On September 29, 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) 158, which concluded the first phase of the FASB’s accounting reforms for pensions and other postretirement benefits. Phase One, sometimes called the “quick fix,” moved market-based measures of funded status from the footnotes of financial statements to the balance sheet. Many important issues were left for Phase Two to resolve, and its ramifications are likely to be bigger than those of Phase One.

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