Financial Services Industry
Industry: Email Alert RSS FeedFASB issues statement 133 implementation guidance for employee benefit plan contracts
CPA Letter, The, January, 2002 by Anonymous
accounting & auditing news
According to the Financial Accounting Standards Board, questions have been raised regarding proper accounting for such contracts as insurance contracts, guaranteed investment contracts and synthetic GICs since issuance of its Statement No. 133 (Accounting for Derivative Instruments and Hedging Activities). Statement 110, Reporting by Defined Benefit Pension Plans of Investment Contracts, amends Statement No. 35, Accounting and Reporting by Defined Benefit Pension Plans, to require defined benefit plans to report insurance contracts "in the same manner as specified in the annual report filed by the plan with certain governmental agencies pursuant to ERISA" (i.e., at either fair value or contract value). AICPA Statement of Position 94-4, Reporting...
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