On Tuesday, the FASB took action on the proposed new disclosures for pension plans and other postretirement benefit plans, including a Project Update dated November 12. These are reported as tenative decisions until the final Statement, which the FASB staff was directed to draft, is issued.
The FASB’s changes will be effective for fiscal years ending after December 15, 2003, with a few exceptions. The FASB decided to defer – until fiscal years ending after June 15, 2004 – the new disclosures on the projected value of all benefit payments and any new disclosures not previously required regarding foreign plans. The FASB has not yet decided on the effective date for new disclosures about plan assets.
FYI, on AccountingDisclosure.com, we have a section devoted to pension plan disclosure.
Does Governance Impact Corporate Performance? (or “Do Bankers Really Care?”)
This is one of those $64 questions – read my interview with Marc Zenner, formerly a banker with Citigroup to glean some insight into “Investment Banking and Corporate Governance.”
SEC to Adopt Nominating Committee Disclosure Requirements
Next Wednesday, the SEC will hold an open Commission meeting at 2 pm to consider the outstanding proposal regarding disclosure of shareholder communications and nominating committee activities.
All indications are that the SEC intends to apply these new requirements to the upcoming proxy season – see the Eleven Actions You Should Consider Now regarding this proposal in our “Shareholder Access” Portal.