Reporting Postretirement Benefits   Term Paper ID:42824 Click to get this paper

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Paper Introduction: DATE February TO CEOFROM ControllerSUBJECT Reporting Pension Obligations Eliminating Segments Purpose Objectives Scope Pursuant to you request this executive memo has been prepared foryour consideration The topics and issues discussed in the memo are thosefor which you requested specific information If you desire additionalinformation on any of these topics and issues or if you have newinformation requests I am prepared to provide the information quickly uponrequest This executive memo has two specific objectives The first objectiveof this executive memo is to provide Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. The thirddiscussion is related to other postretirement employee benefit (OPEB)plans. Stamford, CT: Financial Accounting Standards Board.Schroeder, R., Clark, M., & Cathey, J. Segment reporting applies to the business operations of a companythat span multiple industrial classifications. 457). (2 3, 2 6). components as pension expense" (p. 2)Other postretirement employee benefits The "most significant OPEBs are retiree health care benefits and lifeinsurance" (Schroeder, Clark, & Cathey, 2 4, p. Financial accounting: Theory and analysis. 1 6: Employers' accounting for postretirement benefits other than pensions. These requirements include the following (FASB, 2 6): o "Recognition of the funded status of the plan" (p. (199 , 2 6). New York, NY: John Wiley & Sons. Financial Reporting: Employee Postretirement Benefits The essential difference between (a) defined contribution plans and(b) defined benefit plans is the nature of a company's obligations underthe plan. 2) o "Recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost" (p. Statement of financial accounting concepts No. ReferencesAllen, E., Melone, J., Rosenbloom, J., & Mahoney, D. The basic obligation of a company with respect to a definedcontribution plan is the amount of the monetary contribution that thecompany must make to the plan over the life of the plan. 87: Employers' accounting for pensions. This executive memo has two specific objectives. With respect to the information related to employee postretirementbenefits, the necessary information is presented in three separatediscussions. If you desire additionalinformation on any of these topics and issues or if you have newinformation requests, I am prepared to provide the information quickly uponrequest. According toSchroeder, Clark, and Cathey (2 4), the required reporting disclosures"comprise the same ... The first objectiveof this executive memo is to provide you with the information necessary tounderstand the financial reporting obligations of the company with respectto employee postretirement benefit plans. (1 th ed.). 132: Employers' disclosures about pensions and other retirement. If the company is toeliminate segment reporting, it must eliminate the segments. The topics and issues discussed in the memo are thosefor which you requested specific information. Essentially, the primary goal of each ofthese sets of requirements with respect to the employee postretirementbenefit obligations of public companies is to assure that the minimumfinancial obligation of a public company is fully disclosed in thestatements of financial position and financial performance issued by apublic company. Statement of financial accounting concepts No. Stamford, CT: Financial Accounting Standards Board.Financial Accounting Standards Board. Statement of financial accounting concepts No. 458). Statement of financial accounting concepts No. The methodsof determining the actual future financial obligations, however, differfrom those for pensions (FASB 2 6; FASB, 199 , 2 6). Retirement plans: 4 1(k)s, IRAs and other deferred compensation approaches. (2 7). 2) o "Disclose in the notes to financial statements additional information about certain effects on net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation" (p. The level of thepostretirement benefits that an employee will receive under a definedcontribution plan is determined by the postretirement asset value of theplan (Schroeder, Clark, & Cathey, 2 4). At ageneral level, thus, the financial risk assumed by a company is greater fordefined benefit plans than for defined contribution plans (Allen, Melone,Rosenbloom, & Mahoney, 2 7).Defined contribution plans The financial reporting requirements for defined contribution plansare governed by regulations and guidelines promulgated by (a) the FinancialAccounting Standards Board (FASB), (b) the Securities and ExchangeCommission (SEC), and (c) the Sarbanes-Oxley Act of 2 2 (Allen, Melone,Rosenbloom, & Mahoney, 2 7). (2 6). Stamford, CT: Financial Accounting Standards Board.Financial Accounting Standards Board. Burr Ridge, IL: McGraw-Hill/Irwin.Financial Accounting Standards Board. The second objective is toprovide you with information concerning actions that will be required toeliminate the segments (specifically segment reporting in financialstatements) inherited by the company through the recent acquisition. For defined contribution plan, this objective requires thata public company (a) recognize the annual contributions in the financialreporting periods in which they contributions are made, and (b) report anyunfunded obligations related to the defined contribution plans that existfor the financial period for which financial position is being reported(FASB, 2 6; FASB, 2 3, 2 6; FASB, 1985, 2 6a; FASB, 1985, 2 6b).Defined benefit plans Minimum liability reporting requirements for defined benefit plans aremore comprehensive than are the reporting requirements for definedcontribution plans because of the greater liability risk associated withdefined benefit plans. All elements of financialreports of performance and position must disclose specific data that applyto operations in different industrial classifications. (1985, 2 6b). 88: Employers' accounting for settlements and curtailments of defined benefit plans and for termination benefits. Under a defined benefit plan, a company commits to an obligation ofspecified levels of postretirement benefits, Under such a plan, the levelof the postretirement benefits that will received by an employee areguaranteed regardless of the postretirement asset value of the plan. (1985, 2 6a). DATE: 8 February 2 9TO: CEOFROM: ControllerSUBJECT: Reporting Pension Obligations & Eliminating Segments Purpose, Objectives, & Scope Pursuant to you request, this executive memo has been prepared foryour consideration. (8th ed.). Thus,alternative actions are to (a) divest the units that are operating inindustrial classifications other than the primary industrial classificationfor the company, (b) terminate the units that are operating in industrialclassifications other than the primary industrial classification for thecompany, of (c) redirect to activities of the units that are operating inindustrial classifications other than the primary industrial classificationfor the company to activities that fall under the primary industrialclassification that is applicable to the company. Stamford, CT: Financial Accounting Standards Board.Financial Accounting Standards Board. Statement of financial accounting concepts No. (2 4). Stamford, CT: Financial Accounting Standards Board.Financial Accounting Standards Board. Eliminating Segments Segment reporting is required by the SEC and by the Sarbanes-Oxley Actof 2 2. 158: Employers' accounting for defined benefit pension and other postretirement plans. The first discussion is related to defined contribution plans.The second discussion is related to defined benefit plans. In addition to requirements associated with allpension plans, there are specific reporting requirements for definedbenefit plans (FASB, 2 6; FASB, 2 3, 2 6; FASB, 1985, 2 6a; FASB, 1985,2 6b). If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.

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