CFA L2pension plan 比较难理解，因为中国会计中没有这一内容，也有很多细节，下面是我的中文笔记，需要更多的请与ditto025@163.com联系 Pension plan 中文学习精要 关键术语 defined contribution plan； defined benefit plan； projected benefit obligation (PBO)； accumulated benefit obligation (ABO)； vested benefit obligation (VBO)； service cost； interest cost； discount rate； the rate of compensation increase； Plan assets； actual Return on assets； expected Return on assets； funded status；Net pension asset (liability)； Reported pension cost (credit) on income statement non smoothed pension cost (credit) Intrinsic value method fair value method
LOS a: Explain the differences in accounting for defined contribution and defined benefit pension plans.
*In a defined contribution plan, the employee makes contributions and the employer may be obligated to make periodic contributions through matching programs. The firm makes no promise to the employee regarding the amounts of funds that will accumulate in the plan over time. Employees often make their own investment decisions in these plans, and therefore, bear the risk that their chosen investment vehicles may not perform well over time. *In a defined contribution plan，雇主定期支付一定的现金到pension plans 账户中，由雇员自己做出pension plans的投资计划，因此也由雇员自己承担投资风险和获得投资收益。 *In a defined benefit plan, the company promises to pay a certain amount at retirement. This amount may or may not be related to an employee's salary level. *in a defined benefit plan，雇主承诺在雇员退休时，支付一定的退休金。退休金金额可能与雇员工资挂钩，可能也无关系。这样，是雇主，而不是雇员，承担了pension plans投资的风险与收益，
LOS b *The projected benefit obligation (PBO) is the present value of all future pension payments based on expected salary increases over time. * PBO 是一个现值，是在雇员退休后一直到其死亡是每年支付的pension payments按照一个discount rate 折现计算得到的，考虑了雇员的工资增长。discount rate是精算师确定的，作为未来现金流的折现率。如雇员今年30岁，他的退休时候的pension payments可能不是按照他现在的工资，而是按照他退休那一年60岁的工资确定的，比如，多工作一年，就在他退休一直到死亡，每年支付1.5％的60岁时候的年工资。 雇员共工作两年，则退休时候公司每年应支付2* 1.5％的60岁工资，直至其死亡。雇员共工作20年，则退休时候公司每年应支付20* 1.5％的60岁工资，直至其死亡。
*The accumulated benefit obligation (ABO) is the present value of all future pension payments based on current salary levels, ignoring future increases. *ABO与PBO最大区别是PBO考虑了雇员未来工资的增长。而ABO基于雇员目前的工资水平。不考虑其以后的工资增长。其余计算两者是相同的 The vested benefit obligation (VBO) is the amount of the ABO to which the employee is entitled based on the company's vesting schedule. Most companies require that personnel be employed for a specified period of time before they are entitled to full pension benefits. *VBO是按照公司的养老金计划，目前可以享受的那一部分ABO。有的公司对养老金计划有限制，如工作满15年，才可全部享受，否则可能只有70％。 一般来说，PBO>ABO>VBO __
*这里关键的是搞清楚Cost Components两个重要组成部分service cost和 interest cost The service cost is the change in the PBO attributed to employee efforts during the year. 比如说公司承诺，雇员每多工作一年，其养老金每年可增加其60岁那一年工资的1.5％。设其60岁是年工资为30000，其在60岁退休，活到80岁。设discount rate 是5％，则2005的service cost是其退休后20年每年因为在2005年工作了而多领取的30000×1.5％＝450的按5％折现的现值。设雇员2005年30岁，这里折现要两次，第一次要将20个450折现到60岁时，再将其折现到30岁时候。所以service cost 对应的时间期限一般是一年，而PBO对应的是雇员工作年限这一段时间所享受的养老金。
*The interest cost is the increase in the PBO due to the passage of time. Even if no additional benefits are earned in a given year, the PBO will rise due to the time value of money. interest cost是PBO随时间的流逝而产生的利息。 interest cost＝beginning PBO×discount rate
*下面这张表讲了如何将PBO at the beginning of the year调整到PBO at the end of the year
PBO at the beginning of the year Cost Components + Service cost + Interest cost +Actuarial gains and losses +Prior service cost from plan amendments Other Factors +Effects of foreign currency exchange rate changes +Effects of business combinations and divestitures +Curtailments, settlements, and special termination benefits Cash Flows + Contributions by plan participants that increase plan benefits -Benefits paid = PBO at the end of the year *其中Actuarial gains and losses是由于计算PBO的Actuarial assumption 的改变而发生的。 *Contributions by plan participants that increase plan benefits是plan participants自己支付的那一部分，这部分增加了PBO。Benefits paid是当年实际支付给plan participants的那一部分，减少了PBO。 *对于PBO，重要的部分可记忆为三来源 （Service cost，Interest cost，Contributions by plan participants that increase plan benefits），一去向（Benefits paid）。
