Proposed FASB Statement on Employers Accounting for Defined Benefit Pension and Other Postretirement Plans
|
|
- Emerald Page
- 5 years ago
- Views:
Transcription
1 Financial Reporting Presents: Proposed FASB Statement on Employers Accounting for Defined Benefit Pension and Other Postretirement Plans May 18, 2006
2
3 Agenda Analysis of the Exposure Draft Jim Kroeker and Dawn Trapani Potential Implementation Challenges Robert Rietz The FASB Project Phases I and II Peter Proestakes, FASB Project Manager Questions and Answers
4 Keep in Mind This webcast does not provide official Deloitte & Touche interpretive accounting guidance. Check with a qualified advisor before taking any action. See later slides for information on obtaining written summaries of issues discussed today.
5 Learning Objective To enhance participants understanding of the requirements of the Proposed FASB Statement, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans, as well as the FASB s plans for Phase II of the postretirement benefits project
6 Overview of Current Accounting Requirements and the Proposed FASB Statement, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans 1.1
7 History of Pension Accounting FASB Statements No. 87 and 106 Issued December 1985 and December 1990, respectively Controversial projects Retained three fundamental aspects of past pension accounting Delayed recognition of certain events Reporting net costs Offsetting liabilities and assets 1.2
8 Current Accounting Requirements Delayed recognition of certain events Allows smoothing retirement benefit costs Changes in assumptions Plan amendments Transition obligation Asset or liability recognized generally does not reflect the funded status of the plan Net reporting Balance Sheet Net position recorded Income Statement - Combines service costs (compensation), interest costs (financing), and return on assets (investing) Measurement date up to three months prior to year-end Greater focus on disclosures 1.3
9 Impact of the Corridor Corridor: Net actuarial gain/loss must be less than 10% of the greater of the fair value of plan assets or PBO, otherwise amortize into periodic pension cost Actuarial Loss 20% 10% 0-10% 20X0 20X1 20X2 20X3 20X4 20X5 Actuarial Gain -20% Net Actuarial Gain/Loss % Periodic Pension Cost 1.4
10 Current Accounting Company Disclosures and Balances 12/31/05 Fair Value of Plan Assets Projected Benefit Obligation Funded Status of Plan Prior Service Cost* Net Actuarial Loss* Net Transition Obligation (Amortized $10/year)* Accrued Pension Liability Total Shareholders Equity Annual Projected Net Periodic Pension Cost *Amounts not yet recognized as a pension expense or part of the net liability $9,000 12,000 $(3,000) 100 1, $(1,450) $(50,000) $150 Notice the impact of pension smoothing 1.5
11 Polling Question Does your company currently offer benefits under a defined benefit pension or other postretirement plan? Yes No Don t know/not applicable
12 Phase I - Recognition of the Funded Status Recognize a plan s overfunded or underfunded status as an asset or liability Difference between the fair value of a plan s assets and the benefit obligation Recognize all prior service costs and credits and net actuarial gains and losses in other comprehensive income No change in how amounts are recognized in the income statement! Recognize all net transition assets and obligations as an adjustment to beginning retained earnings No longer included as a component of net periodic benefit cost 1.6
13 Impact on the Pension Liability Company Disclosures and Balances Funded Status of Plan (PBO less FV of Plan Assets) Prior Service Cost and Net Actuarial Loss* Net Transition Obligation (Amortized $10/year)* Accrued Pension Liability Total Shareholders Equity Annual Projected Net Periodic Pension Cost 12/31/05 $(3,000) 1, $(1,450) $(50,000) $150 *Amounts not yet recognized as a component of net periodic pension cost Account Recorded Under Existing GAAP Under Proposed Accounting Standard Increase / (Decrease) Accrued Pension Liability $1,450 $3,000 $1,
14 Impact on Shareholders Equity Company Disclosures and Balances Funded Status of Plan (PBO less FV of Plan Assets) Prior Service Cost and Net Actuarial Loss* Net Transition Obligation (Amortized $10/year)* Accrued Pension Liability Shareholders Equity Annual Projected Net Periodic Pension Cost 12/31/05 $(3,000) 1, $(1,450) $(50,000) $150 *Amounts not yet recognized as a component of net periodic pension cost Account Recorded Under Existing GAAP Under Proposed Accounting Standard Increase / (Decrease) Deferred Tax Assets $0 $620 [$1,550 x 40%] $620 Shareholders Equity $50,000 $49,070 [$50,000 ($1,550 x (1-40%))] $(930) 1.8
15 Impact on the Income Statement Company Disclosures and Balances Funded Status of Plan (PBO less FV of Plan Assets) Prior Service Cost and Net Actuarial Loss* Net Transition Obligation (Amortized $10/year)* Accrued Pension Liability Shareholders Equity Annual Projected Net Periodic Pension Cost 12/31/05 $(3,000) 1, $(1,450) $(50,000) $150 *Amounts not yet recognized as a component of net periodic pension cost Account Recorded Under Existing GAAP Under Proposed Accounting Standard Increase / (Decrease) Annual Projected Net Periodic Pension Cost $150 $140 [$150 $10] $(10) 1.9
16 Financial Statement Presentation Plan A Overfunded Plan B Overfunded All overfunded plans are aggregated and a single asset is recognized Plan C Underfunded Plan D Underfunded Plan E Underfunded All underfunded plans are aggregated and a single liability is recognized If a classified balance sheet is presented, show current and non-current portions 1.10
