FASB’s Quick Fix for Pension Accounting Is Only First Step
研究发现，新会计准则要求将养老金资金状况纳入资产负债表，虽提高了透明度，但导致许多美国上市公司所有者权益大幅减少，且养老金成本平滑和关键假设仍存争议。
Hidden liabilities, understated expenses, and discretionary management assumptions make pension accounting controversial. Previous accounting standards allowed companies with underfunded pension plans to accumulate pension liabilities off the balance sheet while frequently reporting a net pension asset on the balance sheet. A new standard improves transparency by requiring that the pension’s funded status be reported on the balance sheet. In assessing the impact of the new standard, this study finds that it creates profound reductions in owners’ equity for many U.S.-listed companies. Pension cost smoothing and three primary pension assumptions—the expected rate of return on plan assets, discount rate, and expected rate of increase in employee compensation—continue to be controversial.