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FASB & EITF UPDATE Financial Reporting Update October 21, 2004 - page 9 / 47

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FSPs - Final

FSP FAS 106- 2

Provides guidance on accounting for the effects of the Medicare Prescription Drug, Improvement and Modernization Act of 2003

Applies only to sponsors of single-employer defined benefit postretirement health care plans for which (1) prescription drug benefits are actuarially equivalent to Medicare Part D and thus qualify for the subsidy provided by the Act, and (2) the expected subsidy will offset or reduce the employer’s share of the underlying prescription drug coverage

Provides guidance on measuring the APBO and net periodic postretirement benefit cost, and the effects of the Act on APBO

Requires certain disclosures about the Act and its effects in financial statements.

Is effective, for public companies for the first interim or annual period beginning after June 15, 2004

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