Staff Accounting Bulletin No. 108
type: GovernmentService
description: The interpretations in this Staff Accounting Bulletin express the staff's views regarding the process of quantifying financial statement misstatements. The staff is aware of diversity in practice. For example, certain registrants do not consider the effects of prior year errors on current year financial statements, thereby allowing improper assets or liabilities to remain unadjusted. While these errors may not be material if considered only in relation to the balance sheet, correcting the errors could be material to the current year income statement. Certain registrants have proposed to the staff that allowing these errors to remain on the balance sheet as assets or liabilities in perpetuity is an appropriate application of generally accepted accounting principles. The staff believes that approach is not in the best interest of the users of financial statements. The interpretations in this Staff Accounting Bulletin are being issued to address diversity in practice in quantifying financial statement misstatements and the potential under current practice for the build up of improper amounts on the balance sheet.
date published: 2006-09-18
provider: US Securities and Exchange Commission
citation: DigitalDocument
license: https://creativecommons.org/publicdomain/zero/1.0/
source: https://www.federalregister.gov/documents/2006/09/18/E6-15457/staff-accounting-bulletin-no-108
source organization: US Federal Register
publisher: AI Analytics

PropertyValue
property ID: Federal Register Document Number
value: E6-15457

PropertyValue
property ID: Federal Register Citation
value: 71 FR 54580

PropertyValue
property ID: CFR Reference
value: 17 CFR 211

PropertyValue
property ID: Docket
value: Release No. SAB 108

AI Analytics
type: Organization