Notes to Financial Statements
10. New Accounting Pronouncements
In September 2006 the FASB issued Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106 and 132R (SFAS 158). This statement requires recognition of the overfunded or underfunded status of defined benefit pension and other postretirement plans (other than a multiemployer plan) as an asset or liability in the statement of financial position and to recognize changes in that funded status in the year in which the changes occur in unrestricted net assets. FASB 158 also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position with limited exceptions. SFAS 158 also requires measurement of the funded status of a plan as of the date of the statement of financial position. The recognition provisions of SFAS 158 are effective for December 31, 2007, while the measurement date provisions are not effective until December 31, 2008. It is not expected that this statement will significantly affect the Foundations’ financial position.