17 Effective Date and Transition Recognize the funded status in fiscal years ending after December 15, 2006 Retrospective Application Footnotes Unrecognized Prior Service Cost and Credit Unrecognized Actuarial Gain and Loss Unrecognized Transition Obligation and Asset Balance Sheet Accumulated Other Comprehensive Income Retained Earnings Income Statement Net Periodic Postretirement Benefit Cost 1.11
18 Polling Question Does your company anticipate having to modify existing arrangements (e.g. debt covenants, compensation arrangements indexed to return on net assets or return on equity) as a result of recognizing the underfunded and/or overfunded statuses of its defined benefit postretirement plans? Yes No Don t know/not applicable
19 Eliminating the Choice in Measurement Date Requires plan assets and benefit obligations be measured as of the annual balance sheet date Effective Date Public companies, the requirement shall be applied for fiscal years beginning after December 15, 2006 For non-public companies and not-for-profit organizations that are non-public, the requirement shall be applied for fiscal years beginning after December 15, 2007 Net periodic benefit cost shall be measured for the upcoming fiscal year as of the beginning of the fiscal year the requirement is applied 1.12
20 Disclosures Disclose separately The amount of prior service cost and credit and net actuarial gain and loss recognized in OCI, and cumulatively in accumulated OCI Amounts subsequently reclassified into earnings The portion of prior service cost and credit and net actuarial gain and loss that will be reclassified into earnings in the upcoming fiscal year 1.13
21 Potential Implementation Challenges 2.1
22 Polling Question Which statement best describes your measurement date and how it might be impacted by the FASB Exposure Draft? MD is FYE and we easily meet reporting deadlines MD is FYE and reporting deadlines are difficult to meet MD precedes FYE but we would easily meet reporting deadlines if MD was FYE MD precedes FYE but we would have trouble meeting reporting deadlines if MD was FYE Don t know/not applicable
23 Implementation Challenges Support for discount rate Availability of published yield curves Availability of proprietary yield curves Availability of customized hypothetical bond portfolios Support required for each pension and retiree medical plan End of fiscal year measurement date Roughly half of employers have a calendar fiscal year Could December 31 become a choke-point for all of this activity? 2.2
24 Implementation Challenges Development of proprietary yield curves and hypothetical bond portfolios Screen bond universe Quality, size, capacity, call feature, outliers, and thinly traded bonds Graduation techniques for yield curves Fit v. smoothness v. data significance v. previous curves Assumptions for discounting cash flows beyond 30 years Combination of art and science Proprietary yield curves and hypothetical bond portfolios are usually not available until almost three weeks after month-end 2.3
25 Implementation Challenges Asset values and reports can be delayed Multiple asset managers Non-publicly traded assets Fiscal year end might not match asset statement or plan year reporting cycle Foreign plan information might not be automated Decreased time for Plan sponsors and actuaries to prepare reports Auditors to review information and resolve any questions and issues Allow discount rates to be determined one month earlier? 2.4
26 Implementation Challenges New Paragraph 44A indicates that employers should use a yield curve or hypothetical bond portfolio to select discount rates Many employers have continued to use indices as a computational shortcut, with some adjustment, to select discount rate Issues with indices May not reflect duration of employer s plans Composition may change over time May contain callable bonds May not satisfy capacity requirement 2.5
27 Implementation Challenges These employers will need to change their approach supporting the selection of discount rate External and internal costs of education and development of new method of support Costs to reconcile approach used in prior periods 2.6
28 The FASB Project Phases I and II The views expressed in this portion of the presentation are those of Peter Proestakes, FASB Project Manager, and do not represent positions of the Financial Accounting Standards Board. Official positions of the FASB are established only after extensive deliberation and due process. 3.1
29 Why Address Postretirement Benefits? Statement 87 compromises Criticisms of current accounting SEC off-balance sheet report FASB Advisory Councils In summary, postretirement benefits information contained in financial statements is: Not complete or transparent Overly complex 3.2
30 Size of Plans S&P 500 Pension and OPEB Plans 2005 $ in Billions Pension OPEB Total FV of Plan Assets $1,343 $ 92 $1,435 PBO 1, ,907 Funded Status $ (145) $(327) $(472) Asset (Liability) Recognized $ 121 $(212) $(91) Source Credit Suisse First Boston, The Hit to Equity; Bringing Pension and OPEB Funded Status on Balance Sheet (May 5, 2006) 3.3
31 Project Objectives Improve reporting of pensions and other postretirement benefit plans in the employer s financial statements Make information more complete, useful, understandable, and transparent for investors, creditors, employees, retirees, donors, and others Develop Standard that is convergent internationally 3.4
32 Phase One Recognize net overfunded or underfunded status Not change how plan assets and benefit obligations are measured Not change basic approach for measuring net periodic benefit cost Not broadly reconsider footnote disclosures 3.5
