A FASB News Release announces:
The Financial Accounting Standards Board (FASB) has issued an Exposure Draft, Employers’ Disclosures about Pensions and Other Postretirement Benefits, that would improve financial statement disclosures for defined benefit plans. The project was initiated by the FASB earlier this year in response to concerns raised by investors and other users of financial statements about the need for greater transparency of pension information. The proposed change would replace existing FASB accounting guidance.
You can download the Exposure Draft called the Employers’ Disclosures about Pensions and Other Postretirement Benefits—an amendment of FASB Statements No. 87, 88, and 106 and a replacement of FASB Statement No. 132–by clicking here. Also, PlanSponsor.com appears to be the first to report on this development: “FASB Throws Down Pension Reporting Gauntlet.” The article reports:
The nation’s accounting rules-making body has outlined new rules for pension plan reporting – and they’ve set a target date of December 15, 2003, to adopt the new rules as policy. And while they are more complicated and arduous than current requirements, the Financial Accounting Standards Board (FASB) has eased off some of the more speculative projections they had contemplated requiring.
The Exposure Draft provides that “[r]esponses from interested parties wishing to comment on the Exposure Draft must be received in writing by October 27, 2003.” You may make those comments by clicking here.