Employee Benefit Plans - Audit and Accounting Guide
Considered the industry standard resource, this guide provides practical guidance, essential information, and hands-on advice on the many aspects of accounting and authoritative auditing for employee benefit plans.
This new 2017 edition has been updated to include expanded information on related parties and parties in interest, plan transfers, and changes in service providers.
Notably, the guide contains clarification on plan transfers—identifying a plan transfer may be challenging because the reports provided by the trustee or custodian may classify the transfer as a conversion, miscellaneous adjustment, or as contributions or distributions, rather than a plan transfer. Further, the date at which the plan’s assets physically transfer (assets move from the predecessor plan’s trust to the successor plan’s trust) may differ from the effective date of the transfer (the date at which the plan assets are legally transferred to the control of another plan), according to relevant plan amendments or other documents.
In addition, this edition has been updated for requirements related to going concern and provides the main provisions of those requirements.
- Understand the specific requirements for related parties and parties in interest.
- Understand plan transfers (plan mergers, spin-offs, or other transfers), including expanded assertions, what could go wrong, and example audit procedures.
- Understanding changes in service providers, including expanded assertions, what could go wrong, and example audit procedures.
- Understand the specific requirements and provisions related to going concern.
- Gain an understanding of the plan auditing guidance specific to defined contribution retirement plans, defined benefit pension plans, and health and welfare benefit plans.
- Understand the accounting for specialized employee benefit areas, such as contributions and contributions receivable, presentation of plan investments for defined benefit pension plans and health and welfare benefit plans, rollovers, forfeitures, rebates, stop-loss arrangements, plan mergers and spin-offs, claims, postemployment benefits, terminating and frozen plans, and the various recommended disclosures.
- FASB ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern
- FASB ASU No. 2016-19, Technical Corrections and Improvements
Who Will Benefit?
- Smaller, regional, and large accounting firms need this guide to understand the many aspects of the following:
- Specialized auditing and accounting for defined benefit pension plans, defined contribution retirement plans (including employee stock ownership plans), and health and welfare benefit plans
- Requirements 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
- Regulatory requirements (DOL rules and regulations)
NOTE: For plans that are not early adopting FASB ASU No. 2015-07, the AICPA is continuing to offer the 2015 edition of the Employee Benefit Plans Audit & Accounting Guide. Be sure to select the appropriate edition year when reviewing the ordering options below.
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