33 Phase One - Timetable Exposure Draft March 31, 2006 Comment period ends May 31, 2006 Request to participate in public roundtable meeting May 16, 2006 Public roundtable meeting June 27, 2006 Final Statement Fall
34 Phase Two Key Issues Delayed recognition Expected long-term return on plan assets Actuarial gains/losses amortized subject to 10% threshold Market-related value of assets for expected ROA &10% corridor Prior service costs amortized over active service period Benefit cost reporting Combining service cost, interest cost, and investment returns Reporting of costs in earnings, OCI, or otherwise Liability measurement PBO, ABO, cash balance plans, multiemployer plans, discount rate (credit quality, fair value) Consolidation of plan assets apart from obligations Footnote disclosures 3.7
35 Phase Two - Timetable Begin Phase Two in 2006 Develop project scope & priorities Establish working relationship with IASB Estimated completion of Phase Two between 2009 and 2010 IASB conducting preliminary planning 3.8
36 Polling Question Which of the following issues do you believe should be the FASB s top priority in Phase II of its project on defined benefit postretirement plans? Use of PBO vs. ABO Other guidance on measuring the benefit obligation (e.g., guidance on the various assumptions) Timing of expense recognition (e.g., smoothing ) Consolidation of the postretirement benefit trust by the plan sponsor Don t know/not applicable
37 Contact Information Jim Johnson Jim Kroeker Dawn Trapani Robert Rietz
38 Other Resources FASB Exposure Draft on Postretirement Benefits FASB Examples on Application by Not-for- Profit Organizations Deloitte Heads Up on Postretirement Benefits Exposure Draft Subscription to DART Subscriptions to Deloitte Publications ion&postretirement_plans.pdf ions_addendum_for_nfps.pdf c/content/us_assur_heads%20up %20Volume%2013%2C%20Issue %203.pdf iptions
39 Questions
Quarterly Accounting Roundup: An Update of Important Developments
Financial Reporting Presents: Quarterly Accounting Roundup: An Update of Important Developments Jim Johnson Georganne Gage Walters Randall Sogoloff Vince Smith April 12, 2006 Agenda Accounting for Certain
More informationeé~çë=ré bãéäçóéêëû=^ååçìåíáåö=ñçê=aéñáåéç _ÉåÉÑáí=mÉåëáçå=~åÇ=líÜÉê mçëíêéíáêéãéåí=mä~åë låíçäéê=ri=omms sçäk=npi=fëëìé=nq få=qüáë=fëëìéw
eé~çë=ré Audit and Enterprise Risk Services låíçäéê=ri=omms sçäk=npi=fëëìé=nq få=qüáë=fëëìéw Introduction Recognizing a Plan s Funded Status on the Balance Sheet Presentation and Classification When to
More informationDATALINE : UNDERSTANDING THE BALANCE SHEET IMPACT OF CHANGES THAT WILL ARISE FROM THE FASB'S PENSION PROJECT
DATALINE 2006-09: UNDERSTANDING THE BALANCE SHEET IMPACT OF CHANGES THAT WILL ARISE FROM THE FASB'S PENSION PROJECT Background.1 The Financial Accounting Standards Board (FASB or Board) is reconsidering
More informationProposed Statement of Financial Accounting Standards
NO. 1025-300 MARCH 31, 2006 Financial Accounting Series EXPOSURE DRAFT Proposed Statement of Financial Accounting Standards Employers Accounting for Defined Benefit Pension and Other Postretirement Plans
More informationWorkshop 25: Company Financial Statements Accounting for Pension Plans. Lauren R. Okum, ASA, EA, MAAA, MSPA Premier Actuarial Solutions, Chicago, IL
Workshop 25: Company Financial Statements Accounting for Pension Plans Lauren R. Okum, ASA, EA, MAAA, MSPA Premier Actuarial Solutions, Chicago, IL Financial Accounting Standards Major FASB provisions
More informationAgenda Consultation. Issued: August 4, 2016 Comments Due: October 17, Comments should be addressed to:
Issued: August 4, 2016 Comments Due: October 17, 2016 Agenda Consultation Comments should be addressed to: Technical Director File Reference No. 2016-290 Notice to Recipients of This Invitation to Comment
More informationSupplemental Materials for Q4 and FY 2011 Earnings Conference Call January 6, 2012
Supplemental Materials for Q4 and FY 2011 Earnings Conference Call January 6, 2012 1 Agenda Objectives of comprehensive pension plan review Impacted groups of participants Action steps Impacts Settlement
More informationFinancial Accounting and Reporting Study Notes - Pension
Financial Accounting and Reporting 2013 Study Notes - Pension How To Use These Notes These study notes are strategically broken down into most important topics related to Pension on the CPA exam. There
More informationFinancial Reporting Presents: FASB Exposure Drafts on Business Combinations and Noncontrolling Interests
Financial Reporting Presents: FASB Exposure Drafts on Business Combinations and Noncontrolling Interests Agenda Introduction Background Business Combinations Noncontrolling Interests Questions & Answers
More informationHighlights of the September EITF Meeting
Financial Reporting Presents: Highlights of the September EITF Meeting September 13, 2006 Agenda 1. Consensuses Reached: Consideration Given by Service Providers Purchases of Life Insurance Endorsement
More informationCompensation Retirement Benefits Defined Benefit Plans General (Subtopic )
No. 2018-14 August 2018 Compensation Retirement Benefits Defined Benefit Plans General (Subtopic 715-20) Disclosure Framework Changes to the Disclosure Requirements for Defined Benefit Plans An Amendment
More informationQuarterly Accounting Update
Quarterly Accounting Update March 15, 2005 Agenda Guidance You Need to Know Now: Share-Based Payment Current Leasing Issues Income Taxes Conditional Asset Retirement Obligations Accounting Changes Other
