Full disclosure: Pension and other postemployment benefits

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Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for pension obligations and plan assets. Jay Seliber and Ken Stoler from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. 

Topics include:

• 1:24 - Pension costs. Jay outlines the typical six accounting components of pension and other postemployment benefit (OPEB) costs for single-employer defined benefit plans.  
• 7:31 - Financial statement presentation. Ken explains the balance sheet and income statement and classification matters for pension and OPEB obligations. 
• 11:02 - Disclosures. Jay highlights key objectives to consider and specific required disclosures for pensions. 
• 24:47 - Key takeaways. Heather, Jay, and Ken close with some final advice to help make the preparation of these disclosures easier.

Want to learn more? Read our Financial statement presentation and Pensions and other employee benefits guides. And listen to our podcast, Accounting for pension plans: Back to the basics with 5 things to know. 

Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative to the FASB's Emerging Issues Task Force.

Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate their employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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