The Financial Accounting Standards Board has voted not to initiate a project that would require corporate pension plans to disclose more information about their funding requirements, confirmed Gerard Carney, communications director. The vote was first reported Wednesday afternoon on Pensions & Investments' website, www.pionline.com. Board members believed that the SEC's requirement that companies reveal their expected pension contributions for the next year was sufficient. The vote had centered on whether to expand the required period to five years, Mr. Carney said. Members did not want to add "redundancy to the already existing requirements," he said.
Mr. Carney emphasized that the vote was related to the Pension Protection Act and not to FASB's two-part plan to overhaul pension accounting. Phase one, which the board completed on Sept. 29, requires overfunded plans to list their assets and underfunded plans to list their liabilities on their corporate balance sheets. Phase two, which will likely begin early next year, will look at pension obligations and corporate income statements.