Chapter | Oxford Handbook of Pensions and Retirement Income | 2006

Strategic Asset Allocation for Pension Plans

by Luis M. Viceira and John Y. Campbell

Keywords: Compensation and Benefits; Resource Allocation; Strategy;

Format: Print

Citation:

Viceira, Luis M., and John Y. Campbell. "Strategic Asset Allocation for Pension Plans." In Oxford Handbook of Pensions and Retirement Income, edited by Gordon Clark, Alicia Munnell, and Michael Orszag. Oxford University Press, 2006.

Financial Accounting Foundation chairman Jack Brennan is under pressure from private-company interests to set up a new body—the Private Company Council—to determine separate GAAP for private companies. PCC advocates—including the US Chamber of Commerce—argue that traditional US GAAP has too many disclosure and fair-value requirements that impose very high compliance costs on private companies. But there are influential players—including the Big Four auditors—who oppose creating the PCC. They argue that the compliance costs of traditional GAAP are the price of high-quality accounting standards. Balancing these powerful interests, Brennan must make a decision on the PCC; at stake is US GAAP's ability to facilitate capital allocation decisions in the economy.

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