ASC 946-210-45, ASC 946-210-50 and ASC 946-210-55 provide guidance on reporting of fully benefit-responsive investment contracts held by certain investment companies subject to the AICPA Investment Company Audit Guide and Defined-Contribution and Health and Welfare Benefit Plans. The guidance required all investments held by so-called "stable value" funds to be accounted for at fair value and the explicit recognition on the face of the balance sheet of an account to "adjust" the value of fully benefit-responsive investment contracts from fair value to contract value, which is the value at which participants would actually purchase and redeem interests in the fund. The guidance also required a number of new disclosures, including period-end portfolio yields and average crediting rates (the rates fund participants would earn on their investments), as well as two "sensitivity" analyses of the effects of changes in interest rates and participant redemptions on crediting rates. In April 2007, the AICPA released three Technical Practice Aids (TPAs) that address financial statement reporting when a benefit plan owns interests in another fund, rather than direct investments in benefit-responsive contracts. The required portfolio yield and crediting rate disclosures are to be computed based on the investments held by the fund on the balance sheet date (i.e., point-in-time), rather than amounts earned or credited during the reporting period.

Currently, accounting for benefit-responsive "stable value" contracts under governmental accounting principles (i.e., GASB standards) is ambiguous. The Governmental Accounting Standards Board released GASB Statement 53 Accounting and Financial Reporting for Derivative Instruments,. The guidance requires fully benefit-responsive synthetic investment contracts, the combination of the underlying investments and the wrap contract, held by state and local governments to be accounted for at contract value.