Financial Accounting Standards Board (fasb) 87
Definition of "Financial accounting standards board (fasb) 87"
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will know what the assets and liabilities of a particular pension plan are. The rule requires that a company disclose all relevant figures concerning its pension plan on the face of the company's income statement. Previously, the company could bury these figures in the footnotes of the income statement. Also, under the new disclosure requirement, the expected liabilities of the pension plan must be recalculated annually, assuming market interest rates. Thus, a company's pension liabilities each year will rise or fall according to the market interest rate, thereby affecting the company's income statement and balance sheet.
Popular Insurance Terms
Coverage for shippers of certain radioactive materials, such as medical or commercial isotopes, for direct loss or damage by radioactive contamination; does not cover transport of ...
Ratio of excess losses to premium income. Excess losses are those that a reinsurer is responsible for if its coverage is in effect during the period under consideration. The premium income ...
Obligatory reinsurance contract in which a reinsurer agrees to pay for all or a large portion of losses up to a limit, when these losses exceed the retention level of the cedent. The ...
Contract guaranteeing that a person licensed by a city, county, or state agency will perform activities for which the bond was granted, according to the regulations governing the license. ...
Small business retirement plans created by the Small Business Job Protection Act of 1996. These plans permit small business owners who have fewer than 100 employees to establish an employee ...
Coverage for the employer in the event of a tort committed by an employee in the use of his or her own car while conducting business on behalf of the employer. ...
Fronted program by the insured acquires a licensed insurance company to issue insurance policies. ...
Accident policy that covers a traveler for a single trip on an airplane or other common carrier. The name comes from its origin as part of the ticket or ticket stub, but these policies are ...
Type of inland marine insurance that provides coverage for jewels, watches, gold, silver, platinum, pearls, precious and semiprecious stones. Property can be owned by the insured jeweler, ...
Have a question or comment?
We're here to help.