Course Information

Course No:  141720

Course Name:  Accounting for Pensions and Postretirement Benefits

Field of Study:    Accounting

Course Description:  

In 2020, the Pension Rights Center reported that one out of three older adults received income from private company or union pension plans; federal, state, or local government pension plans; or railroad retirement, military, or veterans pensions.

This course is designed to help you navigate the complexities of this standard. It begins with an overview of the pension system in the U.S. discussing the nature of pension plans, plan participants’ activities, the classification of pension plans, and types of pension plans and their characteristics. It addresses the significance of pension federal laws, including the Employee Retirement Income Security Act, the Pension Protection Act, and the Multiemployer Pension Reform Act. This course also provides current coverage of the requirements for accounting and reporting on pension plans and postretirement benefits. It includes specific examples to illustrate the application. Relevant references to and excerpts from ASC 715, ASC 960, and ASC 962 are discussed throughout the course.

Learning objectives: After completing this section, you should be able to:

  • Identify the key provisions of pension federal laws.
  • Distinguish between defined benefit and defined contribution plans.
  • Identify the way to evaluate plan assets.
  • Recognize various measures of pension obligations.
  • Identify the components of pension expense.
  • Recognize the pension assets (overfunded plan) and pension liabilities (unfunded plan).
  • Identify the unique accounting practice of postretirement benefits.
  • Recognize the reporting requirements for the employer and pension plans.

Course Material: Online Material

Program level: Intermediate

Prerequisites: Understanding of GAAP

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   7.0

Final examination expiration date:   The program participant will have one year from the date of purchase to complete the course and final examination.