muck Posted January 10, 2009 Share Posted January 10, 2009 I've searched and can't find a link to the following APB opinion... I'm looking for "paragraph 12 of APB Opinion No. 10 -- Omnibus Opinion -- 1966"...it's referenced in FASB Statement 5, and I need to see what it says. TIA. :geek: Quote Link to comment Share on other sites More sharing options...
FWmaker Posted January 10, 2009 Share Posted January 10, 2009 I've searched and can't find a link to the following APB opinion... I'm looking for "paragraph 12 of APB Opinion No. 10 -- Omnibus Opinion -- 1966"...it's referenced in FASB Statement 5, and I need to see what it says. TIA. :geek: Try this: Quote Link to comment Share on other sites More sharing options...
muck Posted January 10, 2009 Author Share Posted January 10, 2009 Sorry, that's the 1967 issue. I'm looking for the 1966 issue ... and paragraph 12 of opinion 10 ... not opinion 12... TIA. Quote Link to comment Share on other sites More sharing options...
Puddy Posted January 10, 2009 Share Posted January 10, 2009 I can't seem to find it either. Quote Link to comment Share on other sites More sharing options...
budlitebrad Posted January 10, 2009 Share Posted January 10, 2009 If I were still at my old public accounting job, I'd be able to help you out. They had a hugh library (hard copies and online) of statements, pronouncements, etc. that went back about 50 years. Quote Link to comment Share on other sites More sharing options...
muck Posted January 10, 2009 Author Share Posted January 10, 2009 I can't seem to find it either. Where's YoMama? Quote Link to comment Share on other sites More sharing options...
cdrudge Posted January 10, 2009 Share Posted January 10, 2009 I don't know what exactly your looking for, but this might be it. It's a google cache link so hopefully it works for you. In case it doesn't, paragraph 10 reads INSTALLMENT METHOD OF ACCOUNTING 12. Chapter 1A of ARB No. 43, imageparagraph 1, states that "Profit is deemed to be realized when a sale in the ordinary course of business is effected, unless the circumstances are such that the collection of the sale price is not reasonably assured." The Board reaffirms this statement; it believes that revenues should ordinarily be accounted for at the time a transaction is completed, with appropriate provision for uncollectible accounts. Accordingly, it concludes that, in the absence of the circumstances 8 referred to above, the installment method of recognizing revenue is not acceptable. Quote Link to comment Share on other sites More sharing options...
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