Pension Plan GAASB Changes GAASB has implemented changes to Pension Plan reporting that go into effect on June 15, 2013 for Statement 67 and June 15, 2014 for Statement 68. This will affect the accounting and financial statement reporting of governmental organizations. Pension expense liability will be reported on the balance sheet to show a clearer picture of the organization's obligations, as well as more disclosure requirements and additional supplementary material. Under

Accounting for Postretirement Health Care and Life Insurance Benefits necessitates disclosures regarding an employer's accounting. These include a delineation of the provision of benefits and the groups of employees given coverage, a delineation of the employer's prevailing accounting and financing policies for such benefits and lastly the cost of such benefits acknowledged for the period. In particular, this is effective for the financial statements prepared by organizations for the financial

Pension Terminology Definitions & Discussion The author is asked to define a number of terms relative to pension accounting and its associated terminology and definitions. The terms the author asked to define, in order, are service cost, interest cost, actual return on planned assets, amortization of unrecognized gains/losses and amortization of the transition amount. Service cost is the present value, from an actuarial standpoint, of the projected benefits that can be associated

Social Security is a big insurance collection into which all working people contribute. The current Social Security system is similar to an underfunded pension. Underfunded does not mean that it is in a dilemma, but that its funds are not sufficient to pay future benefits without gathering future tax revenues. Ultimately, Congress will have to deal with whether to change Social Security. Politically, much of the support for the program

Pension Plans of Coca Cola Co. Vs. Pepsi Inc. Compare the pension plans of Coca Cola and Pepsi, noting what type of pension, and funded status as of 2007 end of year. A) Coca Cola Co. This is a Defined Contribution Plan. For its primary plan the employer matches 100% of participants contribution, up to 3% of compensation. Benefit obligation at end of year for 2007 was $3,517 million. Benefits paid for pensions plan were

Pension Liability, Costs, Recognition, and Future Developments In measuring the liability of pension plan, it requires discounting a stream of promised future benefits to the present. The plans that relate to the public sector the discount rate used in the calculation is subject to considerable debate. Plans for state and locals follow the general actuarial model and hence, liabilities are discounted by the yield of long-term assets held in the pension