What Is a Settlement Statement? A settlement statement is a document that summarizes the terms and conditions of a settlement agreement between parties. Commonly used for loan agreements, a settlement statement details the terms and conditions of the loan and all costs owed by or credits due to the buyer or seller. It also details
What Is a Settling-In Allowance? A settling-in allowance is money provided as part of relocation expenses to a person who has transferred locations or moved as part of accepting a new job. A settling-in allowance may be given as a lump sum or later reimbursed by the current or new employer upon submission of related
A settlor is the entity that establishes a trust. The settlor goes by several other names: donor, grantor, trustor, and trustmaker. Regardless of what this entity is called, its role is to legally transfer control of an asset to a trustee, who manages it for one or more beneficiaries. In certain types of trusts, the
What Is Severance Pay? Severance pay is the compensation and/or benefits an employer provides to an employee after employment is over. Severance packages may include extended benefits, such as health insurance and outplacement assistance to help an employee secure a new position. Employers offer packages to employees who are laid off, whose jobs are eliminated
What Is Severance Tax? Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide. Understanding Severance Tax Severance tax is charged to resource producers
What Is a Severance Package? A severance package is a bundle of pay and benefits offered to an employee upon being laid off from a company. The receipt of a severance package is contingent upon signing a severance agreement. The amount of money received is usually based on the length of employment prior to termination and
What Is a Special Economic Zone (SEZ)? A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The SEZ economic regulations tend to be conducive to—and attract—foreign direct investment (FDI). FDI refers to any investment made by a firm or individual in one country into business
What Is Statement of Financial Accounting Concepts? The Statement of Financial Accounting Concepts (SFAC) was a document issued by the Financial Accounting Standards Board (FASB) covering broad financial reporting concepts. FASB is the organization that sets down the accounting rules and guidelines that make up Generally Accepted Accounting Principles (GAAP). The purpose of the SFAC
What Is a Statement of Financial Accounting Standards (SFAS)? Statements of Financial Accounting Standards (SFAS), published by the Financial Accounting Standards Board (FASB), provided guidance on a specific accounting topic, until 2009. SFAS laid the guidelines for accounting standards in the U.S. These SFAS were published in an effort to update the accounting industry on
What Is the Series 30? The Series 30 exam, also known as the NFA Branch Managers Examination, is a financial examination for professionals wishing to become branch managers for commodities futures trading firms. It is created by the National Futures Association (NFA) and is administered by the Financial Industry Regulatory Authority (FINRA). Key Takeaways The
