Disclosure Framework—Disclosure Review: Defined Benefit Plans
Last updated on February 8, 2018. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
Project Objective and OverviewThe objective and primary focus of the disclosure framework project is to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of each entity’s financial statements. Achieving the objective of improving effectiveness will require development of a framework that promotes consistent decisions about disclosure requirements by the Board and the appropriate exercise of discretion by reporting entities.
To achieve this objective, the disclosure framework project comprises two components: the Board’s Decision Process and the Entity’s Decision Process.
Currently, four disclosure areas are being evaluated as part of the disclosure framework project. Each review will include (1) evaluation of existing disclosure requirements within the Topic after applying the concepts in the Board’s decision process and (2) promotion of the appropriate use of discretion by entities specifically within the Topic.
This page provides updates on the disclosure review of defined benefit plans (Section 715-20-50). For information on the other three disclosure reviews, see the following:
- Inventory (Section 330-10-50)
- Fair value measurement (Section 820-10-50)
- Income taxes (Section 740-10-50)
The FASB staff has developed a “Q&A: FASB’s Disclosure Framework Project” fact sheet which can be viewed here.
Due Process DocumentsOn January 26, 2016, the Board issued a proposed Accounting Standards Update, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The due date for comment letters was April 25, 2016.
- Download the proposed Accounting Standards Update, Compensation–Retirement Benefits–Defined Benefit Plans–General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The due date for comment letters was April 25, 2016.
- Read the Decision Questions Considered in Establishing Disclosure Requirements of the proposed Accounting Standards Update.
- Read the press release on the proposed Accounting Standards Update.
- Read the FASB in Focus on the proposed Accounting Standards Update.
- Read comment letters on the proposed Accounting Standards Update.
- Read the comment letter summary on the proposed Accounting Standards Update.
Decisions Reached at Last Meeting (July 13, 2016)The Board discussed a summary of comments received on the Accounting Standards Update. The Board made no technical decisions; however, it directed the staff to perform research on particular aspects of the proposed Update.
Tentative Board Decisions Reached to Date (As of July 18, 2016)See Tentative Board Decisions Reached to Date
Next StepsThe staff plans to perform research on particular aspects of the proposed Update.
Additionally, on June 6, 2017, the Board will meet with its Investor Advisory Committee to discuss the disclosure framework project. After that meeting, the staff will develop and present a plan for redeliberations.
Board/Other Public Meeting DatesThe Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
|July 13, 2016||Board Meeting—Defined Benefit Plan Disclosures|
|November 2, 2015||Board Meeting—Defined Benefit Plan Disclosures|
|July 9, 2015||Board Meeting—Defined Benefit Plan Disclosures|
|June 29, 2015||Board Meeting—Defined Benefit Plan Disclosures and Transition|
|August 20, 2014||Board Meeting—Defined Benefit Plan Disclosures and Appropriate Use of Discretion by Reporting Entities|
|June 11, 2014||Board Meeting—Defined Benefit Plan Disclosures and Potential Changes on the Basis of the Proposed Concepts Statement|
|April 4, 2014||Board Meeting—Field Study Results and Next Steps|
*Contact InformationLucy Cheng
Assistant Project Manager
Postgraduate Technical Assistant
Postgraduate Technical Assistant