What is the purpose of FAS 115?
FAS 115 Summary This Statement addresses the accounting and reporting for investments in equity securities that have readily determinable fair values and for all investments in debt securities. Those investments are to be classified in three categories and accounted for as follows:
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 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 are current assets under fas115?
FAS115, Footnote 5--Chapter 3A of ARB 43 indicates in paragraph 4 that "the term current assetsis used to designate cash and other assets or resources commonly identified as those which are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business."
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..
