The Financial Accounting Standards Board (FASB) has issued proposed FASB Staff Position (FSP) No. FAS 132(R)-a, Employers’ Disclosures about Postretirement Benefit Plan Assets. If finalized, the proposed FSP would amend FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to revise employers’ disclosures about postretirement benefit plan assets. The proposed amendments to the guidance regarding these disclosures include:
- A principle for disclosing the fair value of categories of plan assets based on the types of assets held in the plan;
- Categories of plan assets that, if significant, should be disclosed;
- Disclosures about the nature and amount of concentrations of risk arising within or across categories of plan assets; and
- Disclosures about fair value measurements similar to those required by FASB Statement No. 157, Fair Value Measurements.
Additionally, the proposed FSP includes a technical amendment to Statement No. 132(R) that would require a nonpublic entity to disclose net periodic benefit cost. This technical amendment would be effective upon issuance of the final FSP. The disclosures about plan assets required by the proposed FSP would be applied on a prospective basis for fiscal years ending after December 15, 2008. Earlier application of the provisions of the FSP would not be permitted.
The proposed FSP is available for comment until May 2, 2008 at fasb.org |
