What is an ASC 715?
ASC 715 applies to employers’ arrangements to provide pension or other postretirement health and welfare benefits to their employees through defined benefit single employer or multiemployer pension and OPEB plans, as well as defined contribution pension and OPEB plans.
What is fas106?
FAS 106 means Financial Accounting Standards Board Statement No. 106, “Employers’ Accounting for Postretirement Benefits Other Than Pensions,” as in effect on the date hereof.
What are the 15 accounting standards?
As per AS 15, Short-Term employee benefits consist of: Wages, salaries and social security contributions. Short-Term paid absences such as paid annual leave where such absences are expected to take place within 12 months after the end of the period during which the employees provide related employee service.
What FAS 87?
FAS 87 means Statement of Financial Accounting Standards No. 87, Employer’s Accounting for Pensions, issued by the Financial Accounting Standards Board of the Financial Accounting Foundation in December 1985, as amended, supplemented or replaced from time to time.
What is accrued pension cost?
The accrued or prepaid pension cost is the amount on a company’s balance sheet that is equal to the accumulated difference between past net periodic pension costs and past plan contributions (for unfunded plans, such as for executives, substitute “benefit payments” for “plan contributions”).
What is projected benefit obligation?
1 Pension—Projected benefit obligation. The projected benefit obligation, or PBO, is the actuarial present value of all expected future benefit payments attributed by the pension benefit formula to employee service rendered to date.
What FAS 112?
FAS 112 Summary This Statement establishes accounting standards for employers who provide benefits to former or inactive employees after employment but before retirement (referred to in this Statement as postemployment benefits).
What FAS 158?
Under FAS 158, an employer that is a business entity is required to: Recognise in its statement of financial position the overfunded or underfunded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation.
What does Accounting Standard 20 stands for?
Earnings Per Share (EPS)
AS 20: Earnings Per Share (EPS) Earnings per share (EPS) is a financial ratio that provides information regarding earnings available on each equity share held in a company.
What does Accounting Standard 10 stands for?
Property, Plant and Equipment
Accounting Standard 10 deals with Property, Plant and Equipment (PPE). The underlying purpose of this standard is to lay down or specify accounting treatment for Property, Plant and Equipment.
What are the five components of pension expense?
Under Generally Accepted Accounting Principles (GAAP) in the United States, net pension expense is comprised of the following components:
- Service cost.
- Interest cost.
- Return on plan assets for the period.
- Gain or loss.
- Prior service costs.
- Transition amounts.
Is a pension an asset or income?
assets
Lump-sum receipts from pension and retirement funds are counted as assets. Count the amount as an asset or as income, as provided below. (1) If benefits will be received in a lump sum, include the lump- sum receipt in net family assets.
What is topic 715 of FASB?
Compensation—Retirement Benefits (Topic 715) No. 2015-04 April 2015 Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets An Amendment of the FASB Accounting Standards Codification®
What are the levels of GAAP principles of accounting?
Principles of Accounting , U.S. GAAP Financial Reporting Guide Topic 505 is the only topic at the 500 level. Topic 605 is the only topic at the 600 level.
What is topic 715 of the Compensation Act?
Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets
What does 715-10-65-1 mean?
715-10-65-1 The following represents the transition and effective date information related to Accounting Standards Update No. 2015-04, Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets: a.