Problem: Refer to Fatality Analysis Reporting System (FARS) to identify the changes that were made, both within the financial statements themselves and in the required disclosures.
Click https://www.fasb.org/pdf/fas158.pdf to learn how to access FARS.
Based on your analysis of the information provided, answer the following:
• What are the current requirements for reporting pension plan and postretirement benefit information in the financial statements?
• What are the changes that were made from previous reporting requirements?
• Have these changes improved reporting for the users of financial statements?
In your evaluation, you should consider how the changes either improved or did not improve the characteristics of usefulness and understandability identified in the conceptual framework for financial reporting, such as the following:
• Representational faithfulness
• Verifiability
• Conservatism
• Full disclosure
• Predictive or feedback value
• The definitions of financial statement elements