Summary of Statement No. 110

Reporting by Defined Benefit Pension Plans of Investment Contracts—an amendment of FASB Statement No. 35 (Issued 8/92)

Summary

This Statement requires a defined benefit pension plan to report an investment contract issued by either an insurance enterprise or other entity at fair value. This Statement amends FASB Statement No. 35, Accounting and Reporting by Defined Benefit Pension Plans, to permit a defined benefit pension plan to report only contracts that incorporate mortality or morbidity risk at contract value.

This Statement is effective for fiscal years beginning after December 15, 1992. It need not be applied to deposit administration and immediate participation guarantee contracts entered into before March 20, 1992. Restatement of financial statements of prior years is required only if those statements are presented with statements for plan years beginning after December 15, 1992.