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Pension and Employee Benefits: Code, ERISA, & Regulations
Authoritative and comprehensive reference to pension and selected welfare benefit provisions of the I.R.C., ERISA and the associated regulatory authority.
The Financial Accounting Standards Board (FASB) has announced that its single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP), the FASB Accounting Standards Codification™, will be effective for interim and annual periods ending after September 15, 2009. The FASB expects that the new system will reduce the amount of time and effort required to research an accounting issue and will provide accurate information with real-time updates as new standards are released.
The new Codification does not change GAAP, but all existing accounting standard documents are superseded. The Codification reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics.
The seven old FASB Statements (Nos. 35, 87, 88, 106, 112, 132(R), and 158) that related specifically to retirement plans, health and welfare plans, and post-retirement plans are now encompassed in five topics:
The two Compensation topics are found under the Expenses codification while the Plan Accounting topics are found under the Industry codification. There are a few other areas that use parts of the old FASB Statements, such as 958 - not-for-profit entities, 420- disposal of cost items, and 980 - regulated operations.
The full Codification is found at www.fasb.org. The "Cross Reference" bar on the Codification web page will give a list of locations within the Codification hierarchy where specific Statements can now be found. The specific topics (such as 715 or 960) can be accessed via the "Codification" list on the left side of the web page, by selecting either Expenses>Compensation or Industry>Plan Accounting. Once at a topic, expand it and select "Join All Subtopics" to see the comprehensive Codification. To see the references to the old FASB Statements, select "Printer Friendly with sources" under "Page Functions."
FASB has also provided a number of tools and training resources including a tutorial, a Question and Answer document, background material, and various webcasts that appeared over the past year describing the status of the Codification project.
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