This survey presents our analysis of the 2014 year-end assumptions and disclosures under ASC 715-20, ASC 715-30, and ASC 715-60 for 100 companies, comprising Fortune 100 and other large and established companies.
FASB recently made amendments to retirement benefit accounting guidance to provide a practical expedient for employers when determining the benefit plan measurement date under ASC 715 in certain circumstances.
PwC is pleased to share with you our Pension/OPEB 2014 Assumption and Disclosure Survey. This survey presents our analysis of the 2013 year-end assumptions and disclosures under ASC 715-20, ASC 715-30, and ASC 715-60.
Given the accounting method typically used by companies to report the effects of plan changes, several have made a discretionary change in how they account for their pension plans to increase the transparency of their accounting and improve their financial reporting.
This year end, entities continue to face many complex financial reporting issues such as providing new fair value disclosures, accounting for debt modifications, and evaluating revenue recognition guidance. Economic challenges around the world continue to have broad financial reporting implications. While not an all-inclusive list, this Dataline is intended to serve as a timely reminder of leading practices and lessons learned on key issues that companies should consider as they navigate the year-end financial reporting process.