Disclosure Requirements re: Multi-Employer Pension Plans

If you are a participating employer in a union collective bargaining agreement I'm sure you have been hearing about the possible changes to the financial statement disclosure requirements related to your participation in the union plans. The Financial Accounting Standards Board (FASB) has proposes some pretty onerous requirements which were originally intended to go into effect for public companies beginning with financial statements for years ending after December 15, 2010. All of our clients are non public entities so they have a one year delay on the effective date. This has been a pretty hot topic at the FASB meetings with lots of input from contractors and union representatives among other interested parties. I'm sure most of the comments were not in favor of the new requirements. The FASB met on November 10th and the September 2010 Exposure Draft on this topic was discussed. The result of the discussion is that the FASB has decided that a final standard will not be effective for the 2010 calendar year as originally planned for public companies. Revised effective dates will be decided at a future meeting after it has concluded it redeliberations. Hopefully the final requirements are not quite as onerous as originally published. We will all wait patiently I'm sure for the next Exposure Draft. For anyone wanting more information on the subject here is a link to the FASB website for this specific project. Happy reading. http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FProjectUpdatePage&cid=1176156724606#