OPINIONS OF THE ACCOUNTING PRINCIPLES BOARD
Status of Accounting Research Bulletins
1. On October 2, 1964, Council of the Institute adopted rec-ommendations1 requiring that departures from accounting prin-ciples accepted in Board Opinions and Accounting Research Bulletins be disclosed in footnotes to financial statements or in independent auditors' reports when the effect of any such departure on the financial statements is material. This require-ment is applicable to financial statements for fiscal periods that begin after December 31, 1965.
2. Concurrently, in a related action,1 Council directed the Accounting Principles Board to review all Accounting Research Bulletins prior to December 31, 1965, and determine whether any of them should be revised or withdrawn.
3. In accordance with this directive, the Board has reviewed all outstanding Accounting Research Bulletins. These consist of Numbers 43 (including Preface, Introduction and Appen-dices) through 51,2 except:
a. Chapter 7C of ARB 43, which was superseded in 1957 by ARB 48;
b. Chapter 14 of ARB 43, which was superseded in 1964 by Board Opinion 5; and
1 Special Bulletin, Disclosure of Departures From Opinions of Accounting Prin-ciples Board, October 1964. (Reprinted in Appendix A of this Opinion.)
2 ARB Nos. 1-42 were cancelled and replaced by ARB 43, and by Accounting Terminology Bulletin No. 1, both issued in 1953.
Issued by the Accounting Principles Board of the American Institute of Certified Public Accountants
COPYRIGHT 1965 BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. 666 FIFTH AVENUE, NEW YORK, N.Y. 10019