Omnibus opinion, 1966;

              OPINIONS OF THE ACCOUNTING PRINCIPLES BOARD
Omnibus Opinion -1966
Consolidated Financial Statements
Poolings of Interest — Restatement of Financial Statements Tax Allocation Accounts — Discounting Offsetting Securities Against Taxes Payable Convertible Debt and Debt Issued with Stock Warrants Liquidation Preference of Preferred Stock Installment Method of Accounting
1. This is the first of a series of Opinions which the Board expects to issue periodically containing:
(a) Amendments of prior Opinions of the Accounting Principles Board and Accounting Research Bulletins of its predecessor, the committee on accounting procedure, as appear necessary to clarify their meaning or to describe their applicability under changed conditions.
(b) Affirmation of accounting principles and methods which have become generally accepted through practice and which the Board believes to be sound, and when it desires to prevent the possible development of less desirable alternatives.
(c) Conclusions as to appropriate accounting principles and methods on subjects not dealt with in previous pro-nouncements and for which a separate Opinion is not believed to be warranted.
INTRODUCTION
Issued by the Accounting Principles Board of the American Institute of Certified Public Accountants
COPYRIGHT 1967 BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. 666 FIFTH AVENUE, NEW YORK, NEW YORK 10019
DECEMBER 1966
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