The American Institute of Certified Public Accountants (AICPA) has extended the deadline for comments on the proposed AICPA Statement of Position (SOP), Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment. The new deadline is extended 31 days to November 15, 2001.
The Financial Accounting Standards Board (FASB) has also extended the comment deadline for comments on its Exposure Draft, Accounting in Interim and Annual Financial Statements for Certain Costs and Activities Related to Property, Plant, and Equipment. The new deadline is November 15, 2001.
The proposed SOP provides guidance on accounting for certain costs and activities relating to property, plant, and equipment on financial statements that conform to Generally Accepted Accounting Principles (GAAP). The proposed FASB Statement would amend previous pronouncements should the SOP be finalized.