Accounting for benefits, incl. FASB, GASB (BenefitsLink.com)Headlines re Accounting for benefits, incl. FASB, GASB, gathered by BenefitsLink.comOpinion American Benefits Council Comment Letter on Measurement of Assets and Liabilities for Pension Funding Purposes (PDF)- (Found July 11, 2008 ) 17 pages. Excerpt: "This letter is submitted on behalf of the American Benefits Council with respect to the proposed regulations regarding the measurement of assets and liabilities for pension funding purposes." (American Benefits Council)http://www.americanbenefitscouncil.org/documents/irs_abc_comments_funding_032808.pdf U.K. Recommendations Could Have Significant Effects on Pension Accounting Worldwide- (Found July 11, 2008 ) Excerpt: "Recent recommendations by the U.K. Accounting Standards Board (ASB) could have significant effects on pension accounting worldwide if the International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) follow the same line of reasoning. The ASB's recommendations would substantially increase the reported pension liabilities that appear on the balance sheet." (Watson Wyatt Worldwide)http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=18633 Proposal Would Change Postretirement Benefit Accounting- (Found July 11, 2008 ) Excerpt: "The International Accounting Standards Board (IASB) has published a discussion paper that would make a number of changes to the way postretirement benefits are accounted for on financial statements. The Board is now accepting comments on the changes, which could give rise to a higher assessment of liabilities and increased volatility in financial statements." (Watson Wyatt Worldwide)http://www.watsonwyatt.com/us/news/globalnews2.asp?ID=18901&nm=Global IASB Paper on Retirement Benefit Accounting Being Watched Around the World- (Found July 11, 2008 ) Excerpt: "The IASB's decisions are being watched closely around the world as international convergence of accounting standards appears to be gaining ground in North America. This makes the future uncertain for the U.S. Financial Accounting Standards Board (FASB), and the standards they approve." (Watson Wyatt Worldwide)http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=18920&Component=T... Small Firms Slower to Address Defined Benefit Plan Accounting Changes- (Found July 11, 2008 ) Excerpt: "New research from Greenwich Associates suggests that sponsors of small corporate pension plans are falling behind their larger counterparts when it comes to preparing for new mark-to-market accounting rules and changes in global investment markets." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type11/?RECORD_ID=41084 Plan Sponsors Unprepared for FAS 157, Survey Finds- (Found July 11, 2008 ) Excerpt: "Defined contribution plan executives are unprepared for upcoming accounting changes, leaving themselves open to IRS scrutiny, according to a new survey. The 2008 Plan Sponsor Retirement survey conducted by Grant Thornton found that plan executives are not paying close enough attention to their plans' governance and auditing practices, both of which will be affected by the implementation of Financial Accounting Standard 157, which goes into effect in 2009. (FAS 157 does not just...http://www.financialweek.com/apps/pbcs.dll/article?AID=/20080502/REG/891249226/-1/FWDailyA... Should Government Pension Valuations Follow Corporate Pensions' Path- (Found July 11, 2008 ) Excerpt: "While some believe public pension plans should continue their current actuarial methods for calculating liabilities and funding, others argue that the current methods do not give a true picture of a plan's financial status as market-based calculations would." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=41340 New Accounting Rules in Spain Introduce a Spanish Set of Generally Accepted Accounting Principles- (Found July 11, 2008 ) Excerpt: "New accounting rules take effect for accounting periods beginning on or after January 1, 2008. While the rules for long-term employee benefits liabilities may on the surface seem similar to international standards, a few differences could force employers to explore whether their accounts will qualify as equivalent under the new rules and could affect the valuation and accounting of their defined benefit pension liabilities." (Watson Wyatt Worldwide)http://www.watsonwyatt.com/us/news/globalnews2.asp?ID=19027&nm=Europe%20-%20Spain GASB Revamps 2008 Technical Plan- (Found July 11, 2008 ) Excerpt: "The Governmental Accounting Standards Board (GASB) has added three projects to its current agenda including a review of existing postemployment benefits standards." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type11/?RECORD_ID=41252 Guidance Overview New Accounting Rules for Defined Benefit Pension Plans- (Found July 11, 2008 ) Excerpt: "Prior to SFAS 158, companies could measure their pension assets and benefit obligations at times other than their fiscal year-end. Effective for fiscal years ending after December 15, 2008, companies must measure these items as of the date of their fiscal year-end balance sheet. Finally, SFAS 158 expands disclosure of the effects of the pension plan in other comprehensive income." (The New York State Society of CPAs)http://www.nysscpa.org/cpajournal/2008/308/essentials/p32.htm |