plan versus employer accounting

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1. 962-10Overall962 Plan Accounting—Defined Contribution Pension Plans

   ASC 962-10 is the Overall subtopic for financial reporting **by** a defined contribution pension plan itself (not by the sponsoring employer, which follows Topic 715). Its objective is to provide information useful in assessing the plan's present and future ability to pay benefits when due; because plan net assets available for benefits equal the sum of participants' individual account balances, those net assets are measured and reported at values meaningful to users—principally the amount a participant could currently withdraw, borrow, or transfer. It applies to all employee benefit plans providing benefits based on amounts contributed to an employee's individual account, and not to defined benefit plans (Topic 960) or health and welfare plans (Topic 965).