FASB 87
Updated: 02 November 2024
What Does FASB 87 Mean?
FASB 87 is a statement issued by the Financial Accounting Standards Board (FASB) that aimed to enhance pension reporting. After analyzing 130 reports, the Board provided recommendations for improvement based on a survey that concluded in December 1990.
Insuranceopedia Explains FASB 87
The survey revealed that the most popular pension plans, in order of preference, were as follows:
The statement required companies using these plans to disclose the weighted average assumed discount rate and the rate of compensation. Among other requirements, it mandated the disclosure of underfunded pension plans and prohibited corporations from using deductions for tax purposes.
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