The FASB first released its proposed disclosure rules in an Exposure Draft on September 1, 2010. Among other things, the new disclosure rules would have required a company to disclose an estimate of its total withdrawal liability exposure in the multiemployer pension plans in which it participates. The new disclosure rules were originally scheduled to take effect for years ending after December 15, 2010 for publicly-traded companies and the following year for privately-held companies.
Over the past two months, the FASB has received numerous comments regarding its Exposure Draft, many of which expressed strong (and legitimate) concerns over its proposed withdrawal liability disclosure rules. The FASB will deliberate over the next several months on how to improve disclosures with respect to multiemployer plan participation, while also considering the valid issues raised by the responses to its Exposure Draft.
From the summary of the Board’s decisions at its November 10, 2010 meeting, at FASB.org:
Disclosures about an employer’s participation in a multiemployer plan. The September 2010 Exposure Draft, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosure about an Employer’s Participation in a Multiemployer Plan, had proposed that public entities would begin providing enhanced disclosures in financial statements for fiscal years ending after December 15, 2010, with a one-year deferral for nonpublic entities. The Board decided that a final standard will not be effective for the 2010 calendar year-end reporting period. It will decide on an effective date at a future meeting, after it has substantially concluded its redeliberations.
* * * UPDATE * * *
On May 31, 2011, FASB reached a tentative decision regarding disclosure rules for multiemployer plans. See the update here.