FASB issues four staff positions (FSPs) addressing FASB Statement no. 150, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity.* FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). issues four staff positions (FSPs) addressing FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting no. 150, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity. One, FSP FSP - File Service Protocol no. 150-3 (www.fasb.org/fasb_staff_positions), contains reformation for nonpublic entities with certain stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. agreements with their major stockholders. The staff position defers indefinitely the effective date of the mandatory redemption provisions of statement no. 150 and all related FSPs, including FSP no. 150-2, for nonpublic entities if the redemption date either is not fixed or if the payout amount is variable and not based on an index. |
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