FASB Amends Guidance for Reporting Pension Costs
Later this year, some companies will be required to change the way they present expenses related to retirement benefits. The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which is intended to improve the presentation of pension costs. The amended guidance requires companies to report expenses for employees’ pensions under the same line as other compensation costs. The other pension-related expenses mentioned in FASB ASC 715-30-35-04, Compensation—Retirement Benefits — Defined Benefit Plans — Pension — Subsequent Measurement . Read More.
Topics: Accounting Standards Codification, Accounting Standards Update, Compensation—Retirement Benefits (Topic 715), Defined Benefit Plans, FASB, Financial Accounting Standards Board "FASB", Interest Costs, Net Periodic Pension Costs, Statement of Financial Accounting Standards