AnalystForum

^
You are right: It is in USGAAP that we report a clear, unsmoothed position, ie the true funded status. This has been so since December 15, 2006.
Before that, the situation was just like IFRS: You reported a net pension asset or liability, which is a “smoothed” funded status.
Now:
IFRS net A or L
- unrecognized prior service cost
+ unrecognized actuarial gains
= funded status (ie USGAAP)
I guess this way around the equation makes sense, and so it becomes clear why you “add” unrecognized prior service cost to the USGAAP funded status.
Hope that helps.