FASB approves revisions to proposed changes thanks to labor-management lobbying effort

[Omaha Steve]

http://www.impact-net.org/news/press-releases/fasb-approves-revised-accounting-standard-thanks-to-labor-management-lobbyi/

July 29, 2011

FOR IMMEDIATE RELEASE

Contact: Brennan Gamwell, Communications Specialist, [phone]

WASHINGTON, D.C. - The Construction Industry FASB Coalition (CIFC) celebrated earlier this week a decision by the Financial Accounting Standards Board (FASB) to revise a proposal affecting accounting and disclosure standards for multiemployer pension plans. Alongside IMPACT, which played a critical role in lobbying for the revisions, nine CIFC coalition members joined in a year-long lobbying effort to include revisions to the standards proposal changes. Before this week’s update, the FASB proposal would have made it both difficult and expensive for organizations like IMPACT to accurately disclose information regarding the financial status of their plans.

“The construction industry came together in a very positive way to provide their say in how we can most effectively disclose this kind of financial information,” said Eric Waterman, CEO of IMPACT. “We are very pleased with the outcome of this excellent coalition, and we look forward to continuing to work closely with our industry partners.”

In partnership with the CIFC, IMPACT leveraged its extensive business network to contact labor leaders and organizations, advocating for revisions to the standards originally proposed last summer.

According to a report earlier this week from the AGC, “The new disclosures focus on plan contributions, funding zones, and other information that can be determined through the collective bargaining process. FASB expects that the approved revisions will be finalized in September 201l and will take effect for publicly owned companies for fiscal years ending after December 15, 2011, and December 15, 2012 for privately owned companies. More information on FASB’s decisions and the new disclosures can be found at www.fasb.org.”

The CIFC represents a unique group of labor-management organizations taking a cooperative approach to salient issues facing the industry and includes IMPACT, MCAA, SMACNA, TAUC, ICE-BAC, FCA, NECA, AGC, NASBP and NACBE.

About IMPACT: The Ironworker Management Progressive Action Cooperative Trust (www.impact-net.org) was formed in 2003 under Section 302(c) 9 of the Labor-Management Relations (Taft-Hartley) Act. IMPACT is a non-profit, tax-exempt labor-management trust under Section 501(c) of the Internal Revenue Code. The primary mission of IMPACT is to expand job opportunities for union ironworkers and their signatory contractors through progressive and innovative labor-management programs, training and safety. IMPACT is governed by a 26-member Board of Trustees. Each of IMPACT’s 10 regions is represented by one labor trustee and one management trustee.