FASB Proposes Changes to Employee Benefit Plan Reporting
The Financial Accounting Standards board (“FASB”) has proposed amendments that would impact how entities disclose employee benefit plan master trusts. Issued as proposed Accounting Standards Update (“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, the proposal would help clarify the presentation of a plan’s interest in a master trust while also requiring additional disclosures of the plan’s interest. The proposal would also eliminate redundancy of the Sec. 401(h) disclosure requirements. Comments on the proposed ASU are due Monday, September 26.