FEI Responds To FASB Proposal On Pension, Post-Retirement Benefit Disclosures

May 6, 2008

FEI Summary

On May 6, 2008, a joint comment letter was sent by FEI’s Committee on Benefits Finance (“CBF”) and Committee on Corporate Reporting (“CCR”) to the Financial Accounting Standards Board (FASB), commenting on Proposed FASB Staff Position (FSP) No. 132(R)-a, Employers’ Disclosures about Pensions and Other Postretirement Benefits (“the FSP”). 

The letter, co-signed by Elliott Friedman, CBF Chair, and Arnold Hanish, CCR Chair, stated support for FASB’s objective to improve disclosures for assets held in postretirement benefit plans.

However, the letter noted, “we are not aware of a demand from either the investment community or other financial statement users for the expanded disclosures required by the [proposed] FSP.”

Additionally, the FEI letter noted certain practical and conceptual issues with the proposed FSP which should be addressed if the FASB decides to finalize the FSP.

Read the comment letter for full details.