The proposal to disclose amounts spent or payable to make computer systems and other equipment year 2000 compliant will not be required because many preparers had not accounted separately for these amounts and would have difficulty gathering this information. The proposals to disclose whether an updated system or equipment is year 2000 compliant and to include the implementation stage as one of the stages of work will also not be required. Due to the complexity of the year 2000 problem, it would be difficult for preparers to assert that a system or equipment is year 2000 compliant with any certainty until after the year 2000 begins. Instead, the final Technical Bulletin limits the stages to those for which assertions can be made. The Technical Bulletin is effective for financial statements on which the auditor's report is dated after October 31, 1998.
Earlier application is encouraged.