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“Companies cannot commit to building new plants, launching new research projects or hiring new employees if that cash is needed to fund pensions.
—Glen A. Barton, Chairman and Chief Executive of Caterpillar Inc.
(New York Times, 22 June 2003).”
“Previous changes in accounting principles in the US and UK indicate that companies prefer to have a stable income statement and therefore tend to favour a fixed contribution. This means that many defined benefit schemes have been closed and are replaced by defined contribution schemes.”
Swinkels, L. L. A. P. (2006). Have Pension Plans Changed After the Introduction of IFRS?
Critically discuss the above two statement. The above two statements represent two aspects of the concerns with funding issues for pension funds and reporting issues. Your essay should include a critical discussion on these aspects, also discuss the several reporting standards, their benefits and criticisms.