FASB Statement No. 106 requires companies to recognize a liability for their obligation to pay for retirees
Question:
FASB Statement No. 106 requires companies to recognize a liability for their obligation to pay for retirees’ health care. Prior to this rule, most companies recognized no liability for their health care promises to employees, although an economic liability certainly existed. Many companies used the adoption of the FASB rule as an excuse to cut retiree health benefits, claiming that the FASB had suddenly created this liability. Thus, it seems that FASB Statement No. 106 had an economic impact on retirees. Recognizing that accounting rules can have economic consequences, sometimes unintended and undesirable, should the impact on society be an important consideration for the FASB in setting accounting standards?
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The issue of the economic consequences of accounting standards is extremely important to an understanding of the difficulty facing the FASB in setting ...View the full answer
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