Financial Accounting Standards Board (fasb)
Definition of "Financial accounting standards board (fasb)"
Group that, with the exception of the government, establishes the standards for all financial accounting and reporting for the various entities in the United States. The standards enable comparability and consistency for financial statements among companies. The Securities and Exchange Commission (SEC) requires that all SEC registrants adhere to the FASB Standards when reporting financial information. The SEC also requires that members of the American Institute of Certified Public Accountants (AICPA) adhere to the FASB requirements when reporting financial data. The FASB is under the control of the Financial Accounting Foundation that provides it with financial support. The accounting firms, corporations, and others who utilize the information lend the financial support. An appointed advisory task force of outside experts representing the various views of auditors, prepares, and users review projects. With the help of the FASB staff, the task force issues a statement concerning the actual standards by which to abide, their effective date, research leading to the conclusions, and the logic upon which the conclusions are based.
Popular Insurance Terms
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
Deliberate act or omission. These torts include trespass an individual enters property owned or in the possession of another without permission; conversion an individual exerts control and ...
Landmark legislation passed by Congress providing the first regulation of the securities markets. The law, enforced by the securities and exchange commission (sec), requires registration of ...
Organization that calculates rates and develops insurance policies for its property and casualty member companies. The suggested rates are used by smaller companies where the loss ...
Period allowed an insured to notify an insurer of loss. Many policies require immediate written notice, or notice as soon as practicable. Different types of policies have their own time ...
Coverage for an insured whose property is damaged or destroyed by an insured peril, or whose negligent acts or omissions damage or destroy another party's property or cause bodily injury to ...
Requiring assets and liabilities of an insurance company to go up or down together on a proportional basis. The duration of the asset and liability should be approximately the same. For ...
Frequency and severity of accidents resulting from conditions and environment surrounding one's workplace. Occupation is an important underwriting factor when considering an applicant for ...
In property insurance policy, clause that stipulates that if legislative acts or acts of the insurance commissioner's office expand the coverage of an insurance policy or endorsement forms ...
Have a question or comment?
We're here to help.