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Lecture Financial reporting and analysis (6/e) - Chapter 14: Pensions and postretirement benefits

Chapter 14 - Pensions and postretirement benefits. The goals of this chapter are: The rights and obligations in defined contribution and defined benefit plans, the features of pension plan arrangements, the components of pension expense and their relation to pension assets and pension liabilities, how GAAP smooths the volatility inherent in pension estimates and forecasts, | Pensions and Postretirement Benefits Revsine/Collins/Johnson/Mittelstaedt/Soffer: Chapter 14 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education Learning objectives The rights and obligations in defined contribution and defined benefit plans. The features of pension plan arrangements. The components of pension expense and their relation to pension assets and pension liabilities. How GAAP smooths the volatility inherent in pension estimates and forecasts. The determinants of pension funding. 14- Learning objectives: Concluded How to analyze and use the retirement benefit footnote disclosures. Other postretirement benefits plan concepts and financial reporting rules. What research tells us about the usefulness of the detailed pension and other postretirement benefits disclosures. The key differences in defined benefit plan reporting among current U.S. GAAP and current IFRS requirements 14- Pension plans A pension plan is an agreement by the firm to provide a series of payments (called a pension) to employees when they retire. The firm makes periodic contributions to a pension trust. The pension trust then makes periodic benefit payments to retired employees. There are two types of pension plans: defined contribution plans and defined benefit plans. Firm (sponsor) Pension trust Retired employee Contributions Benefit payments 14- Relationship between sponsor, trust, and beneficiary. Figure 14.1 Pension plan entities and relationships 14- Pension plans: Defined contribution and defined benefit plans Figure 14.2 Assets by plan type 14- Defined benefit pension plans: Accounting complications The plan specifies the benefit formula but not the benefit amount. To determine the financial statement effects, the following factors must be considered: The proportion of the workforce that will remain with the firm long enough to qualify for benefits under the . | Pensions and Postretirement Benefits Revsine/Collins/Johnson/Mittelstaedt/Soffer: Chapter 14 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education Learning objectives The rights and obligations in defined contribution and defined benefit plans. The features of pension plan arrangements. The components of pension expense and their relation to pension assets and pension liabilities. How GAAP smooths the volatility inherent in pension estimates and forecasts. The determinants of pension funding. 14- Learning objectives: Concluded How to analyze and use the retirement benefit footnote disclosures. Other postretirement benefits plan concepts and financial reporting rules. What research tells us about the usefulness of the detailed pension and other postretirement benefits disclosures. The key differences in defined benefit plan reporting among current U.S. GAAP and current IFRS .