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Adoption of FASB Pronouncements
•SC’s primary government has elected NOT to adopt GASB 20, paragraph 7.  So governmental and business-type activities must adopt only
–GASB pronouncements
–Other pronouncements issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements (see handout)
•Different application of APB 20 (GASB 34, Footnote 13)