Before 2006, U.S. accounting standards did not require companies to report the funding status of a defined benefit pension plan (overfunded if the plan assets exceed the projected benefit obligation and underfunded if the plan assets are less than the PBO) in the balance sheet. Some preparers and users of financial statements believe that it isn't absolutely necessary to reflect the pension plan funding status on the face of the balance sheet. Instead, they believe that mere note disclosure of the funding status is enough. Other preparers and users view it as essential to explicitly require a net pension-related asset or liability to be recognized in an amount equal to the funding status of the defined benefit plan. Is note disclosure sufficient for financial statement users, or is it important that information be actually recognized in the financial statements themselves?