The Employee Benefit section within Note 2: “Summary of significant accounting policies” in BA's financial statements states that:

“The asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognised past service costs. Where plan assets exceed the defined benefit obligation, an asset is recognised to the extent that an economic benefit is available to the Group, in accordance with the terms of the plan and applicable statutory requirements.” Is this the way pension plans are reported under U.S. GAAP? Explain.