AcSEC, the AICPA accounting standards executive committee, in agreement
with FASB and the SEC, rescinds SOP 92-3, Accounting for Foreclosed
Assets.
FASB statement no. 144, Accounting for the Impairment or Disposal of
Long-Lived Assets,
effectively superseded the SOP, the scope of which did not include
non-long-lived assets such as inventories and marketable equity securities. Accounting
AcSEC, the AICPA accounting standards executive committee, in agreement
with FASB and the SEC, rescinds SOP 92-3, Accounting for Foreclosed
Assets.
FASB statement no. 144, Accounting for the Impairment or Disposal of
Long-Lived Assets,
effectively superseded the SOP, the scope of which did not include
non-long-lived assets such as inventories and marketable equity securities. 
