MLchartDataset catalogue

FAS 5

Term · Insurance and risk management · MLC-T-INS-001470

Statement of Financial Accounting Standards No. 5, issued by the Financial Accounting Standards Board (FASB), which sets forth accounting for contingencies. This standard requires companies to accrue a loss contingency if it is probable that a liability has been incurred and the amount can be reasonably estimated. It is particularly relevant for insurers in reserving for claims and litigation.

Table 1. Record
IdentifierMLC-T-INS-001470
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001470",
  "term": "FAS 5",
  "field": "Insurance and risk management",
  "definition": "Statement of Financial Accounting Standards No. 5, issued by the Financial Accounting Standards Board (FASB), which sets forth accounting for contingencies. This standard requires companies to accrue a loss contingency if it is probable that a liability has been incurred and the amount can be reasonably estimated. It is particularly relevant for insurers in reserving for claims and litigation.",
  "url": "https://mlchart.com/terminology/insurance/fas-5/"
}

Record 1,323 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.