Question: Companies have raised at least two objections with respect to pention accounting. First, companies oppose putting pension assets and liabilities on the balance sheet at

Companies have raised at least two objections with respect to pention accounting. First, companies oppose putting pension assets and liabilities on the balance sheet at gross amounts (as opposed to netting the assets and liabilities). Second, companies oppose marking pension assets and liabilities to fair value each period. Explain both of these objections and describe how GAAP accounts for each.

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