NEWS RELEASE 03/19/08

FASB Issues Proposed FASB Staff Position (FSP) No. 132(R)-a, Employers’ Disclosures about Postretirement Benefit Plan Assets

Norwalk, CT, March 19, 2008—The Financial Accounting Standards Board (FASB) has issued FASB Staff Position (FSP) No. 132(R)-a, Employers’ Disclosures about Postretirement Benefit Plan Assets. The purpose of the proposed FSP is to obtain feedback from constituents on proposed guidance intended to improve the quality of financial reporting by increasing disclosures about the types of assets held in postretirement benefit plans. Respondents have until May 2, 2008, to provide comment.

This proposed FSP would amend FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to improve public and nonpublic employer’s disclosures about postretirement benefit plan assets. Additionally, this proposed FSP includes a technical amendment to Statement 132(R) that would require a nonpublic entity to disclose net periodic benefit cost.

The proposed amendments to improve disclosures about plan assets include:

  1. A principle for disclosing the fair value of categories of plan assets based on the types of assets held in the plan

     

  2. Categories of plan assets that, if significant, should be disclosed

     

  3. Disclosures about the nature and amount of concentrations of risk arising within or across categories of plan assets

     

  4. Disclosures about fair value measurements similar to those required by FASB Statement No. 157, Fair Value Measurements.

     

The disclosures about plan assets required by this proposed FSP would be applied on a prospective basis for fiscal years ending after December 15, 2008. Earlier application of the provisions of this proposed FSP would not be permitted.

The proposed FSP invites individuals and organizations to submit comments on the proposed guidance. Responses must be received in writing by May 2, 2008. Interested parties should submit their comments by email to director@fasb.org, File Reference: Proposed FSP FAS 132 (R)-a. Those without email may send their comments to "Russell G. Golden, Director of Technical Application and Implementation Activities, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, File Reference: Proposed FSP FAS 132(R)-a." Responses should not be sent by fax. All comments received by the FASB are considered public information. Those comments will be posted to the FASB website and included as part of the project record with other project materials.


About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.