Required Reporting for Defined Contribution, Defin

Required Reporting for Defined Contribution, Defined Benefit, and other Postretirement Plans

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Required Reporting for Defined Contribution, Defined Benefit, and other Postretirement Plans

INSTRUCTIONS:

Write a 700- to 1,050-word executive memo that explains the required reporting for defined contribution, defined benefit, and other postretirement plans. Also include an explanation of what must happen for the two segments to be eliminated. (You do not need to know details about the segments to answer this.) You are a controller in a midsized manufacturing company that has acquired 100% of another company. The acquired company includes two segments and two different pension plans. Both of these reporting issues are new to your CEO, and your CEO wants to eliminate the segments.

CONTENT:
ReportingStudent:Professor:Course title:Date:MEMORANDUMDATE: July 16, 2014TO: Helen Kolinsky, CEO and President, Finlay Glass Manufacturers FROM: Terry Mitchell, Controller, Finlay Glass Manufacturers SUBJECT: Required Reporting for Defined Contribution, Defined Benefit, and other Postretirement Plans The key objective of a plan’s fiscal statements is to offer information which is valuable in measuring the pension plan’s current and future capability to pay benefits whenever they are due. It is notable that this objective necessitates the presentation of information regarding the economic resources of the plan as well as a measure of the accrued benefits of the participant. The objective of this memorandum is to provide a comprehensive explanation of the required reporting for defined contribution, defined benefit, as well as postretirement plans. In addition, an explanation of what must happen for the 2 segments to be eliminated is provided.Defined Benefit PlanIn a defined benefit plan, the funding process is understood as making the sporadic contributions to a funding agency in order to make sure that there are available funds to meet the claims of the retiree. Defined-benefit pension plan fiscal statements meant to be presented according to the GAAP have to be prepared on the accrual basis and must comprise the following: (i) a statement of the net assets which are available fo...
 
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