Accounting Standards

Question 1

FASB 87

Answer 1

Accounting for defined benefits plans

Question 2

FASB 158

Answer 2

Amends FAS 87 and says company must recognize the overfunded status of a benefit plan as a separate asset

Question 3

FASB 106

Answer 3

Accounting for defined contribution plans

Question 4

FASB 109

Answer 4

Accounting for deferred tax assets and liabilities

Question 5

FASB 112

Answer 5

Requires employers to recognize the obligation to provide postemployment benefits

Question 6

FASB 115

Answer 6

Cannot mark-to-market if the security is for sale

Question 7

FASB 157

Answer 7

Defines “fair value” accounting

Question 8

FASB 159

Answer 8

Permits companies to choose to elect to use “fair value” accounting

Question 9

TB 85-4

Answer 9

Only cash surrender value (CSV) should be reported as an asset. Provides the ability to mark-to-market.

Question 10

EITF 06-05

Answer 10

Determining the amount that should be reported under TB-85-4

Question 11

EITF 06-4

Answer 11

Companies must accrue expense of providing post-retirement Endorsement Split-Dollar Life Insurance benefits

Question 12

EITF 06-10

Answer 12

The company must record a liability for the postretirement benefit associated with collateral assignment split dollar policies

Question 13

FIN 48

Answer 13

Clarifies the accounting for uncertainty in incomes taxes in accordance with FASB 109