tailieunhanh - United States General Accounting Office GAO March 1995_part3

Tham khảo tài liệu 'united states general accounting office gao march 1995_part3', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Appendix II Financial Statements the date on which the plan is terminated must by law be credited to or suffered by PBGC see Notes 3 4 and 13 . Cash and Cash Equivalents Cash includes cash on hand and demand deposits. Cash equivalents are securities with a maturity of one business day. Sponsors of Terminated Plans Receivables The amounts due from sponsors of terminated plans or members of their controlled group represent the settled claims for employer liability underfunding as of date of plan termination and for contributions due their plan less an allowance for uncollectible amounts. Any amounts expected to be received beyond one year are discounted for time and risk factors. Some agreements between PBGC and plan sponsors provide for contingent payments based on future profits of the sponsors. Any such future amounts realized will be reported in the period in which they accrue or are received. Premiums Premiums receivable represent the earned but unpaid portion of the premiums for plans that have a plan year commencing before the end of PBGC s fiscal year and past due premiums deemed collectible Including collectible penalties and interest. Unearned premiums represent an estimate of payments received during the fiscal year that cover the portion of a plan s year after the Corporation s fiscal yearend. Premium income represents revenue generated from self-assessments received from defined benefit pension plans as required by Title IV of ERISA. Present Value of Future Benefits PVFB The PVFB is the estimated liability for future pension benefits that PBGC is or will be obligated to pay with respect to trusteed plans and terminated plans pending trusteeship. This liability is stated as the actuarial present value of estimated future benefits less the present value of estimated recoveries from sponsors and the assets of terminated plans pending trusteeship. For financial statement purposes the estimated liabilities net of estimated recoveries and assets attributable .