In accordance with the FASB's Accounting Standards Update (ASU) 2011-09, Compensation-Retirement Benefits-Multiemployer Plans, enhanced disclosures will soon be required for employers who participate in multiemployer plans.
The new disclosure requirements include identifying significant multiemployer plans, the contributions made to those plans, the funded status of such plans and the existence of funding improvement plans implemented or pending implementation.
The ASU is effective for private companies for fiscal years ending after December 15, 2012, and is to be applied retrospectively for all periods presented. The disclosures should be based on information most recently available. Therefore, it is essential that employers begin to gather information for the enhanced disclosures now.