FASB issues proposed ASU to defer the effective date of certain disclosures for nonpublic employee benefit plans
01 May 2013
The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that defers indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.
The proposed ASU addresses the concerns where nonpublic entities for annual periods beginning after December 15, 2011, would potentially provide proprietary information about nonpublic entities through the dissemination of their employee benefit plans’ financial statements on the regulator’s website.
Comments are due by 31 May 2013. The FASB expects to issue a final ASU in June 2013.
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