FASB has no plans to restart its project on pension accounting, Leslie F. Seidman, chairman, said in a webcast on Tuesday.
It's “not currently in the pipeline” for the Financial Accounting Standards Board, she said in reviewing her outlook for the board for this year.
However, FASB plans to evaluate differences between its standards and those of the International Accounting Standards Board after IASB completes its own pension accounting project; FASB will then determine whether the differences are important and whether FASB should raise the priority of its pension accounting efforts, Ms. Seidman said.
FASB wants to see if it's worth convergence with the IASB to create a global pension standard, she said.
IASB plans to finalize amendments to International Accounting Standard 19 on pension accounting at the end of March, according to an IASB statement. An exposure draft on IASB's pension accounting revisions was issued April 29.
Separately, Ms. Seidman sad FASB plans to resume discussions by the end of March on an exposure draft of a revised accounting standard for multiemployer pension plans it issued Sept. 1 that would improve disclosure about an employer's participation in a multiemployer plan. FASB seeks to issue a final rule as soon as possible, she said, although she didn't provide a time frame.
“The recent financial crisis exposed employers in multiemployer plans to increased risks due to increased levels of underfunding” and a need for better disclosure, according to a FASB statement about the exposure draft.
See video archive of the meeting at FASB's website.