FASB issues proposal to improve financial reporting on pension plans, three EITF draft abstracts.
Position | Accounting & auditing news |
The Financial Accounting Standards Board has issued a proposal that it believes would improve financial reporting by requiring employers to recognize the overfunded or underfunded positions of their defined benefit postretirement plans, including pension plans, in their balance sheets. The proposal would also require that employers measure plan assets and obligations as of the date of their financial statements. The proposed changes would increase the transparency and completeness of financial statements for shareholders, creditors, employees, retirees, donors and other users. Comments are due May 31.
Those interested in providing input on Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106, and 132 (R), should submit their comments by e-mail to director@fasb.org, File Reference No. 1025300. Or, send comments to the "Technical Director--File Reference No. 1025-300," Financial Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, CT, 06856-5116.
In another action, the FASB last month ratified the tentative conclusions reached by the Emerging Issues Task Force in three EITF draft abstracts. All of the draft abstracts were posted to www.fasb.org (the 30-day comment period ends May 4).
The draft abstract for EITF Issue No. 05-1, "Accounting for the Conversion of an Instrument That Became Convertible upon the Issuer's Exercise of a Call Option," addresses how the conversion of an instrument that became convertible upon the issuer's...
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