Why SFAS No. 106 Is Not A Dead Issue: Most analysts and investors have stopped focusing on SFAS No. 106 because it never had much of a market impact. That expectation made this standard perhaps the most widely anticipated non-event in the history of financial statements. However, its unanticipated effects live on: the distortion of book value as a valuation yardstick, the impact of health care reform on corporate balance sheets and the potential for managed earnings through plan assumption manipulation.