The financial statements of defined benefit plans generally are prepared pursuant to ASC 960. The financial statements of defined contribution plans and other employee health and welfare benefit plans generally are prepared pursuant to the AICPA Audit and Accounting Guide, Audits of Employee Benefit Plans.
Historically, employee benefit plans generally have not applied consolidation guidance. Historical consolidation guidance has specified that it was “directed primarily to business enterprises organized for profit.”
We understand from discussions with the FASB staff that the FASB didn’t intend to broaden the applicability of the consolidation guidance in ASC 810 through the establishment of the Variable Interest
Model such that it would apply