A 3-day intermediate training course with comprehensive coverage of the complexities of accounting and financial components of pensions and other long-term employee benefits

• Evaluating and using measurement methodologies that are used in determining pension obligations
• Exploring and examining financial management considerations for funding plans
• Managing the components of pension cost and understanding their impact on the financial statements
• Detailed analysis of the disclosure requirements for pensions and other-long term employee benefits
• Understanding the accounting and financial implications of changes in pension plans and other long-term employee benefits
• Interactive case studies on the measurement of employee benefit obligations
• Interactive case studies on accounting for employee benefit obligations

Who Should Attend

The course will be of value to professionals in the following areas:

• Public/Chartered Accountants
• Accountants in Industry with Pension Plans
• Pension Accountants
• Treasury Management Personnel
• Financial Managers
• Controllers
• Accounting Managers
• Accounting and Finance Personnel whose responsibilities include external financial reporting
• Financial and Business Analysts

Course Level

The course is designed for public/private accountants as well as finance professionals who have responsibilities for pension and other long-term employee benefits accounting or funding. Attendees should have a familiarity with present value financial concepts as well as financial statement knowledge of the accounts affected by accounting for long-term liabilities.

Teaching Methodology

The material will be presented using a combination of lecture/discussion, interactive case studies, reviewing published company's financial statements as well as the disclosure notes, and short problems that build on each other to form an integrated whole that illustrates a comprehensive overview of Accounting for Employee Benefits.

DAY 1

Types of Pension plans

• Defined contribution plans
• Defined benefit plans

Accounting for defined benefit plans

Overview of accounting for pensions and other longterm employee obligations

• Measurement of pension liability
• Computing the present value of future benefits
• Economic considerations
• Demographic considerations
• Employee profiles
• Computing the actuarial liability
• Computing the present value of future “normal” costs
• Measurement models used to compute pension obligations

Detailed case study on applying measurement methodologies to determine benefit obligations.

Funding side of pensions and other employee benefits

Allocating pension costs over the relevant funding periods

• Determinants of funding needed
• Normal cost
• Unfunded actuarial liability
• Actuarial value of assets
• Full vs. Partial funding
• Recognition of net funded status

Mini-case on determining funded status of plans

• Summary of topics covered and preview of the comprehensive case study to be analysed and discussed on day 2.

DAY 2

Pension cost components

• Service costs
• Interest costs
• Actual return on plan assets
• Prior service costs

Mini-case on accounting for prior service costs

• Actuarial gain of loss

Case on making a determination of, and the accounting for, actuarial gains and losses.

Comprehensive case study on accounting for pensions

Accounting for changes to benefit plans

Terminations

• Mini-case on accounting for termination benefits
• Settlements

Case study of accounting for settlements

• Curtailment

Case study on accounting for curtailments

• Financial statement reporting and disclosure
• Best practices for footnote disclosure
• Thorough examination of sample company disclosures for employee benefits

Summary of day 2

DAY 3

Other long-term employee benefits

• Measurement of the liability
• Economic considerations
• Demographic considerations
• Methodologies used to value other long-term benefit obligations

Case study on computations to value other long-term employee benefits

• Recognition of the net funded status

Case on accounting for other long-term benefit plan

Accounting for other long-term employee benefits

• Service costs
• Interest costs
• Actual return on plan asset
• Prior service cost
• Actuarial gain or loss

Comprehensive case on accounting for other longterm employee benefits

• Financial statement presentation and disclosure
• Extended analysis of footnote disclosures by companies
• Summary and review of material presented

Course summary and close

• Frank J. Beil

  Frank J. Beil is a CPA and recognised expert in financial accounting. He has advised the Financial Accounting Standards Board (FASB) on the Codification Project on Revenue Recognition. He also conducts seminars on Accounting and Auditing Update, Fair Value Measurements, Accounting for Retirement Benefits, Accounting for Leases, Accounting for Revenue Recognition, Accounting for Derivative Instruments and Hedging Activities, and Accounting for Business Combinations.
  
  He is a Managing Director of a firm which specialises in the Energy Industry by consulting on effectively managing operating and financial risk. He is also a Senior Lecturer in Accounting and Adjunct Professor of Management at a leading University. His previous experience includes holding positions as CFO for both businesses and non-profits as well as conducting auditing and accounting work for numerous publicly traded companies in the U.S.
  
  He has published articles on accounting topics including Revenue Recognition: Fundamental Principles and Multiple Element Arrangements, and Revenue Recognition: Products and Services, and was named Price Waterhouse Coopers Outstanding Faculty of the Year.
  
  Mr. Beil holds a Masters of Science in Accounting & Taxation from the University of North Dakota, and a Bachelor of Science in Business Administration from the University of Wisconsin.

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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