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Current GAAP requires that the financial statements issued by a funding agency for a company's pension plan include all of the following except
A) information about the net assets (at fair value) available for benefits at the end of the plan year
B) a financial statement (on a cash basis) presenting information about the pension payments to retirees
C) a financial statement containing information about the changes during the year in the net assets available for benefits
D) information about the actuarial present value of accumulated plan benefits
Funding Agency
An organization that provides financial support for various projects or programs, often within the public or nonprofit sector.
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, notably in the United States.
Net Assets
The difference between total assets and total liabilities, representing the residual interest in the assets of an entity after deducting liabilities.
- Familiarize oneself with the regulatory and reporting expectations for pension plans according to the present Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
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Learning Objectives
- Familiarize oneself with the regulatory and reporting expectations for pension plans according to the present Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
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