Yep that Abr. Book of Abraham part of the Pearl of Great Price which IS approved scripture of the LDS.
http://www.lds-mormon.com/abraham.shtml
Do you mind if I join you in ROTFLMHO?
This is a mighty interesting video about the Book of Abraham if you have an hour to spare....
http://youtube.com/watch?v=hcyzkd_m6KE