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The efforts made by the Construction Industry FASB Coalition (CIFC), of which TAUC is an active member, seem to have paid off.
At Wednesday’s meeting, FASB reconfirmed its prior decision that it will not require employers participating in multiemployer defined contribution pension plans to disclose estimates of their potential withdrawal liabilities in their annual audited financial statements. Also, contributing employers would not be required to disclose known trends in future contributions, estimated amounts of future contributions, or the percentage of its employees covered by multiemployer plans.
Alternately, FASB has opted to move forward with the disclosures that were supported by the CIFC, and others within the Surety and Banking industries. Under the CIFC alternative, employers would be required only to disclose publicly available information, including (but not necessarily limited to):
FASB will hold its final meeting concerning multiemployer benefit plans and vote on its new accounting standard in late July. The resulting standard is likely to be published this year, but it is not yet clear whether it will take effect for 2011 year-end financial statements for calendar-year companies or be delayed until 2012.