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Employee Benefit Plans - Audit and Accounting Guide

Publisher: AICPA
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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 2016 edition is packed with information on new requirements — including the simplification of disclosure requirements for investments in certain entities that calculate net asset value per share (or its equivalent), the simplification of disclosures for fully benefit-responsive investment contracts, plan investment disclosures, and measurement date practical expedient, and a new employee stock ownership plans chapter that includes both accounting and auditing.

Key Benefits

  • Understand the simplification of certain disclosures for investments in certain entities that calculate net asset value per share (or its equivalent)
  • Understand the simplification of certain disclosures for fully benefit-responsive investment contracts, plan investment disclosures, and measurement date practical expedient
  • Develop an awareness of the new plan accounting and auditing guidance specific to employee stock ownership plans
  • 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

Updates:

  • FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value Per Share (or its Equivalent)
  • FASB ASU No. 2015-12, Plan Accounting: 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
  • PCAOB Auditing Standard No. 18, Related Parties (AICPA, PCAOB Standards and Related Rules, Auditing Standards)

Who Will Benefit:

  • Smaller, regional, and large accounting firms need this guide to understand the many aspects of the:
    • 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 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
    • Regulatory requirements (DOL rules and regulations)

NOTE: For plans that are not early adopting FASB ASU No. 2015-07 and FASB ASU No. 2015-12, 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.

Now Available!
Appendix C, Illustrations of Financial Statements: Defined Contribution Retirement Plans, of the 2016 Employee Benefit Plans - Audit and Accounting Guide, is now available. This appendix will help you understand the applications of certain provisions of FASB ASC 962, Plan Accounting – Defined Contribution Pension Plans. This appendix has been updated for both FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) and FASB ASU No. 2015-12 Plan Accounting: 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.

With purchase of the paperback format, a free PDF download of the appendix will be automatically added to your cart upon checkout. The eBook and Online Subscription formats have already been updated with this appendix.
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.
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This product is also available in an online subscription format that includes the corresponding Employee Benefit Plans Industry Developments - Audit Risk Alert, content updates and unlimited online access for 1 year. Select the Online Subscription option at the bottom of the page and save!
Employee Benefit Plans: Audit Guide and Audit Risk Alert
Online Subscription 2015/2016
Product# WEB-XX
Availability: Online Access 1 Year
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