What is FAS 106 called now? The rule, FAS 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, calls for corporations to change the way they account for postretirement health care and welfare benefits. Until now, most employers accounted for such services on a pay-as-you-go basis.
What does FASB 106 stand for?
FASB 106 Definition. Financial Accounting Standards Board (FASB) Statement no. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," established standards for employers' treatment of the non-cash retirement benefits they give their employees. The standard example of a benefit covered by Statement no.
What is statement No 106?
On the other hand, Statement no. 106 required the accountants for the affected companies to estimate future increases in health care costs. This was a new challenge for issuing companies and their accountants, some of whom were not happy about it.
What is an example of a benefit covered by FASB 106?
The standard example of a benefit covered by Statement no. 106 is coverage of a retiree's health care costs. FASB Statement no. 106, issued in December 1990, became effective in 1993. Until then, employers had been allowed to account for the expenses of nonpension retirement benefits on a pay-as-you-go basis.
What is the abbreviation for FAS 133?
Statements of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities, commonly known as FAS 133, is an accounting standard issued in June 1998 by the Financial Accounting Standards Board (FASB) that requires companies to measure all assets and liabilities on their balance sheet at “ fair value ”.
What FAS 112?
FAS 112 Summary This Statement establishes accounting standards for employers who provide benefits to former or inactive employees after employment but before retirement (referred to in this Statement as postemployment benefits).
What replaced FAS 87?
Other Interpretive Releases: FASB Special Report, A Guide to Implementation of Statement 87 on Employers' Accounting for Pensions: Questions and Answers (Resolves EITF Issue No. 87-13) (Superseded by FSP FAS 158-1) Note: This Special Report has been included in FAS 87 as Appendix E by FSP FAS158-1.
What FAS 87?
The Financial Accounting Standards Board (FASB) issued Statement Number 87, "Employers' Accounting for Pensions", in December 1985, setting standards of financial accounting and reporting for employers who offer pension benefits to their employees.
What FAS 158?
158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158). FAS 158 requires sponsors of a single-employer defined benefit postretirement plan, such as a pension plan or health care plan, to recognize the funded status of each such plan on its balance sheet.
What is SFAS 117?
117, Financial Statements for Not-for-Profit Organizations. At the time, this standard introduced significant changes to the way nonprofits reported their financial results by requiring them to report by net asset classes rather than fund accounting.Oct 2, 2018
What FAS 52?
ASC 830 (aka FAS 52) provides the accounting and reporting requirements for foreign currency transactions and the translation of financial statements from a foreign currency to the reporting currency.
What is SFAS 87?
SFAS 87, Employers' Accounting for Pensions, and SFAS 88, Employers' Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination of Benefits, followed in 1985 and were the most comprehensive accounting standards for accounting and reporting for pensions and their curtailment or ...
Is FAS 133 still in effect?
FAS 133 is effective for fiscal years beginning after June 15, 2000. Most companies will delay adopting FAS 133 until January 1, 2001, when adoption is required.Apr 10, 2000
What FAS 115?
FAS 115 — standards for evaluating assets. FAS 115 requires the inclusion of a significant amount of detail about a captive's investment portfolio in any audited annual report.
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 .
Where are FASB accounting standards updated?
FASB Accounting Standards Updates are copyrighted by the Financial Accounting Foundation, 401 Merritt 7, Norwalk, Connecticut 06856 . All rights reserved. No part of the FASB Accounting Standards Updates may be further reproduced, stored in an archival or retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, other than printing a single copy for individual personal non-commercial purposes, without the prior written permission of the Financial Accounting Foundation. Any links to the ASUs on your website must be directed to this page and not to the individual documents so that users understand the requirements and conditions for the use of ASUs.
Is ASU authoritative?
ASUs are not authoritative standards. Each ASU explains: How the FASB has changed US GAAP, including each specific amendment to the FASB Codification. Why the FASB decided to change US GAAP and background information related to the change. When the changes will be effective and the transition method.
What is FAS 133?
FAS 133 Overview. Statements of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities , commonly known as FAS 133, is an accounting standard issued in June 1998 by the Financial Accounting Standards Board (FASB) that requires companies to measure all assets and liabilities on their balance sheet ...
Is FAS 133 effective sooner than FAS 161?
Some provisions of the amendment to FAS 133 became effective sooner than the requirements of FAS 161. The quirkiness of the effective date and its 'earlier' implementation requirements caught some practitioners and impacted financial statement preparers a bit off-guard.
