Postretirement Benefits Other than Pensions: A Guide to SFAS 106.The authors were Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). employees involved in the research and writing of FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting no. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, one of the most complex standards adopted by the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). in recent years. Its provisions, effective for fiscal years beginning after December 15, 1992, require employers to recognize and accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. the costs of nonpension postretirement benefits during the working lives of employees expected to receive them. The authors analyze the new pronouncement in considerable detail, provide flowcharts and detailed suggestions for implementing it as well as exploring the pros and cons pros and cons Noun, pl the advantages and disadvantages of a situation [Latin pro for + con(tra) against] of various funding alternatives. Detailed examples of many of the complex calculations required by the statement are provided, along with examples of required disclosures. This is by far the most comprehensive work on Statement no. 106 that has appeared to date. All practitioners should consider adding it to their research libraries. |
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