In May 2013, the AcSB issued Section 3462, Employee Future Benefits, in Part II of the Handbook. Section 3462 is effective for fiscal years beginning on or after January 1, 2014. A summary of the requirements of Section 3462 can be found in Newsletter 2013-059.
A not-for-profit organization (NFPO) applying Part III of the Handbook also applies the standards in Part II, to the extent that the Part II standards address topics not addressed in Part III.
The AcSB proposes adding a new standard to Part III that would provide guidance for defined benefit plans on recognition and presentation of remeasurements and other items that is different from Section 3462, Employee Future Benefits, in Part II.
The main features of the proposals are summarized as follows:
Consistent with the requirements of Section 3462, the final standard will be effective for fiscal years beginning on or after January 1, 2014. Earlier application will be permitted, but only if adopted for all of an NFPO’s benefit plans.
Comments on the exposure draft are requested by August 27, 2013. A copy of the exposure draft can be found at the following link: Reporting Employee Future Benefits by Not-for-Profit Organizations