RABBI TRUST is a nonqualified deferred compensation plan whereby an employer and employee agree to defer payment for the employees services until a specified future date. The rabbi trust features an irrevocable grantor trust that is set up by the employer to hold the contributions set aside for the employee. While this provides the employee some degree of safety that the money will be available when desired, the terms of the trust must be such that exposes the trust assets to the claims of the employers creditors.
PICPA is Pennsylvania Institute of Certified Public Accountants or Philippine Institute of Certified Public Accountants.
RELIABILITY CONCEPT is a quality of information that assures decision makers that the information represented in the financial records and financial statements captures the actual conditions and events of the reported entity.
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