FASB to Reconsider Accounting for Pensions and Other Postretirement Benefits
November 16, 2005
On November 10, the Financial Accounting Standards Board added a project to its agenda to reconsider guidance in Statement No. 87, Employers’ Accounting for Pensions, and Statement No. 106, Employers ’ Accounting for Postretirement Benefits Other Than Pensions. The FASB agenda addition reflects the board’s commitment to ensure that its standards address current accounting issues and changing business practices. Consistent with its effort toward international convergence, FASB expects to work with the International Accounting Standards Board.
Because the accounting and reporting issues surrounding pensions and other postretirement benefits involve many fundamental areas of accounting and also affect complex funding and tax rules, FASB will conduct the project in two phases. The objective of the first phase is to require measurement information about pension and other postretirement plans on the balance sheet rather than solely in the footnotes. The more comprehensive second phase will address the following issues:
- how to best recognize and display in earnings and other comprehensive income the various elements that affect the cost of providing postretirement benefits;
- how to best measure the obligation, in particular the obligations under plans with lump-sum settlement options;
- whether more or different guidance should be provided regarding measurement assumptions; and
- whether postretirement benefit trusts should be consolidated by the plan sponsor.
Due dates have not been specified. NACUBO will continue to track this agenda item and keep members informed.
- ED Provides Guidance and Proposes New Forms for Perkins Loans
- GASB Issues Proposal on Split-Interest Agreements
- ED Advances Plans for New Student Loan Repayment Option
- WEBCAST: Developing Your Campus Distance Learning Strategy
Wednesday, August 12, 2015 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Wednesday, September 9, 2015 12:00PM ET
- ON-DEMAND: A Just-in-Time Webcast to Explain FASB’s NFP Reporting Proposal
- ON-DEMAND: Decoding ED's Cash Management Proposal
- ON-DEMAND: Corporate Sponsorships: Getting it Right
- ON-DEMAND: Analytics that Support Planning, Budgeting, and Results
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis