FASB amends defined benefit plan disclosures
Defining Issues | August 2018
The FASB has amended pension and OPEB disclosures as part of its broader disclosure framework project.
Filed under: Presentation, Expenses, Compensation – other
KPMG reports on ASU 2018-14 and examines amendments to disclosures for defined benefit pension and other postretirement benefit (OPEB) plans. The amendments aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures.
Applicability
- All companies that provide defined benefit pension or other postretirement benefit plans for employees
Relevant dates
Key Impacts:
- Pension plan and OPEB disclosures amended as part of the FASB’s disclosure framework project
- A number of disclosure requirements that are not decision-useful to users eliminated – e.g. the effects of a one-percentage point change in the assumed healthcare cost trend
- Decision-useful disclosures that will not impose significant costs on preparers added – e.g. the weighted-average interest crediting rates for cash balance plans
Report contents
- Applicability
- Key facts and impacts
- Testing the disclosure framework
- Eliminated disclosures
- New disclosure requirements
- Status quo
- Effective dates and transition
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FASB amends defined benefit plan disclosures
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