*PBO也是pension plan的实际的负债，与plan assets的两个return（ actual Return on assets，expected Return on assets）无关，而与discount rate 和the rate of compensation increase 有关 。the rate of compensation increase是养老金精算师对雇员未来薪金增长的估计，因为PBO计算是考虑到的未来薪金的增长。如雇员30岁时薪金20000、年，设其rate of compensation increase 为年2％，则其60岁是薪金为20000×（1+0.02）30 。可见，discount rate越大，Service cost越小，而Interest cost越大，但一般来说对Service cost的影响是主要的，即discount rate越大，PBO越大。rate Of compensation increase越大，PBO越大。discount rate对ABO， VBO 的 影响与对PBO 一样。the rate of compensation increase对ABO ，VBO无 影响。因为ABO VBO不考虑工资的增长。
LOS d: Identify the factors that affect a plan's assets, and discuss how the funded status of a plan is determined. *下面这张表讲了如何将Plan assets opening balance调节到Plan assets closing balance。这里Plan assets指的是pension plan资产的fair market value of pension plan,是其实际的市场价值，Plan assets与PBO是对应的，一个是资产，一个是负债，都是实际的。
Plan assets opening balance + Employer contributions + Plan participant contributions + Return on assets －Expenses +Effects of foreign currency exchange rate changes +Effects of business combinations and divestitures +Settlements -Benefits paid = Plan assets closing balance
*这里Contributions are the payments made by the company or the participants into the pension account.即由公司与雇员向养老金账户中的支付，增加了pension plan资产
*plan's assets的return有两个，一个是实际的actual Return on assets,另外一个是expected Return on assets.要注意这两者的区别。actual Return on assets是实际的，即pension plan资产实际产生的收益，而expected Return on assets是估计的产生的收益， expected Return on assets是人为的估计的。目的后面会看到，是为了减少收益表上reported pension cost 的波动。即希望reported pension cost 不要由于actual Return on assets 的波动而跟着波动。 *前面已经指出了Plan assets是pension plan的实际的资产价值，因此，这里用的是actual Return on assets，而不是expected Return on assets。这一点重要。 *Expenses是支付给养老金投资管理公司的费用，减少了Plan assets。 The benefits paid to participants that reduce the PBO are paid out of plan assets, reducing the balance.）benefits paid to participants是实际支付给退休者的，减少的Plan assets。 Plan assets主要记住三来源（两contributions，一return），两去向（Expenses，Benefits paid）。注意Benefits paid在PBO和Plan assets均出现的。
*funded status是个重要的概念，定义是Plan assets减去PBO。因为Plan assets和PBO是真实的资产与负债，因此funded status是the true economic position of the plan。 The funded status of the plan is the difference between the assets (the fair value of the plan assets) and the liability (the PBO). _funded status＝Plan assets－PBO
The funded status of the plan is the true economic position of the plan.注意 true economic position of the plan.这几个词语，后面还有accounting position of the plan这个词语。funded status of the plan是pension plan的真实的经济状况。
LOS f: Compute the liability (or asset) to be reported on a company's balance sheet based upon pension and other postretirement benefit disclosures under U.S. Generally Accepted Accounting Principles (U.S. GAAP)
*funded status of the plan是pension plan的真实的经济状况的，但不出现在资产负债表上，出现在资产负债表上的是 Net pension asset (liability)。 计算Net pension asset (liability)是 从Funded status出发到Net pension asset (liability)， 由下表给出。这张表相当难理解，取巧的方法是记忆从Funded status开始，加cost(losses),减gains(assets),而不必去理解其道理。要理解的话，也可以。 PBO是实际的负债，Unrecognized actuarial losses or Unrecognized actuarial gains 都已经包括在PBO中了，这样，funded status of the plan也包括了Unrecognized actuarial losses or Unrecognized actuarial gains，而Net pension asset (liability)不包括Unrecognized actuarial losses or Unrecognized actuarial gains。Unrecognized actuarial losses or Unrecognized actuarial gains is not recognized ,but deferred and amortized over time as an increase in pension expense。这样，原来Unrecognized actuarial losses在funded status of the plan是减掉的，现在再把它加上去。 Funded status = fair value of plan assets - PBO
*Funded status + Unrecognized actuarial losses or - Unrecognized actuarial gains + Unrecognized prior service cost + Unrecognized prior transition obligation or - Unrecognized prior transition asset + Amortization of actuarial gains or losses and plan amendments = Net pension asset (liability) *Net pension asset (liability) 是accounting position of the plan，出现在资产负债表上的，而Funded status出现在footnote 中。
*财务分析的时候，应将资产负债表上的Net pension asset (liability)调整成Funded status，因为funded status of the plan是pension plan的真实的经济状况，而Net pension asset (liability)是accounting position of the plan。调整的方法举例如下，设Net pension asset为100，而Funded status是－50。则调整是将balance sheet 右边Net pension asset 100去掉， balance sheet左边liability加50，equity 减去150。 第二例，设Net pension liability为80，而Funded status是－50。则调整是将balance sheet 左边Net pension liability 去掉30， equity加上30即可。注意调整的对应项是equity.
