FASB issues new ASU

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28 Sep 2010

The FASB has released Accounting Standards Update (ASU) No. 2010-25 – Plan Accounting – Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans.

The ASU clarifies how loans to participants should be classified and measured by defined contribution plans and how IFRS (IAS 26 Accounting and Reporting by Retirement Benefit Plans) compare to these provisions. The amendments in this update are effective for fiscal years ending after 15 December 2010.

The update results from the September meeting of FASB's Emerging Issues Task Force. More information about the decisions reached at the EITF meeting can be found in the EITF Snapshot (PDF 129k).

The IASB is also currently working on a project on Post-employment Benefits including Pensions. A final IFRS is expected in the first quarter 2011.

Click for Accounting Standards Update (ASU) No. 2010-25 – Plan Accounting – Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans (link to FASB website).

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