More informationMinutes of the January 18, 2006 Board Meeting
MINUTES To: Board Members From: Strange (ext. 442) Subject: Minutes of the January 18, 2006 Board Meeting Date: January 27, 2005 cc: FASB: Bielstein, Smith, Petrone, Proestakes, Cafini, Hood, Strange,
More informationAccounting for the OPEB Obligation
Accounting for the OPEB Obligation Tom Swain, F.S.A. August 18, 2016 Agenda Overview and effective dates Significant changes Sample balance sheet pre/post changes Plan sponsor implications Planning steps
More informationFASB s targeted improvements to hedge accounting: Smoother sailing ahead? The Dbriefs Financial Reporting series
FASB s targeted improvements to hedge accounting: Smoother sailing ahead? Robert Uhl, Partner, Deloitte & Touche LLP Mark Bolton, Managing Director, Deloitte & Touche LLP Jonathan Howard, Partner, Deloitte
More informationQuarterly Accounting Roundup: Important developments with a special focus on non-gaap measures The Dbriefs Financial Reporting series Bob Uhl,
Quarterly Accounting Roundup: Important developments with a special focus on non-gaap measures The Dbriefs Financial Reporting series Bob Uhl, Partner, Deloitte & Touche LLP Christine Mazor, Partner, Deloitte
More informationPension Minutes of the August 29, 2007 Board Meeting
MINUTES To: Board Members From: Cizek (ext. 354) Subject: Pension Minutes of the August 29, 2007 Board Meeting Date: September 12, 2007 cc: FASB: Bielstein, MacDonald, Golden, Cassel, Hood, Mechanick,
More informationASC 715 for Pensions: What Your Clients and Their Auditors Need to Know. Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP
ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP Agenda NOT ASC 960 ASC 715 overview focus on qualified defined benefit plans
More informationfinancia fin ancia REporting changes chan
financial REporting changes 2012 and beyond Agenda 1. IFRS today how did the adoption of IFRS impact the insurance industry? 2. Developments in IFRS Standards 2012 and Beyond more changes coming 3. Standards
More informationQuarterly accounting roundup: An update on Q important developments The Dbriefs Financial Reporting series
Quarterly accounting roundup: An update on Q2 2017 important developments The Dbriefs Financial Reporting series Robert Uhl, Partner, Deloitte & Touche LLP Chris Chiriatti, Managing Director, Deloitte
More informationEmployee Compensation: Post-Employment and Share-Based
The following is a review of the Financial Reporting and Analysis principles designed to address the learning outcome statements set forth by CFA Institute. This topic is also covered in: Employee Compensation:
More informationWichita State University Accounting & Auditing Conference
Wichita State University Accounting & Auditing Conference Accounting & Auditing Update May 2009 Agenda FASB Pronouncements FASB Projects EITF Consensuses for Exposure Key SEC Issues PCAOB Pronouncements
More informationOVERVIEW INDEX. Our PwC specialists from the National Office and the Human Resource Services (HRS) practice discuss the following topics:
OVERVIEW This recorded webcast provides a basic overview of pension accounting and discusses current developments, proposed new guidance, and challenges in applying the standard. Our specialists from the
More informationEITF Roundup: Highlights from the June Meeting
The Dbriefs Financial Reporting series presents: EITF Roundup: Highlights from the June Meeting Bob Uhl, Partner, Deloitte & Touche LLP Adrian Mills, Partner, Deloitte & Touche LLP Jason Nye, Senior Manager,
More informationSubject Proposed Statement of Financial Accounting Standards Employers' Accounting for Defined Benefit Pension and Other other Postretirement Plans
HELENA CHEMICAL COMPANY 225 Schilling Blvd., Suite 300 Collierville. Collierville, Tennessee 38017 Phone: (901) 761-0050 * 1 O Z 5 ~ 3 0 O 225 Schilling Blvd. Su~e 300 LETTER OF COMMENT NO. 'S"
More informationFinancial Statement Analysis. L3: Analyzing Financing Activities - Liabilities
1 Financial Statement Analysis L3: Analyzing Financing Activities - Liabilities 2 Content 1. Leases 2. Post retirement benefits 3. Contingencies 4. Off-balance Sheet finance 5. Shareholder s equity 3 Liabilities
More informationAccounting & Auditing Update: What changes are in store for your Company
Accounting & Auditing Update: What changes are in store for your Company Presenter 1 Joshua Partlow, Johnson Lambert LLP Presenter 2 Patti Palitto, Aon Risk Solutions August 14, 2013 VCIA All Rights Reserved
More informationPension Accounting Research Series 2018 UPDATE FOR 2017 DISCLOSURES. By Jon Waite, SEI Institutional Group. seic.com
Pension Accounting Research Series 2018 UPDATE FOR 2017 DISCLOSURES By Jon Waite, SEI Institutional Group seic.com Corporate defined benefit plans continued to see improved funding levels in 2017 driven
More informationFASB Insurance Contracts
GAAP and SEC Update FASB Insurance Contracts FASB Initiatives Short-Duration Contracts (Final Standard ASU 2015-09 Issued May 2015) Long-Duration Contracts (Beginning) Focused efforts on targeted improvements
More informationFASB s Proposal to Narrow Equity: More Liabilities on Company Balance Sheets
The Financial Reporting series presents: FASB s Proposal to Narrow Equity: More Liabilities on Company Balance Sheets Tom Linsmeier, Financial Accounting Standards Board (FASB) Robert Uhl, Deloitte & Touche
More informationChanges in reporting comprehensive income
No. 2012-14 8 March 2012 Technical Line FASB final guidance Changes in reporting comprehensive income In this issue: Overview... 1 Background... 2 Reporting comprehensive income... 3 Reclassification adjustments...
