FASB 87 Reporting

[Guest Turtle_01]

What is the criteria for who must disclose FASB 87 information?

[david rigby]

I suppose the answer is that it applies to all companies that have a DB plan (government units are not subject to FAS accounting rules).

Statements issued by the FASB are part of how the accounting profession defines "generally accepted accounting principles". But the real teeth is from the SEC, which states that publicly held corporations must report their financial results using GAAP.

A privately held corporation may choose to use SFAS87 in order to adhere to GAAP, but there is no SEC oversight that requires it. If that company wants to borrow money, the lender may require GAAP.

Any accounting experts out there want to embellish / correct my synopsis?