Financial Accounting Standards Board (fasb) 5
Definition of "Financial accounting standards board (fasb) 5"
Rule for accounting for contingencies that has application for the accounting of liabilities under the comprehensive environmental response, compensation, and liability act of 1980 (CERCLA). The act states that recognition must be given when a loss is probable and estimable. If the best estimate is a possible range for the loss, the low-end number must be recognized. When the minimum criteria for recognition has not been met, the act requires full disclosure if there is at least a reasonable possibility that a loss has been incurred.
Popular Insurance Terms
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Organization that develops and publishes educational material and administers national examinations in supervisory management, general insurance, claims, management, risk management, ...
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Payment by an insurance company to a damaged or destroyed business to hasten its return to normal business operations. For example, if a kitchen of a restaurant is damaged by fire, the ...
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