More informationIAS 39, Financial Instruments: Recognition and Measurement. 3. IASB Exposure Draft, Hedge Accounting. 4
October 16, 2012 Volume 19, Issue 27 Heads Up In This Issue: Background Hedging Instruments Hedged Items Qualifying Criteria for Applying Hedge Accounting Accounting for Qualifying Hedges Modifying and
More informationFASB Update. Jaime Dordik. Assistant Project Manager, FASB. March 27, 2017
FASB Update Jaime Dordik Assistant Project Manager, FASB March 27, 2017 FASB Staff Disclaimer Expressions of individual views by members of the FASB and staff are encouraged. The views expressed in this
More informationFASB/IASB/SEC Update. American Accounting Association. Tom Linsmeier FASB Member August 4, 2014
American Accounting Association FASB/IASB/SEC Update Tom Linsmeier FASB Member August 4, 2014 The views expressed in this presentation are those of the presenter. Official positions of the FASB are reached
More informationACCOUNTING TRANSPARENCY FOR POST RETIREMENT BENEFITS: COULD THE NEW FASB STANDARD RESULT IN NEGATIVE EQUITY?
ACCOUNTING TRANSPARENCY FOR POST RETIREMENT BENEFITS: COULD THE NEW FASB STANDARD RESULT IN NEGATIVE EQUITY? Ann Galligan Kelley, Providence College Margaret P. Ruggieri, Providence College ABSTRACT The
More informationPREVIEW OF CHAPTER 20-2
20-1 PREVIEW OF CHAPTER 20 20-2 Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 20 Accounting for Pensions and Postretirement Benefits LEARNING OBJECTIVES After studying this chapter,
More information` UNION PACIFIC RAILROAD COMPANY and CONSOLIDATED SUBSIDIARY COMPANIES
` UNION PACIFIC RAILROAD COMPANY and CONSOLIDATED SUBSIDIARY COMPANIES Consolidated Financial Statements as of December 31, 2011 and 2010 and for the Three Years Ended December 31, 2011, and Report of
More informationFinancial Accounting Series
Financial Accounting Series NO. 251-A DECEMBER 2003 Statement of Financial Accounting Standards No. 132 (revised 2003) Employers Disclosures about Pensions and Other Postretirement Benefits an amendment
More informationAccounting for Financial Instruments: A Comprehensive Update on the Joint Project
The Dbriefs Financial Reporting series presents: Accounting for Financial Instruments: A Comprehensive Update on the Joint Project Robert Uhl, Partner, Deloitte & Touche LLP Magnus Orrell, Director, Deloitte
More information1 NEW DEVELOPMENTS COPYRIGHTED MATERIAL INTRODUCTION
1 NEW DEVELOPMENTS Introduction 1 Recently Issued GASB Statements and Their Effective Dates 1 Most Recent GASB Statement: GASB Statement 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies
More informationProposed Statement of Financial Accounting Standards
NO. 1025-200 SEPTEMBER 12, 2003 Financial Accounting Series EXPOSURE DRAFT Proposed Statement of Financial Accounting Standards Employers Disclosures about Pensions and Other Postretirement Benefits an
More informationStatement of Financial Accounting Standards No. 132
Statement of Financial Accounting Standards No. 132 FAS132 Status Page FAS132 Summary Employers Disclosures about Pensions and Other Postretirement Benefits (an amendment of FASB Statements No. 87, 88,
More informationXavier University. Financial Statements as of and for the Years Ended June 30, 2016 and 2015, and Independent Auditors Report
Xavier University Financial Statements as of and for the Years Ended June 30, 2016 and 2015, and Independent Auditors Report INDEPENDENT AUDITORS REPORT Board of Trustees Xavier University Cincinnati,
More informationIII~IIIIIII~I~~ VIA to File Reference No
eo WPS Resources Corporation 700 North Adams Street P. O. Box 19001 Green Bay, WI 54307-9001 VIA E-MAIL to director@fasb.org. File Reference No. 1025-300 May 26, 2006 III~IIIIIII~I~~ * 1 a 2 5-3 00* -.-
More informationUpcoming Significant GAAP Accounting Pronouncements as of
8-31-2018 Below is a list of finalized upcoming significant GAAP guidance that are not yet in effect as of August 31, 2018. If you have any questions about these upcoming guidances, please contact the
More informationIAA - PBSS Colloquium Helsinki
IAA - PBSS Colloquium Helsinki 2007 Paper submitted by : Affiliation : Mailing address : E-mail address(es) : Jean-François Gavanou Actuary IA (France) Tour Les Miroirs 18 avenue d Alsace 92 926 Paris
More informationAnalyzing Financing Activities
