Status of Statement No. 120

Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts—an amendment of FASB Statements No. 60, 97, and 113 and Interpretation No. 40

Status

Issued: January 1995

Effective Date:
For fiscal years beginning after December 15, 1995

 

Affects:
Amends FAS 60, paragraph 6
Amends FAS 97, paragraphs 6 and 11
Amends FAS 113, paragraph 6
Amends FIN 40, paragraph 7

 

Affected by:
Paragraph 4 amended by FAS 141(R), paragraph E24*
Footnote 1 amended by FAS 162, paragraph B1||

 

AICPA Accounting Standards Executive Committee (AcSEC)
Related Pronouncements:
SOP 95-1
SOP 98-7
SOP 00-3
PB 15

_____________________________
*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.
||Note: Amendments as a result of FAS 162 are effective 60 days following the SEC’s approval of the PCAOB’s amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles.

 


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

 

REFERENCE LIBRARY