What is a FAS 106?

FAS 106 means Financial Accounting Standards Board Statement No. 106. FAS 106 . Statement of Financial Accounting Standards No. 106 (Employers’ Accounting for Postretirement Benefits Other Than Pensions), as issued by the Financial Accounting Standards Board.

When did FAS 158 become effective?

FAS 158 is intended to do that. Phase 2 is comprehensive reconsideration of accounting for pensions and other retirement plans. For an entity whose securities are traded in a public market, the recognition provisions of FAS 158 (see below) are effective for fiscal years ending after 15 December 2006.

What are some examples of postretirement benefits other than pensions?

Other post-retirement benefits are benefits, other than pension distributions, paid to employees during their retirement years. Post-retirement benefits may include life insurance and medical plans, or premiums for such benefits, as well as deferred-compensation arrangements.

What is an ASC 715 report?

FASB ASC Topic 715 accounting – projected benefit obligation The Projected Benefit Obligation (PBO) as reported under FASB ASC Topic 715 is part of annual financial reporting of the plan sponsor. For this purpose, the funded status of the plan is measured as the difference between plan assets at fair value and the PBO.

What FAS 109?

Under Financial Accounting Standard 109 (“FAS 109”), a corporation that is required to issue financial statements must create a liability or an asset for estimated taxes payable or refundable for the current year.

What FAS 112?

FAS 112 Summary This Statement establishes accounting standards for employers who provide benefits to former or inactive employees after employment but before retirement (referred to in this Statement as postemployment benefits).

What FAS 87?

FAS 87 means Statement of Financial Accounting Standards No. 87, Employer’s Accounting for Pensions, issued by the Financial Accounting Standards Board of the Financial Accounting Foundation in December 1985, as amended, supplemented or replaced from time to time.

What FAS 52?

ASC 830 (aka FAS 52) provides the accounting and reporting requirements for foreign currency transactions and the translation of financial statements from a foreign currency to the reporting currency.

What is the difference between ASC 715 and ASC 960?

But there is a difference: While ASC 960 and 962 address the financial reporting considerations for the benefit plan itself, as the reporting entity, ASC 715 deals with employers’ accounting for the cost of such benefits as they are earned by the employees.

What is an ASC 960 report?

Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (ASC) 960, Plan Accounting-Defined Benefit Pension Plans, establishes generally accepted accounting principles for defined benefit pension plans and prescribes the general form and content of financial statements of those plans.