Aug 01, 2016
From the Financial Reporting Network
The FASB recently proposed an ASU, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the FASB Emerging Issues Task Force), to improve the usefulness of the information reported to users of employee benefit plan financial statements. The proposal relates primarily to the reporting by an employee benefit plan for its interest in a master trust and aims to improve existing presentation and disclosure requirements. The amendments would be applied retrospectively. The FASB will determine the effective date and whether to permit early adoption after considering stakeholder feedback. The comment period ends September 26.