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Article: Living big off pensions.(Financial Accounting Standards Board considering revamping pension accounting rule FAS 87)(Brief Article)
- Article from:
- Pensions & Investments
- Article date:
- May 13, 2002
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Shareholder resolutions calling for companies to exclude pension income from total corporate income when calculating incentive pay for top executives look like an effort to close the barn door when the horse has already bolted.
What really is needed is a revision of FAS 87, the pension accounting rule; and that might be coming. The Financial Accounting Standards Board is considering revamping the rule, while Harvey L. Pitt, chairman of the Securities and Exchange Commission, wants to make financial statements in general easier to understand and thus more meaningful in detailing a company's finances.
Certainly, pension accounting and executive ...