This checklist was designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for defined contribution retirement plans. It covers plan types, such as 401(k) plans, 403(b) plans, and 11Ks. Whether you are preparing financial statements or auditing those financial statements, you’ll find the tools you need in this helpful resource.
It contains the most comprehensive U.S. GAAP disclosure guidance available, and identifies the reporting requirements that you need to know and apply to meet the applicable standards. FinREC recommendations regarding many accounting topics, are included throughout.
The key changes for this edition, include the new accounting standards updates related to investments at net asset value per share, as well as the effect of the simplification project.
In addition, this edition includes useful tools such as illustrative financial statements and auditor’s reports. You can document the applicability of each requirement and reference the working papers where the support to a disclosure can be found.
Purchasers of the online subscription format can download the checklist content into Microsoft Word for added flexibility.
Ensure that all U.S. GAAP, as promulgated by FASB, disclosure requirements for employee benefit plans financial statements are met
Ensure that auditor’s reports are in compliance with the Clarified Auditing Standards
In-depth look at the application of financial reporting standards using the illustrative employee benefit plans financial statements
Reduces the risk of noncompliance with ERISA
Analysis of the complexities of financial statement preparation for defined contribution retirement plans
FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent)
FASB ASU No. 2015-12, Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient
Who Will Benefit?
Smaller, regional, and large audit and accounting firms need this product to understand the many aspects of the specialized accounting for defined benefit pension plans, defined contribution retirement plans, and health and welfare benefit plans.
Smaller, regional, and large auditing firms need this product to understand the requirements of all of the clarified auditing standards including those for using a SOC 1 report, terms of the engagement, and forming an opinion and reporting on financial statements.
Smaller, regional, and large auditing firms need this product to understand regulatory requirements (DOL rules and regulations)
Get even more value with the Employee Benefit Plans: Audit & Accounting Set. This convenient bundle gives you access to the full range of Employee Benefit Plan content offered by the AICPA, all in one convenient online subscription. This online bundle includes how-to advice and authoritative guidance, valuable discussion, best practices, and much more. Follow the link above for more details.