Visit cpajournal.com to read the very latest from The CPA Journal
September 2012 » The Potential Implications of Revised...
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Carolyn L. Hartwell, PhD, CPA
Although the number of companies offering defined benefit (DB) plans to their employees has decreased over the last 25 years, millions of employees remain covered by these plans, and a significant number of pension funds are heavily invested in the stock market. Employees and investors must be able to assess the health of DB plans, and having useful and understandable accounting information is essential. On June 6, 2011, the international Accounting Standards Board (IASB) issued an amendment to International Accounting Standard (IAS) 19, Employee Benefits, aimed at improving comparability and providing a clearer picture of a company's current and future pension obligations. When the standard becomes effective on January 1, 2013, companies reporting under international Financial Reporting Standards (IFRS) will no longer be permitted to defer recognition of gains or losses, measure the pension obligation using an expected (rather than actual) rate of return on plan assets, or amortize prior service cost. These changes will result in significant differences from current U.S. Generally Accepted Accounting Principles (GAAP). As FASB continues to work toward convergence with IFRS, CPAs should remain aware of the potential changes to U.S. GAAP that will occur if the United States were to adopt IAS 19, as well as the impact that this could have on financial statements.
Advertising with the NYCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYCPA members.
Stay up to date with important NYCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.