SFAS No. 158 no longer allows companies to report SFAS No. 87 minimum liabilty in the balance sheet. Instead, the amount reported in the balance sheet is measured using projected benefits rather than accumulated benefits. For the following debate, relate your arguements to appropriate accounting theory, including the conceptual framework and capital maintenance theories.

1) argue for the use of accumulated benefits for pension expense and liability purposes

2) argue for the use of projected benefits for pension expense and liability purposes