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Liquidation Basis of Accounting in Pension Plan Termination
Schneider Downs 
Oct. 1, 2025 "Use of the liquidation basis is required once liquidation is imminent. In the case of plan termination, liquidation is imminent once an authorized party has approved the termination.... Any administrative costs incurred to close out the plan will need to be accrued in the financial statements even if the costs are not paid until the subsequent year.... [E]ntities should proactively prepare for the transition to liquidation accounting as soon as liquidation becomes imminent." MORE >> |
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