FASB Proposes Requiring Balance Sheets to Include Pension Obligations
Companies would be required to include information about underfunded pensions and retiree health benefits with other company liabilities on their balance sheets, instead of burying them in footnotes, under rules proposed by the Financial Accounting Standards Board on March 31. The proposed rules, which would apply to private companies and...
March 31, 2006 at 08:55 AM
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The original version of this story was published on Law.com
Companies would be required to include information about underfunded pensions and retiree health benefits with other company liabilities on their balance sheets, instead of burying them in footnotes, under rules proposed by the Financial Accounting Standards Board on March 31.
The proposed rules, which would apply to private companies and non-profits as well as publicly held corporations, are designed to increase the usefulness of financial statements for shareholders, creditors, employees, retirees and donors.
“Today's proposal, by requiring sponsoring employers to reflect the current overfunded or underfunded positions of postretirement benefit plans in the balance sheet, makes the basic financial statements more complete, useful and transparent,” FASB member George Batavick said in a statement.
The proposed changes would be effective for fiscal years ending after Dec. 15, 2006. The board is seeking written comments by May 31, and will hold one or more public roundtable meetings on the proposal on June 27 in Norwalk, Conn.
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