SFAS 5 definition
Examples of SFAS 5 in a sentence
On November 25, 2002, the FASB issued Interpretation No. 45 ("FIN 45"), "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others, an interpretation of FASB Statements No. 5, 57, and 107 and Rescission of FASB Interpretation No. 34." FIN 45 clarifies the requirements of FASB Statement No. 5, "Accounting for Contingencies" ("SFAS 5"), relating to a guarantor's accounting for, and disclosure of, the issuance of certain types of guarantees.
Except as set forth in the Disclosure Memorandum there are no material "loss contingencies" (as defined in Statement of Financial Accounting Standards No. 5 issued by the Financial Accounting Standards Board in March 1975 ("SFAS 5")), which would be required by SFAS 5 to be disclosed or accrued in consolidated financial statements of Schu▇▇ ▇▇▇ the Schu▇▇ ▇▇▇sidiaries were such statements prepared at the time this warranty is made or deemed made.
The $2.8 million payment represents a gain contingency and was reflected in Other Income in the Consolidated Condensed Statement of Operations for the quarter ended December 31, 2005 in accordance with SFAS 5, Accounting for Contingencies.
Allowance for Loan Losses The Company's allowance for loan losses is determined quarterly in accordance with Statement of Financial Accounting Standards ("SFAS") 5, Accounting for Contingencies, and SFAS 114, Accounting by Creditors for Impairment of a Loan, as amended.
Schedule 2.1(g)(iii) sets forth a true and complete list of each loss contingency of the Company exceeding $5,000, if it is "probable" (within the meaning of SFAS 5) that future events will confirm the loss or impairment of an asset or the incurrence of a liability.
Per paragraph 85 of SFAS 5; the conditions for accrual are not “intended to be so rigid that they require virtual certainty before a loss is accrued.
The $9.0 million repayment represents a gain contingency and was reflected in Other Income in the Consolidated Condensed Statement of Operations for the quarter ended December 31, 2004 in accordance with SFAS 5, Accounting for Contingencies.
Except as set forth in the Disclosure Memorandum there are no material "loss contingencies" (as defined in Statement of Financial Accounting Standards No. 5 issued by the Financial Accounting Standards Board in March 1975 ("SFAS 5")), which would be required by SFAS 5 to be disclosed or accrued in consolidated financial statements of ▇▇▇▇▇▇ and the ▇▇▇▇▇▇ Subsidiaries were such statements prepared at the time this warranty is made or deemed made.
Purchaser has reviewed, understands and accepts for purposes of the Transaction the methodology used by the Bank to determine the amount of its general reserves required under SFAS 5 as of June 30, 2005.
Neither the Borrower nor any Subsidiary possesses any "loss contingency" (as that term is defined in Financial Accounting Standards Board, Statement of Financial Accounting Standards No. 5 - "SFAS 5") which is required to be accrued, reflected, or reserved against in its balance sheet or disclosed in the footnotes to such balance sheet and which is not so accrued, reflected or reserved against or so disclosed.