Summary of FASB Statement 106 Term Paper by Jay Writtings LLC

Summary of FASB Statement 106
A summary and explanation of the Federal Accounting Standard Board's (FASB) published Statement 106.
# 115928 | 2,434 words | 4 sources | APA | 2009 | US


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Description:

This paper discusses the Federal Accounting Standard Board's (FASB) published Statement 106. The paper discusses the purpose of the statement and suggests that the ruling will vastly change health care benefits as they are applied today. In addition, Statement 106 is summarized and compared to pension plans. Finally, the paper looks at steps to transition Statement 106 into practice.

Table of Contents:
Comparison to Pension Plans
Generally Accepted Accounting Principles Used
Delays in Statement 106
Amendment to Opinion 12
Steps to Transition Statement 106 Into Practice

From the Paper:

"Accordingly, in normal cases, equal distributions of accrual of compensation occur annually. However, in some cases it may be deemed appropriate for employers to plan to start the benefit packages slower, if certain criteria are met, and the employee is inexperienced. However, once a certain level of experience is attained, the compensation package should contain the disproportionate balance of the early years. Whatever the case may be the GAAP principles utilized to fulfill the financial reporting cycle should provide the most accurate and up-to-date information. The accounting and reports should reflect the actual contract between the employer and employee, and reflect any deviation from equal accrual of compensation that may be taking place."

Sample of Sources Used:

  • FASB. (2007). Summary of Statement No. 106. http://www.fasb.org/st/summary/stsum106.shtml.
  • FASB. (2007). Statement on Financial Accounting Concepts. http://www.fasb.org/public.
  • Federal Accounting Standards Advisory Board. (2007). Generally Accepted Accounting Principles. http://www.fasab.gov/accepted.html.
  • Newman, D. Paul. (1981). Coalition Formation in the APB and the FASB: Some Evidence on the Size Principle. The Accounting Review. Vol 56. No. 4 pp. 897-909.

Cite this Term Paper:

APA Format

Summary of FASB Statement 106 (2009, August 18) Retrieved June 17, 2019, from https://www.academon.com/term-paper/summary-of-fasb-statement-106-115928/

MLA Format

"Summary of FASB Statement 106" 18 August 2009. Web. 17 June. 2019. <https://www.academon.com/term-paper/summary-of-fasb-statement-106-115928/>

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