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There are several requirements for the accounting of other postemployment benefit
plans. The applicable accounting requirement depends upon the entity involved.
Regardless of the entity, Conrad Siegel
Actuaries has the expertise to provide the information needed under the
respective accounting requirement.
SFAS 158
In October 2006, the Financial Accounting Standards Board released Statement No.
158, Accounting for Defined Benefit Pension and Other Postretirement Plans, which
changes the accounting rules for both publicly traded and non-publicly traded companies.
The Statement of Financial Accounting Standard No. 158 (SFAS 158) amends existing
SFAS 87, 88, 106 and 132R and requires employers to report a postretirement benefit
asset for plans that are over funded and a postretirement liability for plans that
are under funded. At Conrad Siegel Actuaries, we can prepare the actuarial valuation and
provide the expense disclosures required under SFAS 158.
SFAS 106 & 132
Companies that prepare financial statements under Generally Accepted Accounting
Principles (GAAP) are required to account for postretirement benefit plans under
Statement of Financial Accounting Standard Nos. 106 and 132. SFAS 106 requires
that employers recognize the impact of postretirement benefit plans on the income
statement and the balance sheet. SFAS 132 requires that the employer prepare
several disclosures associated with the SFAS 106 calculations. At
Conrad Siegel Actuaries, we can prepare
an actuarial valuation to provide the expense disclosures required under SFAS 106
and 132.
SOP 92-6
Multi-employer health and welfare trusts must prepare accounting disclosures for
their postretirement medical benefits to meet the requirements of the Statement
of Position No. 92-6. These calculations are similar to SFAS 106. At
Conrad Siegel Actuaries,
we can prepare an actuarial valuation to provide the expense disclosures required
under SOP 92-6.
SSAP 14
In their statutory financial statements, insurance companies are required to account
for other postemployment benefit plans under the Statement of Statutory Accounting
Principles No. 14. These calculations are similar to SFAS 106 and
Conrad Siegel Actuaries can prepare an
actuarial valuation to provide the expense disclosures required under SSAP 14.
GASB 45
Following the lead of corporations, the Government Accounting Standards Board issued
Government Accounting Standard No. 45 (GASB 45) to require accounting and reporting
standards for all state and local employers that provide other postemployment benefits
(OPEB). OPEB includes medical, prescription drug, dental, vision, life insurance,
and disability benefits provided to retirees and certain terminated employees.
Conrad Siegel Actuaries
can prepare an actuarial valuation to comply with these new accounting, reporting
and disclosure requirements under GASB 45.
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