Business and Personal Finance Dictionary

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• STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS OR FAS)
  
  A ruling issued by the Financial Standards Accounting Board (FASB) covering a particular topic. Usually, these statements are referenced with the acronym FAS followed by the numeral for a specific statement. For example, FAS 119 covers disclosures required for holdings of derivatives. See FAS [numeral] for more information on specific accounting rulings.
  
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