Wiley GAAP 2019

43ASC 715 COMPENSATION—RETIREMENT BENEFITS

PERSPECTIVE AND ISSUES

Subtopics

ASC 715, Compensation-Retirement Benefits, contains six subtopics:

• ASC 715-10, Overall, sets the objectives and the scope for ASC 715
• ASC 715-20, Defined Benefit Plans—General, provides guidance on the presentation and disclosure requirements for single-employer defined benefit pension and other postretirement plans
• ASC 715-30, Defined Benefit Plans—Pension, provides accounting guidance related to single-employer defined benefit pension plans
• ASC 715-60, Defined Benefit Plans—Other Postretirement, provides guidance on single- employer defined benefit plans other than postretirement benefit plans
• ASC 715-70, Defined Contribution Plans, provides guidance on defined contribution plans
• ASC 715-80, Multiemployer Plans, provides guidance on multiemployer plans as opposed to multiple employer plans.

Technical Alert

ASU 2017-07 In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Periodic Postretirement Benefit Cost. The new guidance changes how employer sponsors of defined benefit and/or postretirement benefit plans present the net periodic benefit cost in the income statement. The FASB issued the ASU as part of its effort to improve employer’s reporting of defined benefit plans.

Guidance The amendments in ASU 2017-07 require that employers present the service cost component of net periodic benefit cost in the same income statement line items as other ...