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Proposed Statement Of Position : Accounting By Certain Financial Institutions And Entities That Lend To Or Finance The Activities Of Others ;Accounting By Certain Financial Institutions And Entities That Lend To Or Finance The Activities Of Others; Exposure Draft (American Institute Of Certified Public Accountants), 2000, May 30, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee, American Institute Of Certified Public Accountants. Guides Combination Task Force

Statements of Position

This proposed Statement of Position (SOP) reconciles and conforms, as appropriate, the accounting and financial reporting provisions established by the AICPA Audit and Accounting Guides Banks and Savings Institutions, Audits of Credit Unions, and Audits of Finance Companies. The proposed SOP also explicitly incorporates mortgage companies and corporate credit unions in its scope. The final SOP will be incorporated in a new AICPA Audit and Accounting Guide, which will supersede the existing Guides.* The AICPA Industry Audit and Accounting Guides fall into category (b) of generally accepted accounting principles (GAAP) in the hierarchy established by AICPA Statement on Auditing Standards …