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 FAS 158 Highlights
FAS 158 Compliance Reporting Module

 


Produces every report needed for FAS 158 compliance from Worksheets 1-4 and Schedules A-F to Standard Pension Audit Confirmation Letter Responses!  


DATAIRís FAS 158 Module generates the complex schedules, worksheets and Standard Pension Audit Confirmation Letters to satisfy annual accounting requirements easily with remarkably little input. FAS 158 will assist you in. . .

  • Preparing client-ready financial statements showing the status of a retirement plan, as determined under Financial Accounting Standards 87/132/158
  • Presenting the valuation results to the plan sponsor and providing the auditor with reports explaining all of the factors contributing to the pension costs and liabilities such as the covered group, the plan provisions, assumptions, method of determining unrecognized gain or loss and adjustments

FAS 158 is so easy, it can be an additional source of revenue, another valuable service you can offer your clients ó and their auditors. Our system is designed to produce everything needed to comply with FAS 158 (in essence, to do a large part of the auditorís job for FAS 158 compliance).

Simple Data Input

The user inputs a modest array of items on "smart" screens which automatically eliminate non-essential questions based on the plan design and on whether this is the first or a subsequent year of using FAS 158. Valuation results (Pension Benefit Obligation (PBO), Accumulated Benefit Obligation (ABO) and Service Cost) and other information may be entered from any source (such as DATAIRís Defined Benefit System). After the first year, FAS 158 will update the previous yearís information, advance dates by one year, reduce unrecognized balances by one yearís amortization, and role forward last years ending values to become this yearís beginning values.

FAS 158 Statements, Reports and Worksheets

  • Response to a Standard Pension Audit Confirmation Letter
  • Worksheets 1 through 4
  • Schedules A through F

FAS 158 provides you with a complete package, ready for signature and mailing to even the most demanding auditor.

System Requirements

FAS 158 is a module of DATAIR's Pension Reporter system and shares the same system requirements.

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