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As noted at PEB 2.6, ASC 715-60 requires specified criteria to be met for assets to qualify as plan assets. Only assets that qualify as plan assets using the criteria specified in ASC 715-60 may be netted for presentation purposes in the balance sheet against plan obligations. Similarly, only earnings on assets that qualify as plan assets may be included in the measurement of net periodic benefit cost for income statement reporting purposes. As the "net" treatment of plan assets (without evaluating other consolidation and/or right of offset guidance) is a unique treatment for pension and postretirement benefit plans, only those assets specifically segregated and restricted to provide pension or postretirement benefits to retirees (or postemployment benefits under ASC 712 for which the reporting entity applies the principles in ASC 715) can be considered "plan assets" for this purpose.
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