LOS g: Calculate the pension or other post-retirement benefit expense (income) to be reported on a company's income statement based upon footnote and other disclosures under U.S. GAAP.
Reported pension expense is calculated as follows: Actual Events Service cost + Interest cost Smoothed Events －Expected return on plan assets +Amortization of gains and losses + Amortization of prior service costs +Amortization of transition asset or liability Other Events +Curtailments, settlements, and termination benefits = Reported pension cost (credit) on income statement *这里，重要的是三项，Service cost，Interest cost增加了pension expense，而Expected return on plan assets减少了pension expense，因为这是当年的估计的收益。注意，是Expected return on plan assets，而不是actual return on plan assets.因此，Reported pension cost (credit) on income statement 是accounting pension expense of the plan，不是当年实际的pension expense。Amortization of gains and losses，Amortization of prior service costs要满足corridor method 才会出现。
*当年实际发生的pension expense叫non smoothed pension cost (credit),不出现在income statement上，但可以自己计算得出。计算方法如下 Service cost + Interest cost +actuarial losses +plan amendments +actual return on plan assets = non smoothed pension cost (credit) *这里，关键的是三项。Service cost 和 Interest cost与计算Reported pension cost (credit) on income statement是一样的，而关键的这里用的是actual return on plan assets，而不是expected return on plan assets.因此non smoothed pension cost (credit)是实际发生的pension expense。
Summary of effect of changes in pension plan assumptions
*plan assumptions包括三个，即discount rate ，the rate of compensation increase， expected return on plan assets. *plan assets不受这三个假设的影响。 *PBO受discount rate ，the rate of compensation increase的影响。Higher discount rate ，lower rate of compensation increase减少PBO。 *Reported pension cost (credit) on income statement受这三个假设影响。Higher discount rate ，lower rate of compensation increase， higher expected return on plan assets 均会减少Reported pension cost (credit) on income statement（这个要理解Reported pension cost (credit) on income statement的计算过程，就知道了是否有影响以及影响的方向了） *Funded status 要把三个assumptions对plan assets和PBO的影响结合起来考虑，幸运的是plan assets不受这三个假设的影响，只要考虑PBO受discount rate ，the rate of compensation increase的影响就可以了。注意计算Funded status时，PBO前是减号，因此Higher discount rate ，lower rate of compensation increase减少了PBO，而增加了Funded status，即对Funded status的影响是favorable. *注意Funded status不受rate of compensation increase的影响。因为plan assets和PBO均不受rate of compensation increase的影响。
LOS j: Differentiate between APB 25 and SFAS 123 with respect to accounting for stock options. *The key difference between accounting for stock options under APB 25 and SFAS 123 is the calculation of the compensation expense. APB 25 requires the intrinsic value method, while SFAS 123 advocates the fair value method to determine expense. 这里关键的是accounting （核算）for stock options时，under APB 25，应采用intrinsic value method，即value of stock options=S-X,其中S是stock的现价，而X是stock options的执行价格。SFAS 123采用了 the fair value method to determine expense. fair value method是指采用BSM方法或二项树的方法计算出的value of stock options。
*注意，计算出value of stock options后，当年的expense of stock options=value of stock options/service years,即在雇员的服务期限内平均分摊，而不是在stock options的maturity内平均分摊。这是个细节之处。
*SFAS 123要求expense of stock options要么在income statement正式核算，要么在footnote中披露。绝大多数公司为了使得income statement好看，选择在 footnote中披露。
