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.
The inaugural edition of our "Financial statement presentation" accounting and financial reporting guide addresses U.S. GAAP presentation and disclosure requirements of common balance sheet and income statement accounts.
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.
In May 2011, the FASB issued Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (the ASU). The ASU resulted from a joint project with the International Accounting Standards Board (IASB). The IASB also issued IFRS 13, Fair Value Measurement, in May 2011. Many of the changes to existing fair value measurement guidance represent clarifications and are intended to align U.S. GAAP and IFRS. However, certain of the amendments to U.S. GAAP are substantive and several new disclosures are required. This Dataline includes a series of questions and answers providing implementation guidance on selected new disclosure...