In material posted on its Web site, the agency said the July 12 discussion would center on the project’s “objectives, scope, and transition method.”
The agency released the proposal on March 31 (See FASB Issues Proposed Accounting Changes for Pensions and OPEB ). The proposal would require underfunded plans to be recorded as liabilities and overfunded plans to be recorded as assets on company balance sheets. It would also force companies to restate years of prior financial statements.
The proposal would also require that employers measure plan assets and obligations as of the date of their financial statements. The FASB’s March exposure draft applies to plan sponsors that are with public and private companies and nongovernmental not-for-profit organizations.
After it released its proposal, FASB allowed a two-month response period, which ended May 31 (See FASB Racks Up 235 Letters on Pension Accounting Proposal ). For a full record of the letters, go here .
The FASB rules have prompted criticism from some who claim that requiring companies to readjust their balance sheets to pass FASB compliance would shave as much as 7%, or $255 billion, from shareholders’ equity from the S&P 500 (See Analysis Estimates $255B FASB Rule Impact ).
For more information on the July 12 meeting, go here .
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