FASB Interpretation No. 3

The Employee Retirement Income Security Act of 1974 (commonly referred to as the
Pension Reform Act) became law on September 2, 1974. It is principally concerned with the
funding of pension plans, the conditions for employee participation and for vesting of benefits,
and the safeguarding of employees’ pension rights. Pension plans adopted after January 1, 1974
are subject to the participation, vesting, and funding requirements of the Act for plan years
beginning after September 2, 1974. Pension plans in existence on January 1, 1974 are not
subject to those requirements until plan years beginning after December 31, 1975, unless earlier
compliance is elected.
The Financial Accounting Standards Board has analyzed the Act to determine whether
there is a need to reconsider APB Opinion No. 8, «Accounting for the Cost of Pension Plans.» As
a result of that analysis, the Board has placed the overall subject of pension accounting,
including accounting and reporting by pension trusts, on its technical agenda. Pending
completion of that project, the Board is issuing this Interpretation to clarify the accounting for
the cost of pension plans covered by the Act.

Deja un comentario