Resources ❯ Accounting Terms

SFAS

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What is the definition of SFAS?

Statements issued by the Financial Accounting Standards Board (FASD), intended to provide guidelines and standards for financial accounting and reporting.

Using SFAS in an Example

SFAS 157, issued by FASB, provides a framework for measuring fair value in financial reporting and emphasizes transparency in financial statements.

Using SFAS in a sentence

During the audit, the accountant referred to SFAS 116 to ensure compliance with accounting for contributions received and contributions made.

Related Terms

Surviving Spouse

A person whose spouse has died within the tax year and who may file a joint tax return for that year. Additionally, the surviving spouse can file joint returns for the next two years if they remain unmarried and maintain a household as the principal residence for a dependent child.

Swap

A financial contract in which two parties agree to exchange streams of payments over a specified period, based on different indices such as interest rates, foreign exchange rates, or equity indices, applied to a notional amount. Swaps typically do not involve the exchange of principal.

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