Designation of AICPA Guides and Statement of Position on Accounting by Brokers and Dealers in Securities, by Employee Benefit Plans, and by Banks as Preferable for Purposes of Applying APB Opinion 20—an amendment FASB Statement No. 32 and APB Opinion No. 30 and a rescission of FASB Interpretation No. 10 (Issued 3/85)
FASB Statement No. 32, Specialized Accounting and Reporting Principles and Practices in AICPA Statements of Position and Guides on Accounting and Auditing Matters, identifies the AICPA Statements of Position and Guides on accounting and auditing matters designated as containing preferable accounting principles for purposes of justifying a change in accounting in applying APB Opinion No. 20, Accounting Changes. This Statement specifies that the specialized accounting and reporting principles and practices contained in the revised AICPA Guides for banks, brokers and dealers in securities, and employee benefit plans and the AICPA Statement of Position on reporting of investment securities gains and losses by banks are preferable accounting principles for purposes of justifying a change in accounting principles under Opinion 20. In addition, this Statement rescinds FASB Interpretation No. 10, Application of FASB Statement No. 12 to Personal Financial Statements, and amends footnote 8 of APB Opinion No. 30, Reporting the Results of Operations—Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions, to eliminate reference to the superseded Guide for banks.