What does the SFAS 158 mean for us?
On Sept. 29, 2006, the Financial Accounting Standards Board issued Statement No. 158. The goal of SFAS 158 is to address immediate concerns by financial-statement users regarding transparency and understandability of the accounting for pension and retiree medical plans. This statement makes significant changes to the financial accounting for these plans, and these changes have significant implications for the company’s balance sheet… MORE Online Features« » • Business Insurance Research Center • Log on, Weigh in • COBRA questions answered • Health Care Reform • 2009 Women to Watch • Best Places to Work in Insurance • Business Insurance Webinars & Webcasts • Business Insurance’s Comings & Goings • This Week in Business Insurance • BI Euro 100: Europe’s top risk managers • AIG Rescue (function () { var carousel; YAHOO.util.Event.onDOMReady(function (ev) { var carousel = new YAHOO.widget.Carousel(“carousel-bottom-container”, { isCircular: false, numVisible: 3, navigation: {prev:”myPrev-
On Sept. 29, 2006, the Financial Accounting Standards Board issued Statement No. 158. The goal of SFAS 158 is to address immediate concerns by financial-statement users regarding transparency and understandability of the accounting for pension and retiree medical plans. This statement makes significant changes to the financial accounting for these plans, and these changes have significant implications for the company’s balance sheet. Before SFAS 158, the funded status of an employer’s defined benefit or retiree medical plan (i.e., the difference between the plan assets and obligations) was not always completely reported in the balance sheet. Employers reported an asset or liability that almost always differed from the plan’s funded status because previous accounting standards allowed employers to delay recognition of certain changes in plan assets and obligations that affected the expense reported on the income statement for providing such benefits. Past standards required only that an
On Sept. 29, 2006, the Financial Accounting Standards Board issued Statement No. 158. The goal of SFAS 158 is to address immediate concerns by financial-statement users regarding transparency and understandability of the accounting for pension and retiree medical plans. This statement makes significant changes to the financial accounting for these plans, and these changes have significant implications for the company’s balance sheet… MORE OAS_RICH(“Middle1”); Recent Headlines Zurich to open Brazil reinsurance unit XL says U.S.
