Compensation Strategies Group, Ltd.
Nicholas Pension Consultants
Nova 401(k) Associates
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|FASB Confirms Existing Rules on Medicare Accounting|
Feb. 12, 2004
Excerpt: The Financial Accounting Standards Board (FASB) on Wednesday cleared up some of the confusion surrounding accounting for the effects of the new Medicare law.... FASB's Wednesday vote confirmed that existing rules governing post-retirement benefit costs should be used. According to the Wall Street Journal, that means companies should book the estimated amount of federal subsidy as a reduction of future benefit costs -- instead of as a stream of income from continuing operations.
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