FASB 5 definition

FASB 5. Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, of the Financial Accounting Standards Board, as the same may be from time to time supplemented, amended or interpreted by such Board.
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FASB 5 means Statement of Financing Accounting Standards No. 5 issued by the Financial Accounting Standards Board in March 1975.
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FASB 5 means the Financial Accounting Standards Board Opinion No. 5.
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Examples of FASB 5 in a sentence

  • The general accounting and reporting requirements relating to risk financing activities are included in GASB 10, GASB 30, and FASB 5.

  • Tr. at 78 (“I agree it’s not the financial statements.”).under FASB 5 standards; or on whether the debtor has acknowledged its responsibility for the claim;152 it merely requires having the requisite knowledge in one way or another that can be relatively easily ascertained and thereafter used incident to the noticing process.

  • The undersigned Counsel is of the opinion that collection actions on delinquent accounts does not constitute pending or threatening litigation under Financial Accounting Standards Board Opinion Number 5 (FASB 5) and is properly categorized as routine litigation incidental to its business.

  • FASB issued an Exposure Draft, Disclosure of Certain Loss Contingencies, on June 5, 2008, that would amend FASB 5 to mandate more frequent accrual and disclosure of loss contingencies.Although such amendments likely would assist a lawyer planning its due diligence, The American Bar Association strongly objected to the Exposure Draft based on the apparent requirement to disclose litigation risks and contingencies and privileged attorney-client communications.

  • PHAs may request an exclusion for some long-term liabilities and contingencies, most notably FASB 5 liabilities (ongoing litigation) and legal settlements or judgments, including those liabilities incurred subsequent to the FDS submission that HUD used to calculate the PHAs allocation adjustment.

  • The other circumstances in which a PHA may request an exclusion from the PHAs calculated operating reserves are when the PHA is self insured, penalties for the liquidation of assets, material contingencies that are probable and readily estimated (FASB 5), homeownership units in inventory, the repayment of ineligible costs, and mixed finance deals.

  • SBCL has not been advised by any attorney representing it that there are any "loss contingencies" (as defined in FASB 5), which would be required by FASB 5 to be disclosed or accrued in SBCL's financial statements by reason of the Lab EDI Services provided by SBCL.

  • Other specific circumstances such as contingent liabilities (FASB 5), the repayment of ineligible costs, penalties on liquidating long term investments, and funds held for self-insurance.In addition to a request for exclusion being on one of the above described grounds, to timely and efficiently address industry concerns regarding exclusion requests HUD will only consider exclusion requests that cumulatively will have a material impact on a PHA’s final allocation adjustment.

  • Borrower does not possess and will not possess any "loss contingency" (as that term is defined in Financial Accounting Standards Board, Statement of Financial Accounting Standards No. 5 - "FASB 5") which is not accrued, reflected, or reserved against in its audited balance sheet or disclosed in the footnotes to such audited balance sheet.

  • For example, Statements of Financial Accounting Standards No. 5, Accounting for Contingencies ("FASB 5"), states that: An estimated loss from a loss contingency .

Related to FASB 5

  • FASB ASC means the Accounting Standards Codification of the Financial Accounting Standards Board.

  • FASB means the Financial Accounting Standards Board.

  • Accounting Standard means GAAP.

  • FAS means Free alongside shipment

  • Accounting Standards means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;

  • Australian Accounting Standards refers to the standards of that name, as amended from time to time, that are maintained by the Australian Accounting Standards Board referred to in section 227 of the Australian Securities and Investments Commission Act 2001 (Cth);

  • International Accounting Standards means International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and related Interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, and future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB);

  • ASC means the Financial Accounting Standards Board Accounting Standards Codification, as in effect from time to time.

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • auditing standards means auditing standards as defined in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;

  • ASC Topic 718 means the Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard.

  • IASB means the International Accounting Standards Board;

  • Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or amended from time to time).

  • Operating Standards shall have the meaning given such term in Section 2.1.

  • Consolidated Net Income (Loss) of any Person means, for any period, the Consolidated net income (or loss) of such Person and its Subsidiaries for such period on a Consolidated basis as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income (or loss), by excluding, without duplication, (i) all extraordinary gains or losses (exclusive of all fees and expenses relating thereto), (ii) the portion of net income (or loss) of such Person and its Subsidiaries on a Consolidated basis allocable to minority interests in unconsolidated Persons to the extent that cash dividends or distributions have not actually been received by such Person or one of its Subsidiaries, (iii) net income (or loss) of any Person combined with such Person or any of its Subsidiaries on a “pooling of interests” basis attributable to any period prior to the date of combination, (iv) any gain or loss, net of taxes, realized upon the termination of any employee pension benefit plan, (v) net gains (or losses) (except for all fees and expenses relating thereto) in respect of dispositions of assets other than in the ordinary course of business, (vi) the net income of any Subsidiary to the extent that the declaration of dividends or similar distributions by that Subsidiary of that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary or its stockholders, (vii) any gain arising from the acquisition of any securities, or the extinguishment, under GAAP, of any Indebtedness of such Person, (viii) transaction costs charged in connection with the Refinancing, or (ix) amortization of intangible assets of such Person and its Subsidiaries on a consolidated basis under GAAP.

  • Common Reporting Standard means the standard for automatic exchange of financial account information in tax matters (which includes the Commentaries), developed by the OECD, with G20 countries;

  • Special Mention Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Watch list" or words of similar import, together with the principal amount of and accrued and unpaid interest on each such Loan and the identity of the obligor thereunder, (4) where a reasonable doubt exists as to the timely future collectibility of principal and/or interest, whether or not interest is still accruing or the loans are less than 90 days past due, (5) where the interest rate terms have been reduced and/or the maturity dates have been extended subsequent to the agreement under which the loan was originally created due to concerns regarding the borrower's ability to pay in accordance with such initial terms, or (6) where a specific reserve allocation exists in connection therewith, and (G) all assets classified by Innes Street or Citizens Bank as real estate acquired through foreclosure or in lieu of foreclosure, including in-substance foreclosures, and all other assets currently held that were acquired through foreclosure or in lieu of foreclosure.

  • Consolidated Interest Income means, for any period, the interest income of the Consolidated Group for such period, determined on a consolidated basis in accordance with GAAP.

  • Underwriting Standards As to each Mortgage Loan, the Seller's underwriting guidelines in effect as of the date of origination of such Mortgage Loan.

  • Consolidated Net Income means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided that, without duplication,

  • Accounting system means the Contractor's system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws, regulations, and management decisions, and may include subsystems for specific areas such as indirect and other direct costs, compensation, billing, labor, and general information technology.

  • International Financial Reporting Standards means the accounting standards and interpretations adopted by the International Accounting Standards Board.

  • Fixed GAAP Date means the Issue Date; provided that at any time after the Issue Date, the Company may by written notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed GAAP Date shall be such date for all periods beginning on and after the date specified in such notice.

  • U.S. GAAP means United States generally accepted accounting principles consistently applied.

  • Consolidated Income Tax Expense for any period means the provision for taxes of the Issuer and the Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.