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FASB Delays Effective Date for Proposed ASU on Disclosures About an Employer’s Participation in Multiemployer Plans

Published on: 11 Nov 2010

Yesterday, the FASB met to discuss the effective date associated with its proposed Accounting Standards Update (ASU), Disclosure About an Employer’s Participation in a Multiemployer Plan. The proposal included an effective date for fiscal years ending after December 15, 2010, for public entities, with a one-year deferral for nonpublic entities. The Board determined at its meeting that given the time it would need to address the large volume of comment letters received in response to the proposal, a final standard could not retain the proposed effective date and that it would update its technical plan to reflect the expected issuance of a new final standard in the second quarter of 2011.

The Board also discussed the need to revisit the use of a company’s withdrawal liability as a proxy for the measurement of the unfunded portion of the benefit obligation. The FASB indicated that the staff would have to research and consider different alternatives to the withdrawal liability approach discussed in the proposed ASU, and that addressing this topic would take some time over the upcoming months.

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