FASB Accounting Standards Codification
On July 1, 2009, the FAS B Accounting Standards Codification™ (“ASC”) becamethe single official source of authoritative, nongovernmental U.S. GAAP, including employee benefit plans (in addition to applicable guidance issued by the Securities and Exchange Commission (“SEC”) for employee benefit plans that file Form 11-K with the SEC) superseding existing FAS B, AICPA , EITF, and related literature. Only one level of authoritative GAAP now exists, plus the guidance issued by the SEC. All other literature will be non-authoritative.
The FAS B ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. Employee benefit plans with fiscal years ending September 30, 2009, and later that refer to authoritative literature in their financial statements will need to refer to the FAS B ASC.
The general topics of FAS B ASC pertaining to employee benefit plans are the following:
• 960, Plan Accounting – Defined Benefit Pension Plans
• 962, Plan Accounting – Defined Contribution Pension Plans
• 965, Plan Accounting – Health and Welfare Benefit Plans
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