Analyzing Financing Activities 3 CHAPTER McGraw-Hill/Irwin 2007, The McGraw-Hill Companies, All Rights Reserved Current (Shortterm) Liabilities Liabilities Classification Noncurrent (Long- Term) Liabilities
More informationMARCH OF DIMES FOUNDATION Balance Sheet December 31, 2008, with comparative amounts as of December 31, 2007 (in thousands)
Balance Sheet December 31, 2008, with comparative amounts as of December 31, 2007 (in thousands) Assets 2008 2007 Cash and cash equivalents... $ 6,864 $ 8,930 Contributions and other receivables... 9,454
More informationAccounting Update: What s Now, New and Next. Convergence 2014 By Amy Michie, CPA and Bill Moss, CPA
Accounting Update: What s Now, New and Next Convergence 2014 By Amy Michie, CPA and Bill Moss, CPA FASB Pronouncements FASB Developments Relevant AICPA Technical Practice Updates FASB NFP Advisory Committee
More informationFourth Quarter Pension Mark-to-Market Charge. February 1, 2018
Fourth Quarter 2017 Pension Mark-to-Market Charge February 1, 2018 Safe Harbor Cautionary Statement About Forward-Looking Statements This presentation contains forward-looking statements regarding our
More informationQuarterly Accounting Roundup: An Update of
The Dbriefs Financial Reporting series presents: Quarterly Accounting Roundup: An Update of Important Developments Bob Uhl, Deloitte & Touche LLP Alfred Popken, Deloitte & Touche LLP Elsye Putri, Deloitte
More informationFASB Proposes Targeted Improvements to Hedge Accounting Relief Is Coming. Heads Up September 14, 2016 Volume 23, Issue 25. In This Issue.
Heads Up September 14, 2016 Volume 23, Issue 25 In This Issue Introduction Key Proposed Changes to the Hedge Accounting Model Transition and Adoption Comparison With IFRSs Appendix A Questions for Respondents
More informationFinancial Accounting Standards Board. PCAOB SAG 7/15/10 Meeting Convergence and Change. Disclaimer
Financial Accounting Standards Board PCAOB SAG 7/15/10 Meeting Convergence and Change Lawrence Smith Board Member 1 Disclaimer The views expressed in this presentation are my own and do not represent positions
More informationRecent FASB Developments Regarding Financial Instruments: What May Change in Current Financial Reporting?
The Financial Reporting series presents: Recent FASB Developments Regarding Financial Instruments: What May Change in Current Financial Reporting? Bob Uhl James May Chris Rogers Rob Comerford August 11,
More informationNew Disclosures for Insurance Contracts
New Disclosures for Insurance Contracts Table of Contents BACKGROUND... 3 NEW DISCLOSURES... 3 CHANGES IN JUDGMENT... 3 CLAIMS DEVELOPMENT TABLES... 3 HISTORY OF CLAIMS DURATION... 4 FREQUENCY & SEVERITY
More informationWhile Generally Accepted Accounting Principles require that
ACCOUNTING ISSUES Accounting for Pensions by Victor J. Defeo While Generally Accepted Accounting Principles require that a firm report the economic activities of its pension plans, most of the information
More informationMay 31, Technical Director Financial Accounting Standards Board 401 Merritt 7 Norwalk, CT
Technical Director Financial Accounting Standards Board 401 Merritt 7 Norwalk, CT 06856-5116 Re: File Reference No. 1025-300. Proposed Statement of Financial Accounting Standards Employers Accounting for
More informationEmployee Future Benefits
Employee Future Benefits CICA Handbook Accounting, Part II Section 3462 Background Information and Basis for Conclusions Foreword In May 2013, the Accounting Standards Board (AcSB) released EMPLOYEE FUTURE
More informationFourth Quarter Pension Mark-to-Market Charge. January 31, 2019
Fourth Quarter 2018 Pension Mark-to-Market Charge January 31, 2019 Safe Harbor Cautionary Statement About Forward-Looking Statements This presentation contains forward-looking statements regarding our
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2014 and 2013, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More informationInvestor Advisory Committee 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut Phone: Fax:
Investor Advisory Committee 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116 Phone: 203 956-5207 Fax: 203 849-9714 Via Email June 10, 2013 Technical Director Financial Accounting Standards
More informationGlobal Financial Reporting.
