Status of Statement No. 97

Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments

Status

Issued: December 1987

Effective Date:
For fiscal years beginning after December 15, 1988

 

Affects:
Deletes APB 30, footnote 8
Amends FAS 60, paragraphs 6 and 50
Replaces FAS 60, paragraph 15

 

Affected by:
Paragraph 6 amended by FAS 120, paragraph 8, and *FAS 141(R), paragraph E20
Paragraph 11 amended by FAS 120, paragraph 8
Paragraph 27 replaced by FAS 113, paragraph 31
Paragraph 28 amended by FAS 115, paragraph 131

 

Other Interpretive Pronouncement:
FIN 40

 

Other Interpretive Release:
FASB Staff Position FAS 97-1

 

AICPA Accounting Standards Executive Committee (AcSEC)
Related Pronouncements:
SOP 98-7
PB 8

 

Issues Discussed by FASB Emerging Issues Task Force (EITF)

 

Affects:
No EITF Issues

 

Interpreted by:
No EITF Issues

 

Related Issues:
EITF Issues No. 92-9 and 93-14 and Topic No. D-41

 


_______________________
*Note: Amendments as a result of the issuance of FAS 141(R) are effective for business combinations with an acquisition date on or after the beginning of the first annual reporting period beginning on or after 12/15/08.

 


Abbreviations for Accounting Pronouncements

FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides