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
The Future of Insurtech: How Technology is Transforming the Insurance Industry
Inside the Details of Auto Transport Insurance: An Expert Interview
Expert Insights: The Ins and Outs of Moving Insurance
Interview With Todd Taylor On Strategizing Large Group Health Insurance
Future Trends in Pain Management Billing and Insurance: Adapting to Change
Related Reading
Revealing the Most And Least Popular U.S. Insurance Companies
How to Get Into the Insurance Industry With a Finance Degree