FASB today postponed for a year requiring more detailed disclosure of pension fund investment allocation and risk concentration.
The requirement for more detail would amend the Financial Accounting Standards Boards Statement 132(R) Employers Disclosures about Pensions and Other Postretirement Benefits. It would now take effect for corporate fiscal years ending after Dec. 15, 2009, instead of Dec. 15, 2008. The disclosure would continue to appear in notes to corporate 10-K reports.
William F. Quinn, chairman of the Committee on Investment of Employee Benefit Assets, said before todays FASB meeting that CIEBA has been seeking the delay to give everyone involved in pension fund reporting more time for an orderly transition. Mr. Quinn, also chairman of American Beacon Advisors, which oversees the $9.1 billion pension fund of American Airlines Inc., wasnt available for comment after the FASB meeting.
CIEBA is an association of CIOs of large corporate pension funds.