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accounting, in contrast, is focused on any portion of the liability attributable to future service For a retiree medical plan, all of the APBO is attributable to past service If the plan included retiree life insurance that was based on nal average pay, the portion of the APBO attributable to using projected salary increases would be a curtailment gain For example, assume the life insurance liability is $200,000 based on covered participants current service and salary However, SFAS No 106 requires the APBO to be valued using current service and projected salary Therefore, the total APBO might be $300,000 If this life insurance bene t were eliminated, $200,000 would be treated as a negative plan amendment and $100,000 as a curtailment gain Since the typical retiree medical plan is not based on salary, the entire APBO is attributable to prior service Therefore, the entire reduction in APBO is attributed to the negative plan amendment There is no curtailment gain subject to immediate recognition The only effect the curtailment might have is the accelerated recognition of existing unrecognized prior service costs or transition obligation The negative prior service cost from the current plan change is not subject to accelerated recognition Therefore, in many cases, the elimination of retiree medical bene ts for active employees often results in a curtailment that has no immediate income statement effect The $35 million reduction in APBO from the example must be amortized over the average remaining life expectancy of the 100 retirees Question and Answer 28 from the SFAS No 106 Implementation Guide addresses a similar scenario (e) DISCLOSURES As amended by SFAS No 132-R, disclosures under SFAS No 106 are very similar to disclosures under SFAS No 87 Following are the differences:
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Since there is no additional minimum required to be recognized under SFAS No 106, the
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breakdown of the net amount recognized as a sum of intangible asset, additional minimum, and so on, is unnecessary One additional assumption must be disclosed: the medical trend assumption Since the medical trend is assumed to vary over several years, it is acceptable to paraphrase Since the medical trend assumption has a large effect on the bene t obligation, a sensitivity analysis must be performed This analysis shows the effect on service cost plus interest cost, and the bene t obligation, under a one percentage point increase and decrease in the trend assumptions Exhibit 3810 is a sample disclosure under SFAS No 106 for a public entity For a nonpublic reporting entity, the disclosures can be considerably shortened, similar to disclosures under SFAS No 87 The only difference between the formats of disclosures under SFAS No 87 for nonpublic entities versus SFAS No 106 for nonpublic entities is that the medical trend rate assumption must be disclosed, using a paragraph similar to the one in Exhibit 3810
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(a) BACKGROUND Issued by the FASB in November 1992, SFAS No 112, Employer s Accounting for Postemployment Bene ts, established accounting standards for the estimated cost of bene ts provided by an employer to former or inactive employees in the window of time after employment but before retirement (hereafter referred to as postemployment bene ts) Postemployment bene ts include such items as salary continuation, supplemental unemployment bene ts, disability-related bene ts (including workers compensation), job training, and the continuation of health care bene ts and life insurance coverage Prior to the issuance of SFAS No 112, the accounting for the cost of postemployment bene ts varied from employer to employer Although some employers accounted for these bene ts under a form of accrual accounting (eg, terminal accrual accounting under which the cost of the bene t is accrued at the time the event giving rise to the payment of bene ts occurs), most still used a cash basis to recognize the costs associated with such bene ts
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