FASB Notice
FASB Notice
January 9, 2014
As you may know, in July 2011, the Financial Accounting Standards Board (“FASB”), an independent board which establishes standards of financial accounting and reporting in the United States, issued Accounting Standards Update No. 2011-09. This update provides new requirements for the disclosures that an employer should report on its financial statements related to its participation in multiemployer pension plans, such as the New York City District Council of Carpenters Pension Plan (the “Plan”). These increased disclosures are effective for public entities with fiscal years ending after December 15, 2011 and for nonpublic entities with fiscal years ending after December 15, 2012. The Plan is issuing this memo to assist Contributing Employers in satisfying these disclosure requirements.[1]
For your further convenience, this memo and the Plan’s Form 5500 for the year ended June 30, 2012 are posted on the Benefit Funds’ website (www.nyccbf.org). We anticipate the Plan’s Form 5500 for the year ended June 30, 2013 to be available prior to April 15, 2014.
[1] Compliance with FASB requirements is an obligation of the Employer and this memo is not intended as advice or guidance regarding that obligation.
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