This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

New FASB pension disclosures delayed for foreign plans

  • FASB (old) Image

24 Dec 2003

The US Financial Accounting Standards Board (FASB) has revised its Statement 132 on Employers' Disclosures about Pensions and Other Postretirement Benefits.

Among other things, companies must now disclose plan assets by category, investment strategy, measurement date(s), plan obligations, cash flows, and components of net periodic benefit cost recognised during interim periods. Disclosure requirements for nonpublic entities are reduced. The guidance is effective for financial years ending after 15 December 2003, and for quarters beginning after December 15, 2003. However, the effective date for disclosure of certain information relating to foreign plans is financial years ending after 15 June 2004. But until IAS 132 is fully adopted, financial statements that exclude foreign plans from (a) the actual allocation of assets, (b) the description of investment strategies, (c) the basis used to determine the expected long-term rate-of-return-on-assets assumption, or (d) the amount of accumulated benefit obligation must include, separately for domestic plans, the total fair value of plan assets and the overall expected long-term rate of return on assets. You can download the full Statement 132 and related news release and FAQ from the FASB Website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.