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  • Multiemployer Pension Plans

    SUMMARY

    FASB ASU 2011-09 requires additional quantitative and qualitative disclosures about an employer's participation in a multiemployer defined benefit pension plan. In the past, the disclosures available to a user of an employer's financial statements about multiemployer pension plans were limited to historic contributions. The FASB added the multiemployer plan project to its agenda in response to financial statement user concerns that companies participating in multiemployer plans are not required to provide the information users considered necessary to determine the company's obligation to these often underfunded plans.
    Ultimately, the Board decided not to require employers that participate in multiemployer plans to disclose withdrawal liabilities. However, the existing guidance for contingent losses continues to apply (ASC Topic 450). It requires the recognition of a withdrawal liability if withdrawal from a plan that requires a payment is considered probable, or footnote disclosure if the withdrawal is only considered reasonably possible.
    The following information summarizes the disclosures required by the ASU.


  • Significant Accounting & Reporting Matters Third Quarter 2011

    Included in this article: Financial Accounting Standards Board (FASB), Final FASB Guidance, Proposed FASB Guidance, Other Activities; Securities Exchange Commission (SEC), Final Rules, Proposed Rules, Other Activities; International Accounting Standards Board (IASB), Final IASB Guidance, Proposed IASB Guidance, Other Activities; Effective Dates of U.S. Accounting Pronouncements


  • Goodwill Impairment

    Recently, the FASB relaxed its goodwill impairment standard so companies will be able to avoid the cost of developing detailed fair value estimates for their reporting units in some cases.1  The FASB decided to provide companies with a new option to determine whether it is necessary to apply the traditional two-step impairment test.2



  • Significant Accounting & Reporting Matters - Second Quarter 2011

    Included in this article: Financial Accounting Standards Board (FASB), Final FASB Guidance, Proposed FASB Guidance; Effective Dates of U.S. Accounting Pronouncements



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  • Secure File Transfer

    Secure File transfer

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    As in your work and your life – too much work and no play….well, you know the rest. HbK has a formal flex time program to ensure our people keep their life in check alongside their work responsibilities. Our technology allows us to work from anywhere and anytime to accommodate the needs of our people as well as the needs of our clients.