Statement of Financial Accounting Standards (SFAS)

[STAYT-muhnt uhv fi-NAN-shuhl uh-KOWN-ting STAN-durds]

What is the definition of Statement of Financial Accounting Standards (SFAS)?

Official documents issued by the Financial Accounting Standards Board (FASB) that detail accounting principles and practices to be used in the preparation of financial statements.

Using Statement of Financial Accounting Standards (SFAS) in an Example

The Statement of Financial Accounting Standards No. 157, issued by FASB, provides guidelines for fair value measurement, requiring companies to classify and disclose assets and liabilities on their fair value basis.

Using Statement of Financial Accounting Standards (SFAS) in a sentence

During the audit meeting, the CFO referenced several SFAS documents to justify the company's accounting decisions and ensure compliance with GAAP.

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