Accounting for Pension and Postretirement Benefits

Accounting for Pension and Postretirement Benefits
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Price: $54.99
Credits: 7.0
Prerequisite: GAAP
Level: Intermediate
Model: JS060
Author: DeltaCPE LLC
Average Rating: Not Rated
Fields of study: Accounting
Format: PDF

Course Description
In 2020, the Pension  Rights Center reported that one out of three older adults received income from  private company or union pension plans;federal, state, or local government pension plans;or railroad retirement, military,or veterans pensions. The need to properly administer and account for pension funds is critical. There are very specific requirements forpension accounting and postretirement benefits. ASC 715 Compensation−Retirement Benefitsprovides guidance on financial reporting  for  employers  who offer pension benefits to their employees.ASC 960 Plan Accounting−Defined  Benefit Pension  Plansand ASC 962 Plan Accounting−Defined Contribution Pension Plansaddress the plan accounting standards for defined benefit plans and defined contribution plans respectively. Those detailed calculations of pension cost and reporting requirements produce a complex accounting standard. This course is designed to help you navigate the complexities of this standard. It begins with an overview of the pension system in the U.S. discussing the nature of pension plans, plan participants’ activities, the classification of pension plans, and types of pension plans and their characteristics. It addressesthe significance ofpension federal laws, including the Employee Retirement Income Security Act, the Pension Protection Act, and the Multiemployer Pension Reform Act. This course also provides current coverage of the requirementsfor accounting and reporting on pension plans and postretirement benefits. Itincludes specific examples to illustrate theapplication.Relevant references to and excerpts from ASC 715, ASC 960, and ASC 962 are discussed throughout the course.

Learning Objectives
After studying this course,you will be able to:
1.Identify the key provisions of pension federal laws
2.Distinguish between defined benefit and defined contribution plans
3.Identify theway to evaluateplan assets
4.Recognize various measures of pension obligations
5.Identify the components of pension expense
6.Recognizethe pension assets (overfunded plan) and pension liabilities (unfunded plan)
7.Identify the unique accounting practice of postretirement benefits
8.Recognizethe reporting requirements for the employer and pension plans

Field of Study Accounting
Level of Knowledge Intermediate
Prerequisite GAAP
Advanced Preparation None

Revision Date: 10/5/22

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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