Asia Pacific Dbriefs Presents: Global Financial Reporting. IFRS: Important Developments Joel Osnoss / Randall Sogoloff / Andrew Spooner 18 January 2012 Agenda Updated IASB work plan IFRS developments Financial
More informationFASB Update NARUC. September 11, Nick Cappiello, Supervising Project Manager
NARUC FASB Update September 11, 2017 Nick Cappiello, Supervising Project Manager The views expressed in this presentation are those of the presenter. Official positions of the FASB are reached only after
More informationFourth Quarter Pension Mark-to-Market Charge. January 31, 2017
Fourth Quarter 2016 Pension Mark-to-Market Charge January 31, 2017 Safe Harbor Cautionary Statement About Forward-Looking Statements This presentation contains forward-looking statements regarding our
More informationIFRS outlook. In this issue... Insights on International GAAP. SEC Roadmap
September 2008 Insights on International GAAP IFRS outlook In this issue... SEC Roadmap Feature 2 SEC roadmap Technical focus 4 Post-employment benefits views on proposed amendments Guidance on the fair
More informationNASBA 103 rd Annual Meeting
NASBA 103 rd Annual Meeting James L. Kroeker Chief Accountant U.S. Securities and Exchange Commission October 2010 1 2 t What We ve Been Working On " IFRS Work Plan Overview and Update " Major Convergence
More informationAccounting for Pensions, A Replacement of SSAP No. 8
Statutory Issue Paper No. 123 Accounting for Pensions, A Replacement of SSAP No. 8 STATUS Finalized September 15, 2003 Current Authoritative Guidance for Accounting for Pensions: SSAP No. 102 This issue
More informationIFRS 1 First-time Adoption of International. Standards*
Wrestling with First-time Adoption of IFRS IFRS 1 First-time Adoption of International Financial Reporting Standards* Session Objective and Key Take aways Session Objective: The objective of this session
More informationNot-For-Profit Accounting Update
Not-For-Profit Accounting Update Boldt Financial Solutions, LLC Tim Boldt, Partner April 25, 2014 Today s Presenter Tim Boldt, CPA Boldt Financial Solutions, LLC Partner 540.229.9896 Tim.Boldt@boldtfinancial.com
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2016 and 2015, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More informationFASB Update AGA. August 14, Nick Cappiello, Supervising Project Manager
AGA FASB Update August 14, 2017 Nick Cappiello, Supervising Project Manager The views expressed in this presentation are those of the presenter. Official positions of the FASB are reached only after extensive
More informationCP:
Adeng Pustikaningsih, M.Si. Dosen Jurusan Pendidikan Akuntansi Fakultas Ekonomi Universitas Negeri Yogyakarta CP: 08 222 180 1695 Email : adengpustikaningsih@uny.ac.id 20-1 20-2 PREVIEW OF CHAPTER 20 20-3
More informationBUSINESS COMBINATIONS PURCHASE METHOD PROCEDURES. Financial Accounting Standards Advisory Council September 2003
BUSINESS COMBINATIONS PURCHASE METHOD PROCEDURES BACKGROUND Financial Accounting Standards Advisory Council September 2003 In 1996, the Board added a project to its agenda to broadly reconsider the accounting
More informationSupplemental Material CECL Questions & Answers LOAN PORTFOLIO MANAGEMENT YEAR 2
Supplemental Material CECL Questions & Answers LOAN PORTFOLIO MANAGEMENT YEAR 2 Michael Wear Senior Credit Analyst First National Bank of Omaha Credit Administration Omaha, Nebraska & Owner 39 Acres Corporation
More informationAccounting for Foreign Currency Transactions. Chapter 10 Foreign Currency Transactions Topic 2: Accounting Fair Value and Cash Flow Hedges
Chapter 10 Foreign Currency Transactions Topic 2: Accounting Fair Value and Cash Flow Hedges Advanced Accounting Dr. Chula King 1 Student Learning Outcomes Account for foreign currency transactions Account
More informationAccounting for Retirement Benefits
Accounting for Retirement Benefits An overview of IAS 19, rev. 2011 Changes and implications 17 October 2011 2011 Towers Watson. All rights reserved. Today s Discussion Background Changes and clarification
More informationQ&A 87 A Guide to Implementation of Statement 87 on Employers' Accounting for Pensions: Questions and Answers
Q&A 87 A Guide to Implementation of Statement 87 on Employers' Accounting for Pensions: Questions and Answers Issued: December 1986 Revised: December 1998; September 2001; April 2002; October 2002 Authored
More informationAccounting and Financial Reporting for Certain Investments and for External Investment Pools
Chapter 6 CHAPTER 6 Accounting and Financial Reporting for Certain Investments and for External Investment Pools Primary Pronouncements: GASB Statement 3, GASB Statement 31 Primary Codification Section
More informationSummary of Significant Differences between Japanese GAAP and U.S. GAAP
Summary of Significant Differences between Japanese GAAP and U.S. GAAP The consolidated financial statements of SMFG and its subsidiaries presented in this annual report conform with generally accepted
More informationIFRS Institute Webcast. presentation and related-party disclosures
IFRS Institute Webcast Financial statement presentation and related-party disclosures June 13, 2012 1 Administrative CPE regulations require online participants take part in online questions. Participants
More informationEITF Roundup: Highlights from the March Meeting
