FASB Interpretation 3 Was Issued in Response to the Passage

question 7

True/False

FASB Interpretation 3 was issued in response to the passage of ERISA.

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Definitions:

Trustee

A person or firm that holds and administers property or assets for the benefit of a third party.

Settlor

An individual or entity that creates a trust by transferring assets into it for the benefit of trust beneficiaries according to the terms of the trust agreement.

Grantor

An individual or entity that transfers ownership of an asset to another through a legal document.

Durable Power of Attorney

A legal document that grants another person the authority to make decisions on behalf of the grantor, particularly in matters of finance and healthcare, and remains in effect even if the grantor becomes incapacitated.