Summary of Statement No. 102

Statement of Cash Flows—Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale—an amendment of FASB Statement No. 95 (Issued 2/89)

Summary

This Statement amends FASB Statement No. 95, Statement of Cash Flows, to exempt from the requirement to provide a statement of cash flows (a) defined benefit pension plans covered by FASB Statement No. 35, Accounting and Reporting by Defined Benefit Pension Plans, and certain other employee benefit plans and (b) highly liquid investment companies that meet specified conditions.

This Statement also requires that cash receipts and cash payments resulting from acquisitions and sales of (a) securities and other assets that are acquired specifically for resale and carried at market value in a trading account and (b) loans that are acquired specifically for resale and carried at market value or the lower of cost or market value be classified as operating cash flows in a statement of cash flows.

This Statement is effective for financial statements issued after February 28, 1989, with earlier application encouraged.