Pension

4/26/13 | Human resource services

Responding to concerns regarding the poor funding levels of many defined benefit multiemployer pension plans, as well as the lack of information on these plans in financial filings, the Financial Accounting Standards Board (FASB) issued a final standard significantly revising the disclosure requirements for participating employers.

Dataline

12/3/12 | Assurance services

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 brief

6/28/12 | Assurance services

Read this commentary on the June 2012 US Supreme Court ruling on the ACA, and its effect on financial statement accounting and disclosures, from PwC's CFOdirect Network.

Dataline

2/27/12 | Assurance services

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...

Dataline

2/28/11 | Assurance services

The IASB is nearing completion of various amendments to its standard on accounting for defined benefit pensions and other postretirement benefits (OPEB). The IASB has concluded that fluctuations in the value of the benefit obligations and plan assets (i.e., gains and losses) should be recognized in the balance sheet in full, with a charge or credit to other comprehensive income (OCI) in the periods in which the gain or loss occurs. We expect the final amendments to be issued in April 2011, with an effective date no earlier than January 1, 2013. This Dataline looks at the decisions made by the IASB to date and offers our insight on the upcoming changes in this area of IFRS. Since the FASB and IASB's longer-term objective is to converge...

Dataline

1/13/11 | Assurance services

Many funded retirement benefit plans have experienced significant losses on the investments held by the plan. At the same time, historic low discount rates have resulted in substantial increases in benefit obligations. These events have resulted in sizable losses that can be deferred in accumulated other comprehensive income (AOCI), but are then required to be amortized into income over future periods. Some employers may be considering changing their accounting policies for recognizing gains and losses that arise in their retirement benefit plans to reduce or eliminate the impact on future periods' reported net income of recognizing previously deferred losses. This Dataline explores the implications and considerations associated with an...

12/15/10 | Financial Executives International

The IASB's proposed changes to pension accounting would introduce fundamental changes to the financial reporting for these arrangements. In the November issue of Financial Executives Magazine, PwC partners Murray Akresh and Ken Stoler authored an article exploring these implications, and discussing a recent PwC study examining the potential impact of the proposals.

Dataline

12/13/10 | Assurance services

This year end, companies continue to face many complex financial reporting issues such as asset impairments, debt modifications, revenue recognition and pensions. Recently issued legislation has created additional reporting considerations. Also, the SEC has put additional emphasis on compliance with certain existing disclosure requirements such as disclosures of loss contingencies, goodwill impairment, segments, and liquidity. Recently issued guidance by the FASB has become effective in 2010, including new guidance on consolidations, updates to fair value disclosures, and disclosures about the credit quality of finance receivables. While not intended to serve as an all-inclusive checklist, this Dataline should be helpful as a timely...

PwC comment letter (FASB)

11/8/10 | Assurance services

PwC believes the proposed ASU would improve the transparency of disclosure and provide incremental information useful to assess the risks of an employer's participation in a multiemployer plan. PwC believes, however, that there are practical implementation issues that employers and plans will face in complying with the proposed requirements, which the firm recommends that the Board consider.

Dataline

11/2/10 | Assurance services

The recent economic crisis has resulted in increased levels of underfunding for many multiemployer pension and other postretirement benefit plans. Financial statement users have raised concerns about the current disclosure requirements and the lack of information they provide about the commitments and risks involved with an employer's participation in a multiemployer plan. In response, both the FASB and IASB recently issued separate exposure drafts that propose significant additional disclosure requirements for participating employers. This Dataline describes the accounting considerations for employers who participate in a defined benefit multiemployer plan, as well as the additional disclosure requirements proposed by the FASB and IASB.

Dataline

5/13/10 | Assurance services

The IASB has proposed changes to the accounting for defined benefit pensions and other postretirement benefits (OPEB). While the proposal is not the result of joint deliberations, the objective of the IASB and FASB is to eventually adopt a converged standard. Thus, the changes proposed by the IASB will be considered by the FASB for purposes of achieving convergence. This Dataline highlights the key provisions of the IASB's proposal and offers PwC's observations on it.