Glossary

Field service advice is information provided by the Internal Revenue Service (IRS) to field agents to guide them in conduct of tax audits.

Filed forms are insurance policies that have been approved by the state insurance department and that are required in a state where the risk is located for certain types of coverage.

Financed insurance refers to the payment of life insurance premiums with borrowed funds, usually from the cash value of the contract.

The Financial Accounting Standards Board is an independent body, funded by accounting firms, that sets standards that must be followed when preparing financial statements and reports.

The Financial Anti-Terrorism Act (FATA or PATRIOT Act) of 2001 imposes record-keeping and government reporting requirements on banks, certain other financial institutions, and nonfinancial businesses for specified financial transactions and customer financial records.

The financial capacity is the financial limit of an organization's ability to absorb losses with its own funds or borrowed funds without major disruption.

Financial consolidation refers to the process of combining the financial results of a subsidiary company with its shareholder, resulting in the elimination of intercompany accounting entries (transactions between affiliates offset each other).

Financial disclosure claims are made against corporate directors and officers pertaining to statements made about anticipated earnings or other financial issues.

Financial guarantee insurance covers financial loss resulting from default or insolvency, interest rate level changes, currency exchange rate changes, restrictions imposed by foreign governments, or changes in the value of specific goods or products.

The Financial Institutions Reform, Recovery, and Enforcement Act is a 1989 law passed in response to a series of savings and loan failures during the 1980s.The Act provides a comprehensive regulatory and enforcement apparatus that establishes higher minimum capital requirements and sets stricter operating standards for all savings institutions.