The Financial Accounting Standards Board (FASB) has adopted an Accounting Standards Codification (ASC) for those years beginning on or after July 1, 2009. The codification reorganized thousands of standards into less than 100 accounting topics. The topics are applied in a consistent structure and are more easily researchable than before.
Previously, the FASB had five published statements (35, 87, 88, 132, and 158) pertaining to the financial accounting and reporting of Pension Benefits, and three published statements (106, 132 and 158) pertaining to the financial accounting and reporting of Other Post-Employment Benefits (OPEBs). These Statements are now mainly consolidated into ASC Topic 715. The application of ASC Topic 715 requires a valuation of the benefits by a qualified actuary.
Contact us today for a free quote if your retirement plan needs a valuation of benefits under to comply with FASB standards.