Are you prepared for FAS 158? - CUNA Mutual Group

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Old FAS 87 Exhibit Unrecognized Losses Prepaid Pension Expense Employee Benefit Products 38
Journal Entries Debit Credit Transition to FAS 158 Prepaid pension expense 2,200 Net pension liability 1,100 OCI 3,300 • Prepaid pension expense was $2.2 million • PBO exceeds assets by $1.1 million • Unrecognized loss was $3.3 million Employee Benefit Products 39
Page 1 and 2: Are you prepared for FAS 158? Prese
Page 3 and 4: I am not an accountant!* * The info
Page 5 and 6: Logistics of Transition Prepaid Pen
Page 7 and 8: Logistics of Transition Last Valuat
Page 9 and 10: New FAS 158 Exhibit C Transition Jo
Page 11 and 12: Logistics of Transition • Liabili
Page 13 and 14: Accounting Evolution FAS 87/88 Basi
Page 15 and 16: Accounting Evolution FAS 87/88 FAS
Page 17 and 18: Accounting Evolution FAS 87/88 FAS
Page 19 and 20: Balance Sheet Assets Liabilities Li
Page 21 and 22: Member’s Equity • Reserves •
Page 23 and 24: Net Worth • Net Worth is Reserves
Page 25 and 26: New FAS 158 Exhibit A Funded Status
Page 27 and 28: Change in Funded Status • Expecte
Page 29 and 30: Change in Funded Status Liability E
Page 31 and 32: New FAS 158 Exhibit D Employee Bene
Page 33 and 34: Pension Expense + Service Cost + In
Page 35: Transition to FAS 158 • No change
Page 39 and 40: CU Balance Sheet Before FAS 158 Ass
Page 41 and 42: Net Worth After FAS 158 • Net Wor
Page 43 and 44: CU Balance Sheet After FAS 158 Asse
Page 45 and 46: Moody’s Aa Liability 4,700,000 5,
Page 47 and 48: Journal Entries Debit Contributions
Page 49 and 50: Measurement Date = FYE • Effectiv
Page 51 and 52: Questions? If you have questions af

Are you prepared for FAS 158? - CUNA Mutual Group

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