The Dbriefs Financial Reporting series presents: EITF Roundup: Highlights from the March Meeting Bob Uhl, Partner, Deloitte & Touche LLP Adrian Mills, Partner, Deloitte & Touche LLP Sean St. Germain, Senior
More informationBoard Meeting Handout STATEMENT 133 HEDGING. December 20, 2007
Board Meeting Handout STATEMENT 133 HEDGING December 20, 2007 PURPOSE The purpose of this meeting is to discuss (a) the fair value hedging approach in the context of foreign currency hedges, (b) what is
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationFASB Update. MACPA NFP Conference April 27, Disclaimer
1 FASB Update MACPA NFP Conference April 27, 2012 Jeff Mechanick Assistant Director Financial Accounting Standards Board Tele: 203-956-5301 Email: jdmechanick@fasb.org Disclaimer 2 The views expressed
More informationContents. PricewaterhouseCoopers Slide 2
Update of US and IFRS Mining GAAP September 23 rd, 2010 Presenters: Paul Fitchett James Terry Contents - Convergence Timeline - IFRS Standards Effective in 2010 - US GAAP Standards Effective in 2010 -
More informationAN OFFERING FROM BDO S NATIONAL ASSURANCE PRACTICE SIGNIFICANT ACCOUNTING & REPORTING MATTERS
AN OFFERING FROM BDO S NATIONAL ASSURANCE PRACTICE SIGNIFICANT ACCOUNTING & REPORTING MATTERS Significant Accounting & Reporting Matters Second Quarter 2011 1 THIRD QUARTER 2011 Significant Accounting
More informationSOAI Pensions Accounting Seminar 14 November Brian Mulcair FSAI
SOAI Pensions Accounting Seminar 14 November 2007 Brian Mulcair FSAI Agenda Background Key differences between the standards Recent developments - FRS17 amendments - FAS158 - IAS19 asset ceiling IASB /
More informationFireworks at the EITF Meeting? Deloitte & Touche LLP July 6, 2004
Fireworks at the EITF Meeting? Deloitte & Touche LLP July 6, 2004 Agenda Application of the Equity Method to Interests Other Than Common Stock Accounting Issues and EPS Impact of Contingently Convertible
More informationSection 2 - Cash and Cash Equivalents & Balance Sheet
Section 2 - Cash and Cash Equivalents & Balance Sheet 12-1 Cash Currency and coins Balances in checking accounts Items for deposit such as checks and money orders from customers Cash equivalents are short-term
More informationOverview of GASB 74/75. The new OPEB accounting standard. Joshua Mayhue, F.S.A. Consulting Actuary
1 Overview of GASB 74/75 The new OPEB accounting standard Joshua Mayhue, F.S.A. Consulting Actuary GASB 74/75 Implementation 2 GASB 74 Plan Accounting (only applies if plan is funded) Replaces GASB 43
More informationGET READY! Pensions AS FINANCIAL PROFESSIONALS, YOU LL NEED TO EXPLAIN PENSION ISSUES AND REPORTING TO EXECUTIVES AND DIRECTORS
Pensions GET READY! AS FINANCIAL PROFESSIONALS, YOU LL NEED TO EXPLAIN PENSION ISSUES AND REPORTING TO EXECUTIVES AND DIRECTORS B Y R OBERT N. WEST, C PA WITH THE SARBANES-OXLEY ACT and other regulations
More informationKPMG s CFO Financial Forum Webcast
KPMG s CFO Financial Forum Webcast Liquidation Basis of Accounting and Proposed Going Concern Standard July 19, 2013 Angie Storm, Partner Jeremy Peters, Senior Manager Agenda Background and Standard Setting
More informationFIN 48 and FAS 109: Bringing Disclosure and Transparency Into Focus
FAS 109 Presents: FIN 48 and FAS 109: Bringing Disclosure and Transparency Into Focus Rita Benassi Kathy McEligot Randall Sogoloff December 10, 2007 Keep in Mind The views expressed do not necessarily
More informationAccounting Clinic VII. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 2009 All rights reserved. Clinic 7-1
Accounting Clinic VII McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 2009 All rights reserved. Clinic 7-1 Prepared by: Nir Yehuda With contributions by Stephen H. Penman Columbia University Pension
More informationFASB Financial Instruments Project
FASB Financial Instruments Project June 18, 2013 2:00 3:15 pm Presented by: Jean Joy, CPA Director of Financial Institutions Wolf & Company, P.C. 99 High Street Boston, MA 02110 P: (617) 428-5432 E: jjoy@wolfandco.com
More informationFinancial Services Insurance (Topic 944)
No. 2015-09 May 2015 Financial Services Insurance (Topic 944) Disclosures about Short-Duration Contracts An Amendment of the FASB Accounting Standards Codification The FASB Accounting Standards Codification
More informationPresentation of items of Other Comprehensive Income (OCI) Frequently asked questions
Presentation of items of Other Comprehensive Income (OCI) Amendment to IAS 1 Presentation of Financial Statements Frequently asked questions 1. What are the current requirements for presenting profit or
More informationEITF Roundup: Highlights from the November Meeting
The Dbriefs Financial Reporting series presents: EITF Roundup: Highlights from the November Meeting Bob Uhl, Partner, Deloitte & Touche LLP Adrian Mills, Partner, Deloitte & Touche LLP Jason Nye, Senior
More informationStatement of Statutory Accounting Principles No. 89. Accounting for Pensions, A Replacement of SSAP No. 8
Statement of Statutory Accounting Principles No. 89 Accounting for Pensions, A Replacement of SSAP No. 8 STATUS Type of Issue: Common Area Issued: December 8, 2003 Effective Date: December 31, 2003 Affects:
More informationAccounting Update: GASB/FASB/AICPA/COSO
1 Accounting Update: GASB/FASB/AICPA/COSO American Association of Port Authorities April 17, 2012 2 Section 1 GASB/ Nonprofit Update 3 GASB Standards-Old standards GASB Statement 54 Fund Balance Reporting
More information