Companies have until the end of this month to give the Financial Accounting Standards Board (FASB) written comments on its proposal to require greater disclosure of the funding status of pensions and other post-retirement benefits. Public hearings are to follow.
The FASB would require publicly traded companies, privately held firms and non-government not-for-profit organizations to reveal overfunding and underfunding of pension plans and other defined-benefit post-retirement plans on the balance sheets. The proposal would also require employers measure plan assets and obligations as of the date of their financial statements.
Most of the proposed changes would be effective for fiscal years ending after Dec. 15 of this year.