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(a) BACKGROUND In March 1980, the FASB issued SFAS No 35, which established for the rst time GAAP for the entity de ned as a pension plan The standard was effective for nancial
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PENSION PLANS AND OTHER POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS
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statements for scal years beginning after December 15, 1980 SFAS No 35 was developed only after a great deal of controversy and followed a discussion paper, a public hearing, and two exposure drafts over a period of ve years It applies to all plans, including private plans and those of state and local governments Coming under the standard are de ned bene t pension plans that are subject to the nancial reporting requirements of ERISA as well as those that are not It does not apply to plans that are being terminated For nongovernmental plans with 100 or more participants as of the beginning of the plan year, a comprehensive annual report (Form 5500) must be led in accordance with ERISA The annual report must include these two items: 1 A set of nancial statements prepared in accordance with GAAP, with an audit and opinion by an independent quali ed public accountant 2 An actuarial report, including the status of the minimum funding standard account, and opinion by an enrolled actuary (b) OBJECTIVE AND CONTENT OF FINANCIAL STATEMENTS Under SFAS No 35, the plan itself is the reporting entity, not the trust The Statement is based on a position that the primary objective of a plan s nancial statements is to provide information useful in assessing its present and future ability to pay bene ts when due This objective requires the presentation of information about the economic resources of the plan and a measurement of its participants accumulated bene ts The Statement leaves unresolved, at least for the time being, the issue of whether accumulated plan bene ts are accounting liabilities of the plan Therefore, it allows exibility in presenting the actuarial information by providing that the plan s annual nancial statements must include the following:
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A statement that includes information regarding net assets available for bene ts A statement that includes information regarding the changes in net assets available for bene ts Information regarding the actuarial present value of accumulated plan bene ts as of the bene t
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information date (which can either be at the beginning or end of the year)
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Information regarding the effects, if signi cant, of certain factors affecting the year-to-year
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change in the actuarial present value of accumulated plan bene ts The SFAS No 35 provides that the actuarial information required under the third and fourth bullet points can be presented in separate statements, in the notes to nancial statements, or combined with the other required information on the net assets available for bene ts and the year-to-year changes therein (provided the information is as of the same date and/or for the same period) (c) NET ASSETS AVAILABLE FOR BENEFITS Plan investments, excluding insurance contracts, must be reported at fair value Insurance contracts must be reported in accordance with the rules required by certain governmental agencies relating to the plan s annual report led pursuant to ERISA Because net assets are the existing means by which a plan can provide bene ts, net asset information is necessary to assess a plan s ability to pay bene ts when due Using fair value as the basis to measure a plan s investments provides the most relevant information about resources currently available to pay the participants bene ts The fair value of an investment is the amount that the plan could reasonably expect to receive for the investment from a current sale between a willing buyer and a willing seller, that is, not in a forced liquidation sale If there is an active market for the investment, fair value is measured by the market price as of the reporting date (i) Good Faith Valuations Investments that do not have a quoted market price must be valued in good faith In determining a good faith value, the following factors should be considered:
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