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Accounting for Pensions and Postretirement Benefits - v12 (Course Id 1753)

Updated / QAS / Registry
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Author : Jae K. Shim, Ph.D., CPA
Course Length : Pages: 88 ||| Review Questions: 30 ||| Final Exam Questions: 35
CPE Credits : 7.0
IRS Credits : 0
Price : $62.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1753

Description :

In 2021, the Congressional Research Service reported that over 70% of all U.S. workers have access to employer-sponsored pensions. The need to properly administer and account for pension funds is critical. There are very specific requirements for pension accounting and postretirement benefits. ASC 715 Compensation-Retirement Benefits provides guidance on financial reporting for employers who offer pension benefits to their employees. ASC 960 Plan Accounting-Defined Benefit Pension Plans and ASC 962 Plan Accounting-Defined Contribution Pension Plans address the plan accounting standards for defined benefit plans and defined contribution plans respectively. Those detailed calculations of pension cost and reporting requirements produce a complex accounting standard.

This course is designed to help you navigate the complexities of this standard. It begins with an overview of the pension system in the U.S. discussing the nature of pension plans, plan participants’ activities, the classification of pension plans, and types of pension plans and their characteristics. It addresses the significance of pension federal laws, including the Employee Retirement Income Security Act, the Pension Protection Act, the Multiemployer Pension Reform Act, and the American Rescue Plan Act. This course also provides current coverage of the requirements for accounting and reporting on pension plans and postretirement benefits. It includes specific examples to illustrate the application. Relevant references to and excerpts from ASC 715, ASC 960, and ASC 962 are discussed throughout the course.

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : GAAP.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 01-Feb-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1753

Keywords : Accounting, Accounting, Pensions, Postretirement, Benefits, v12, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After studying this course, you will be able to:
    1. Identify the key provisions of pension federal laws
    2. Distinguish between defined benefit and defined contribution plans
    3. Identify the way to evaluate plan assets
    4. Recognize various measures of pension obligations
    5. Identify the components of pension expense
    6. Recognize the pension assets (overfunded plan) and pension liabilities (unfunded plan)
    7. Identify the unique accounting practice of postretirement benefits
    8. Recognize the reporting requirements for the employer and pension plans
Course Contents :

Chapter 1:    Overview of the Pension System

I. Pension Fund Structure

A) Background Information

1. Nature of Pension Plans

2. Plan Participants’ Activities

B) Pension Plan Classification

1. Single-Employer Plans

2. Multiemployer Plans

3. Multiple Employer Plans

C) Federal Laws for Pension Plans

1. Employee Retirement Income Security Act

2. Pension Protection Act

3. Multiemployer Pension Reform Act

4. American Rescue Plan Act

II. Types of Pension Plans

A) Defined Benefit Plans

B) Defined Contribution Plans

C) Hybrid Pension Plans

1. Cash Balance Plans

2. Floor-Offset Plans

3. Target Benefit Plans

III. Pension Accounting and Reporting

A) Fundamentals of Pension Accounting and Reporting

B) Standards for Accounting and Reporting

1. Overview

2. Scope and Scope Exceptions

Review Questions - Group 1

Chapter 2:    Accounting for Defined Benefit Plans

I. General Principles

II. Measurement of Plan Assets

III. Measurement of Cost and Obligations

A) Pension Obligations

1. Selection of Discount Rates

2. Measures of Plan Liabilities

Review Questions - Group 2

B) Components of Pension Expense

1. Service Cost

2. Interest Cost

3. Actual Return on Plan Assets

4. Amortization of Prior Service Cost

5. Gain or Loss

Review Questions - Group 3

IV. Modifications to Pension Plans

A) Settlement

B) Curtailment

C) Termination

V. Recognition of Liabilities and Assets

A) General Rules

B) Classification and Time of Measurement

C) Subsequent Amendment: Practical Expedient for Measuring Obligations and Assets

Review Questions - Group 4

VI. Considerations for Postretirement Benefits

A) Accounting

B) Plan Amendment

C) Health Care Benefits

Comprehensive Illustrations

A) Amortization of Prior Service Cost

1. Accumulated Other Comprehensive Income

2. Plan Amendment

B) Actuarial Gains or Losses/Prior Service Cost

C) Corridor Approach

D) Postretirement Benefit

E) Worksheet

1. Recognition of Liability

2. Prior Service Cost

Review Questions - Group 5

Chapter 3:    Reporting for Defined Benefit Plans

I. Requirements for Plan Sponsors (Employers)

A) Public Entities

B) Nonpublic Entities

C) Entities (Public and Nonpublic) with Two or More Plans

D) Interim Financial Reports

1. Publicly Traded Entities

2. Nonpublic Entities

E) Subsequent Amendment

1. Improve the Presentation of Net Periodic Pension Cost

2. Improve the Effectiveness of Footnote Disclosures

Summary of Disclosure Requirements

A) Pension Plans

B) Postretirement Benefits

II. Requirements for Plan Administrators

A) General Rules

1. Presentation of Financial Statements

2. Dates Used to Present Information

B) Net Assets Available for Benefits

1. Contributions Receivable

2. Investments

3. Operating Assets

4. Liabilities

C) Changes in Net Assets Available for Benefits

D) Actuarial Present Value of Accumulated Plan Benefits

1. Determining Accumulated Plan Benefits

2. Presentation Matters

E) 401(h) Accounts

F) Subsequent Amendment: Interests in Master Trusts

G) Regulatory Reporting Requirements

Review Questions - Group 6

Chapter 4:    Accounting and Reporting for Defined Contribution Plans

I. Accounting Treatment

A) General Rules

B) Pension Expense

C) Contributing Assets from a DB Plan to a DC Plan

II. Reporting and Disclosure

A) General Rules

B) Net Assets Available for Benefits

1. Contributions Receivable

2. Investments

3. Operating Assets

4. Liabilities

C) Changes in Net Assets Available for Benefits

D) Subsequent Amendment: Interests in Master Trusts

E) Regulatory Requirements

1. Form 11-K


Chapter 5:    Other Matters

I. Multiemployer Plans

A) Accounting Treatment

B) Reporting and Disclosure

II. Postemployment Benefits


Review Questions - Group 8

Appendix A: Employee Benefit Plan Fraud Examples

Appendix B: An Auditor’s Report on Financial Statements for a Defined Contribution Retirement Plan Subject to ERISA


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