The following auditing standard was rescinded before the Board's adoption of the interim standards.
AU Section 435
Source: SAS No. 21.
Notice of Rescission of Statement on Auditing Standards (SAS) No. 21,Segment Information, and Issuance of Interpretation on Auditing Procedures for Segment Disclosures
The Auditing Standards Board (ASB) has rescinded SAS No. 21, Segment Information, effective for audits of financial statements to which Financial Accounting Standards Board (FASB) Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, has been applied. FASB Statement No. 131 is effective for fiscal years beginning after December 15, 1997, with earlier application encouraged.
SAS No. 21 was issued in December 1977 to provide guidance to auditors on audit issues related to the implementation of FASB Statement No. 14, Financial Reporting for Segments of a Business Enterprise. In June 1997, the FASB issued Statement No. 131, which supersedes FASB Statement No. 14. The auditing guidance contained in SAS No. 21 is inappropriate for audits of financial statements of entities that have implemented FASB Statement No. 131.
The Audit Issues Task Force of the ASB has issued an interpretation of section 326, Evidential Matter, entitled "Applying Auditing Procedures to Segment Disclosures in Financial Statements," to provide guidance for audits of financial statements of entities that have implemented FASB Statement No. 131. See section 9326.28–.41 for the interpretation.