FASB 87
Updated: 29 February 2024
What Does FASB 87 Mean?
FASB 87 was a statement released by the Financial Accounting Standards Board. After studying 130 reports, the Board offered a way to improve pension reporting. Its results were based on a survey that ended in December of 1990.
Insuranceopedia Explains FASB 87
The survey revealed that the most popular pension plans were, in the following order:
- The defined benefit plan
- The defined contribution plan
- The multi-employer plan
The statement required the weighted average assumed discount rate and the rate of compensation for the companies that use these plans. Among the many requirements was the mandatory disclosure of underfunded pension plans. Corporations were also forbidden to use deductions for tax purposes.
Related Definitions
Related Terms
Related Articles
How Annuities Can Help You Plan the Rest of Your Life
Insurance Self-Service Portal: The Future of Customer Experience
Blockchain’s Impact on Transforming the Insurance Landscape
What Every College Student Should Know About Renters Insurance
Guidance for Nurses: Five Essential HIPAA Compliance Tips
Insuring Your Financial Future: the Crucial Role of Accounting in Insurance
Related Reading
Revealing the Most And Least Popular U.S. Insurance Companies
What Students Need to Know About Insurance Coverage During Internships
A Roadmap for Students Interested in the Insurance Industry
Strong Identity Verification in the Insurance Sector
How to Avoid Online Insurance Scams
How to Get Into the Insurance Industry With a Finance Degree