Project Update

Disclosure Framework—Disclosure Review: Defined Benefit Plans

Last updated on April 2, 2015. 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 Overview
*Decisions Reached at Last Meeting
*Tentative Board Decisions Reached to Date
*Next Steps
*Board/Other Public Meeting Dates
*Contact Information
 

*Project Objective and Overview

The 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.

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 (715-20-50). For information on the other three disclosure reviews, see the following:
  1. Inventory (330-10-50)
  2. Fair Value Measurement (820-10-50)
  3. Income Taxes (740-10-50)
Additionally, disclosure requirements for Interim Reporting are being evaluated for modifications.

The FASB staff has developed a “Q&A: FASB’s Disclosure Framework Project” fact sheet which can be viewed here.

*Decisions Reached at Last Meeting (August 20, 2014)

The Board discussed different ways of promoting the appropriate use of discretion by reporting entities in applying annual disclosure requirements for defined benefit plans (including nonretirement postemployment benefits) in employers’ financial statements. No technical decisions were made.

*Tentative Board Decisions Reached to Date (As of August 20, 2014)

Tentative Board Decisions Reached to Date

*Next Steps

The staff has conducted outreach with stakeholders and will be discussing its recommendations with the Board at a future decision-making meeting.

*Board/Other Public Meeting Dates

The 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.

*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 Information

Nick Cappiello
Project Manager
ntcappiello@fasb.org

Jaime Dordik
Assistant Project Manager
jadordik@fasb.org

Mark Pollock
Practice Fellow
mapollock@fasb.org

Kelsey Jensen
Postgraduate Technical Assistant
kpjensen@fasb.org

Kristin Floyd
Postgraduate Technical Assistant
knfloyd@fasb.org