What does FAS 115 stand for?
Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities, commonly known as "FAS 115", is an accounting standard issued during May 1993 by the Financial Accounting Standards Board (FASB), which became effective for entities with fiscal years beginning after December 15, 1993.
What is the amendment to SFAS 115?
However, the amendment to SFAS No. 115 “Accounting for Certain Investments in Debt and Equity Securities” applies to all entities with available-for-sale and trading securities. SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities – Included an amendment of SFAS No. 115.
What does FASB 115 mean for market value accounting?
(For more details, see "FASB 115: It's Back to the Future for Market Value Accounting" JofA, Sept.93, page 49.) It requires companies to classify all securities investments that are not accounted for under the equity method into three categories: trading, available for sale or held to maturity.
What is the statement of financial accounting standards 115?
Statement of Financial Accounting Standards No. 115 FAS115 Status Page FAS115 Summary Accounting for Certain Investments in Debt and Equity Securities May 1993 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P.O. BOX 5116, NORWALK, CONNECTICUT 06856-5116
What FAS 158?
Under FAS 158, an employer that is a business entity is required to: Recognise in its statement of financial position the overfunded or underfunded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation.
What is ASC Topic 320?
This Topic provides detailed guidance on the accounting and reporting of “investments in equity securities that have readily determinable fair values” and “all investments in debt securities.”
What is ASC Topic 326?
ASC 326-20's CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions.
What is an ASC 310?
ASC 310-10 provides general guidance for receivables and notes that receivables arise from credit sales, loans, or other transactions.
What is FASB 115?
FASB 115 is essentially a financial regulation that insurance companies are compelled to comply with regarding the value of securities. This reporting regulation helps the FASB to monitor insurance companies for legal and taxation purposes. Insurance companies which fail to comply with FASB 115 could face negative consequences such as fines. ...
What happens if you don't comply with FASB 115?
Insurance companies which fail to comply with FASB 115 could face negative consequences such as fines. Because of this fact, it is in the best interest of insurance companies to simply follow this rule and report the value of their securities with fixed maturities based on their current market value.
Examples of SFAS No. 115 in a sentence
However, the amendment to SFAS No. 115 “Accounting for Certain Investments in Debt and Equity Securities” applies to all entities with available-for-sale and trading securities.
Related to SFAS No. 115
Is regarded as having an impairment means (A) has a physical or mental impairment that does not substantially limit major life activities but that is treated by a recipient as constituting such a limitation; (B) has a physical or mental impairment that substantially limits major life activities only as a result of the attitudes of others toward such impairment; or (C) has none of the impairments defined in paragraph (j) (2) (i) of this section but is treated by a recipient as having such an impairment..
When was FAS 115 issued?
115, Accounting for Certain Investments in Debt and Equity Securities, commonly known as "FAS 115", is an accounting standard issued during May 1993 by the Financial Accounting Standards Board (FASB), which became effective for entities with fiscal years beginning after December 15, 1993.
What is the FAS 157?
Statement of Financial Accounting Standards No. 157, Fair Value Measurements, commonly known as "FAS 157", is an accounting standard issue d during September 2006 by FASB, which became effective for entities with fiscal years beginning after November 15, 2007. FAS Statement 157 includes the following:
When did the FASB stop mark to market accounting?
On December 30, 2008, the SEC issued its report under Sec. 133 and decided not to suspend mark-to-market accounting.
Does FAS 157 require fair value?
Although FAS 157 does not require fair value to be used on any new classes of assets, it does apply to assets and liabilities that are recorded at fair value in accordance with other applicable rules. The accounting rules for which assets and liabilities are held at fair value are complex.
Statements of Financial Accounting Concepts
Statements of Financial Accounting Concepts are a part of the FASB conceptual framework project. They set fundamental objectives and concepts that FASB will use in developing future U.S. generally accepted accounting principles (GAAP), however, they are not a part of the US GAAP. To date, 7 Concept Statements have been issued.
List of FASB Interpretations
FASB Interpretations extend or explain existing standards (primarily Statements of Financial Accounting Standards), and are considered part of U.S. Generally accepted accounting principles. As of September 2006, 48 interpretations have been published.
List of FASB Staff Positions
As of May 2009, FASB has 70 issued and active FSPs and lists 11 FSPs that have been superseded. See FASB Staff Positions for the current listing.
List of FASB Technical Bulletins
The list of FASB Technical Bulletins follows the list of Staff Positions on the FASB website; See the start of the listing at FASB Technical Bulletins .
