Statement 158 Pension and Postretirement Accounting
Overview:In September 2006, the FASB issued FASB Statement No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans. This new standard requires plan sponsors to:
- Recognize the overfunded/underfunded status of a benefit plan on the employer’s balance sheet - Measure a plan’s assets and obligation as of the end of the employer's fiscal year
The deadline for recognizing the funded status in the financial statements was effective as of the end of the fiscal year ending after December 15, 2006 for public companies and at the end of the fiscal year ending after June 15, 2007 for all other companies. The use of fiscal year end as the measurement date is required for fiscal years ending after December 15, 2007.
The Knowledge Congress has assembled a panel of widely distinguished experts and industry thought leaders to help companies understand the new accounting rule. The panel will present their findings, which includes best practices, in a live two-hour teleconference
Who Should Attend:
Accountants, Internal Auditors and Finance Executives from Public Companies, Tax Attorneys, Tax Consultants, Chief Actuary Officers, General Counsels, Plan Sponsors, benefits professionals from public and private companies. Consultants and attorneys from outside firms, anyone with direct and indirect responsibility or concern with SFAS 158
Karen Wiltsie is a partner in Deloitte & Touche LLP’s National Office Accounting Standards and Communications Group. In this role, Karen is involved in the accounting standards setting process and develops communications to accounting professionals concerning interpretations of accounting standards. Prior to working in National Office, Karen was an audit partner in the Detroit office, and served as the accounting and auditing professional practice director for the firm’s Michigan offices, with responsibility for quality assurance, risk management and related professional practice matters.
She received her bachelor’s and MBA degrees from the University of Michigan, and is the recipient of the William A. Paton Award from the Michigan Association of CPAs for the highest score in Michigan on the CPA exam. Past affiliations include: past chair of the Michigan Association of CPAs, member of the AICPA’s governing council and one of Detroit’s 100 Most Influential Women by Crain’s Detroit Business.
Karen Wiltsie is a partner in Deloitte & Touche LLP’s National Office Accounting Standards and Communications Group. In this role, …
Murray Akresh is a Partner in PricewaterhouseCoopers's Global Human Resource Solutions National Technical Consulting Unit in New York. Murray assists clients and practice personnel in better understanding the financial, accounting and auditing implications of benefits and compensation related issues. In this role, he provides insights and guidance on pension, retiree health and postemployment benefit accounting, as well as accounting for stock compensation arrangements. Murray has worked with both audit and consulting clients on these issues.
Murray has specialized in pension accounting for over 20 years. Currently, Murray is working with the FASB as author of the section on pensions and other postretirement benefits in the FASB's project to develop a codification of all accounting literature. Murray also was co-author of four research studies on retiree health benefits, including the FEI Field Test. He has been a frequent speaker on issues relating to retiree health benefits and pension accounting and auditing as well as stock option issues, and has authored various monographs and articles on these topics including articles in Financial Executive, The CPA Journal and The Journal of Accountancy. He led PwC’s major study on the potential impact of IAS 19, Employee Benefits.
Murray has been the leader of our FAS 123 and FAS 123R stock option modeling practice for over 10 years and led PwC’s ground-breaking study, Stock Options: Accounting, Valuation and Management Issues. He has been the partner on numerous clients involving stock option modeling under FAS 123 and FAS 123R and in resolving complex technical issues involving FAS 123 and FAS 123R. Murray was a coauthor of our Monograph on FAS 123R and played a key role in PwC’s field test of the IASB’s new stock option accounting rules.
Murray has been with the Firm for over 35 years. Murray was also an Audit Manager with the Firm and National Accounting and SEC manager responsible for formulating firm policy and technical communications regarding pensions and other postemployment benefits.
Murray earned his M.B.A. and B.B.A. at Baruch College, City University of New York, majoring in Accounting. He is a CPA and a member of the Financial Executives International, the AICPA, and the New York State Society of CPAs.
Murray Akresh is a Partner in PricewaterhouseCoopers's Global Human Resource Solutions National Technical Consulting Unit in New York. Murray assists …
Steve Alpert is a principal and consulting actuary in Mercer's New York office and, as a member of the firm's Actuarial Resource Network, works with consultants worldwide on matters dealing with accounting for
He is currently Vice-Chair of the American Academy of Actuaries' Pension Accounting Committee and a member of its Pension Practice Council.
Steve is an Enrolled Actuary, a Fellow of the Society of Actuaries and the Conference of Consulting Actuaries, and a Member of the American Academy of Actuaries.
Steve Alpert is a principal and consulting actuary in Mercer's New York office and, as a member of the firm's …
Diana J. Scott is a Principal and Consultant in Towers Perrin's Technical Services group, serving in a leadership capacity as a global resource on accounting and financial reporting issues. In that role, Diana focuses on postemployment and postretirement benefits, and other deferred compensation and stock-based compensation arrangements, including the implications of transactions and events affecting those costs and obligations. She also is the Issue Leader on accounting topics for Canada and a key member of Towers Perrin’s Benefits Accounting Standards Group – Europe. In those roles, she provides accounting training and guidance, prepares issues papers addressing the FAS and IFRS implications of benefits transactions, and consults with US and non-US offices on accounting and financial reporting issues.
Diana maintains ongoing contact with the FASB, members of the EITF, the Offices of the Chief Accountant and Corporation Finance of the SEC, and the IASB, and monitors their activities relevant to the firm's practices in the employee benefits and executive compensation areas. Diana is presently serving on the IASB’s Employee Benefits Working Group. She served on the FASB’s FAS 123R Implementation Issues Resource Group, and consults with the IASB and FASB staff working on issues affecting the accounting for pensions and other postretirement benefits.
Prior to joining Towers Perrin in 1991, Diana was a project manager on the research and technical activities staff of the Financial Accounting Standards Board for five years. Her primary responsibility was the research and development of FASB Statement No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions. Diana also consulted on implementation issues relating to the pension accounting requirements of FASB Statements No. 87 and 88.
Prior to joining the FASB, Diana was a senior audit manager in the national office of Price Waterhouse. In that capacity, Diana consulted with the firm's partners and managers on accounting issues and created reference and continuing education materials. She also spent several years in the Pittsburgh office managing multi-national audit engagements.
Diana has co-authored chapters on accounting for pensions and postretirement benefits other than pensions in the Corporate Controllers Handbook. She also has written several articles and spoken frequently on compensation- and benefits-related accounting issues.
Diana received her Bachelor of Arts degree in business administration from Wittenberg University in Springfield, Ohio. She is a certified public accountant and a member of the American Institute of CPAs.
Diana J. Scott is a Principal and Consultant in Towers Perrin's Technical Services group, serving in a leadership capacity as …
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