justifying a change in accounting principles under APB Opinion No. 20, Accounting Changes.