Financial Accounting Standards Board Fasb 106

Definition of "Financial accounting standards board (fasb) 106"

Kim Heinz
  Illustrated Properties

New pension-accounting rule (Employers Accounting for Post retirement Benefits Other Than Pensions) which mandates that employers that provide post retirement benefits to include life insurance, medical, or dental begin accruing an expense against current income for the expected future cost of such benefits. Additionally, the employer must list on the balance sheet a liability entry reflecting the total expected amount to be owed for the future benefit cost.

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