An accounting term used to describe securities that are not expected to be held for a lengthy period of time, or until maturity. Under the U.S. Generally Accepted Accounting Principles (GAAP), all securities owned by a company must be classified in one of three ways: held for trading, held to maturity, or available-for-sale (AFS). AFS securities have a readily available market price. For accounting purposes, they are reported at fair value.