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See American Institute of Certified Public Accountants.

American Institute of Certified Public Accountants (AICPA)

The AICPA is the accounting profession’s largest member association, representing many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations and federal, state, and local governments. The AICPA issued Statement of Position (SOP) 94-4-1. (See also FASB Statement of Position (FSP) AAG INV-1 and book value accounting.)

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With respect to a bond, a payment schedule which will gradually discharge a debt in equal installments consisting of principal and interest. With respect to separate account GICs or synthetic GICs, the process of recognizing realized and unrealized market value gains and losses into the book value over a specified period of time via the crediting rate.


In general usage, a relatively low-risk purchase and simultaneous sale of an asset in order to profit from a difference in the price. With respect to stable value investment options, exploiting short-term differences between a plan investment option with similar objectives or characteristics (the competing option) as the stable value investment option whereby assets flow to the competing option to take advantage of higher interest rates.

Associated Assets

A portfolio of bonds that are owned by the plan or trust and that are supported by synthetic GIC(s), which provides the contractual component(s) that offers similar characteristics as a guaranteed investment contract, i.e., pays a specified rate of return for a specific period of time, is benefit-responsive, and offers book value accounting.