FASB Accounting Standards Codification (FASB ASC)
The FASB ASC is the sole source of authoritative generally accepted accounting principles (GAAP) in the United States for nongovernmental entities, including employee benefit plans.
The FASB ASC became effective for financial statements issued for interim and annual periods ending after September 15, 2009. (Employee benefit plans with fiscal years ending September 30, 2009 and later will need to use and refer to the FASB ASC in their financial statements.)
Specialized accounting and reporting guidance for employee benefit plans is included in the FASB ASC 900s topic.
- FASB ASC 960 addresses defined benefit pension plan accounting and reporting
- FASB ASC 962 addresses defined contribution pension plan accounting and reporting, and
- FASB ASC 965 addresses health and welfare benefit plan accounting and reporting.
The AICPA Employee Benefit Plan Audit Quality Center has developed the following document to help explain the FASB ASC. The document explains how the FASB ASC is organized, how to reference and use the FASB ASC for employee benefit plan accounting and reporting, how the FASB ASC relates to previously issued standards, and how new authoritative accounting and reporting standards will be issued under the FASB ASC.
