Project Updates
FAS 132(R)—Disclosures about Plan Assets
Last Updated: October 8, 2008 (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
Due Process Documents
*Decisions Reached at the Last Meeting
*Summary of Decisions Reached to Date
*Next Steps
*Board/Other Public Meeting Dates
Background Information
Contact Information
Project Objective
The objective of this project is to enhance the plan asset disclosures currently required by FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to provide users of financial statements with useful, transparent, and timely information about the asset portfolios of postretirement benefit plans.
Due Process Documents
On March 18, 2008, the Board issued proposed FSP FAS 132(R)-a, Employers’ Disclosures about Postretirement Benefit Plan Assets, with a 45-day comment period ending May 2, 2008.
Proposed FSP FAS 132(R)-a
Comment Letters
Comment Letter Summary
*Decisions Reached at the Last Meeting
See minutes below.
*Summary of Decisions Reached to Date
See minutes below.
*Next Steps
The Board will redeliberate the disclosures about fair value measurements.
*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 Statement, Interpretation, FSP, or Statement 133 Implementation Issue.
| *September 24, 2008 |
Board Meeting—Decisions on disclosures about categories of plan assets and concentrations of risk in plan assets of the proposed FSP FAS 132(R)-a |
| July 16, 2008 |
Board Meeting—Redeliberations of proposed FSP FAS 132(R)-a |
| February 13, 2008 |
Board Meeting—Decision on amendments to Statement 132 (R) |
| November 14, 2007 |
Board Meeting—Statement 157 Implementation Decision |
| August 29, 2007 |
Board Meeting—Postretirement Benefits Project Agenda Decision |
Background Information
In 2003, the FASB issued Statement 132(R), which addresses concerns about the need for enhanced disclosures of plan assets, cash flows for benefit payments and contributions, and components of net benefit cost reported in interim periods. Over the past few years, staff research and constituent feedback have indicated that the use of alternative investment instruments and vehicles such as derivatives and hedge funds has increased substantially. Often, these assets are included in the “other” or “debt” categories and there is little to no discussion of risk exposure and usage (that is, leverage versus speculative purposes).
At the August 2007 Board meeting, the Board decided that it could improve the disclosure of the risk exposure of plan assets by creating more robust guidance in Statement 132(R). This guidance would require more detailed disclosure, including further disaggregation of asset categories and improved qualitative discussion about risk exposures in the asset portfolio.
At the November 2007 meeting, the Board determined that Statement 157 disclosures did not apply to the financial statements presented by plan sponsors. The Board decided to accelerate the timing of the enhanced disclosure project and instructed the staff to consider whether any of the disclosures required by Statement 157 should be included in an amended Statement 132(R).
Contact Information
Philip Hood
Assistant Project Manager
prhood@fasb.org
