New pension accounting for insurance companies

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11/25/2013 by Human resource services
HRS Insight: New pension accounting for insurance companies

At a glance

The National Association of Insurance Commissioners has changed employers’ accounting for pensions and other postretirement benefits.

The National Association of Insurance Commissioners (NAIC) has changed employers' accounting for pensions and other postretirement benefits. The new guidance applies the provisions of ASC 715, Compensation — Retirement Benefits, to pension and other postretirement benefits accounting for insurance companies, with several exceptions. This Insight describes the new accounting guidance.