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News and Press Releases |
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HEADLINE:
US Board Requires More Pension Data To Be Revealed
By: Staff Writer - Reuters
Forbes.com. November 26, 2003
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EXCERPT: Companies will have to estimate and disclose pension benefits to be paid out to employees for each of the next five years as part of a new rule to improve disclosure on corporate pension plans, U.S. accounting rulemakers agreed on Wednesday. Pension accounting and the often opaque and sparse disclosure on pension plans has drawn scrutiny since the bear market following the tech boom of the 1990s pummeled pension assets and forced many companies to divert cash to prop up their pension plans. The Financial Accounting Standards Board also decided that companies would have to describe the investment strategy used for their pension assets, for example, their policy on derivatives and any prescribed strategy on investing, a board spokeswoman said. The board, which sets U.S. accounting rules, plans to issue a final rule on pension disclosures by the end of the year, which among other things, will require companies to disclose some pension information on a quarterly basis.
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