Accounting Standards

We can perform the analysis and calculations required to satisfy the requirements of the following accounting standards:

Statement of Financial Accounting Standards No. 106 (FAS 106) – covers employers’ accounting for postretirement benefits other than pensions (OPEB). This includes postretirement medical plans including prescription drugs, life insurance, dental and vision plans.

Statement of Financial Accounting Standards No. 132 (FAS 132) – Employers’ disclosures about Pensions and other Postretirement benefits. Prescribes financial disclosures for employers that have plans covered by FAS 106.

Statement of Financial Accounting Standards No. 112 (FAS 112) – Employers’ Accounting for Postemployment Benefits. Amends FASB statements No. 5 and 43. Covers post employment (not postretirement benefits) such as LTD (payments, medical and life insurance), severance and vacation plans.

AICPA Statement of Positions 92-6 (SOP 92-6) – Accounting and Reporting of Health and Welfare Benefit Plans. This covers postretirement and postemployment benefit plans as well as other obligations (such as IBNR and accumulated eligibility credits) of a Health and Welfare Benefit Plan (as opposed to the employer). This SOP has been amended several times, most notably by SOP 01-2.

Statement of Financial Accounting Standards No. 158 (FAS 158) – Modifies certain elements of FAS 106 and FAS 132. Essentially requires that the Balance Sheet entry for an organizations's retiree medical plan is the unfunded liability (instead of the accrued benefit cost). Adjustments are made to Other Comprehensive Income (or Unrestricted Net Assets for Non Profits) to maintain balance. The Income Sheet entry (Net Periodic Postretirement Benefit Cost) does not change.

International Accounting Standard No. 19 (IAS 19) – Covers the same issues as FAS 106, FAS 132 and FAS 158 but for companies that must prepare international financial reports.