STATUTORY ACCOUNT Definition

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STATUTORY ACCOUNT is an involuntary account, which is created by law rather than by business need. An example of a statutory account would be taxes.

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FRS is Federal Reserve System or Financial Reporting Standard.

ERISA, in the U.S., refers to the Employee Retirement Income Security Act of 1974. It is a major U.S. law which guarantees certain categories of employees a pension after some period at their employer; there had been more ambiguity before about what rules an employer could put on which employees could get a pension.

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