FASB seeks feedback from constituents on proposed guidance intended to improve the quality of financial reporting by increasing disclosures about the types of assets held in postretirement benefit plans. Respondents have until May 2, 2008, to provide comment.

This proposed FSP would amend FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to improve public and nonpublic employer's disclosures about postretirement benefit plan assets. Additionally, this proposed FSP includes a technical amendment to Statement 132(R) that would require a nonpublic entity to disclose net periodic benefit cost.

The proposed amendments to improve disclosures about plan assets include:

• A principle for disclosing the fair value of categories of plan assets based on the types of assets held in the plan
• Categories of plan assets that, if significant, should be disclosed
• Disclosures about the nature and amount of concentrations of risk arising within or across categories of plan assets
• Disclosures about fair value measurements similar to those required by FASB Statement No. 157, Fair Value Measurements.

The disclosures about plan assets required by this proposed FSP would be applied on a prospective basis for fiscal years ending after Dec. 15, 2008. Earlier application of the provisions of this proposed FSP would not be permitted.