FASB Changes Pension Accounting Rules

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FASB Changes Pension Accounting Rules

October 3, 2006 12:29 PM
From BusinessFinanceLink, Issue #352

The Financial Accounting Standards Board (FASB) finally brought the hammer down Friday and announced it will require publicly traded companies to account for pension and benefit plans on their financials upon completion of fiscal years ending after December 15. The standard will make it easier for investors, employees, retirees and others to understand and assess an employer's financial position and its ability to fulfill the obligations under its benefit plans, according to the FASB. Under past accounting standards, the funded status of an employer's postretirement benefit plan (i.e., the difference between the plan assets and obligations) was not always completely reported in the balance sheet.