Video series available now describing new accounting standards related to employee benefit plans
Denise Finney, Director in the Employee Benefit Plan Practice at Accounting Firm EisnerAmper LLP, Provides Highlights of New Standards ASU 2015-07 and 2015-12
PR Newswire, July 12, 2016, New York, NY: In a two-part video series from EisnerAmper, one of the nation's leading providers of employee benefit plan audits, leading benefit plan expert, Denise Finney, highlights two new accounting standards related to employee benefit plans and addresses the impact they have on plan sponsors. The videos in the series can be viewed HERE.
Finney, who has extensive experience directing employee benefit plan audits, including 401(k), 11-K, profit sharing, defined benefit, 403(b) and Employee Stock Option Plans (“ESOPs”), begins her video series by addressing ASU 2015-12, Part 1, which applies to fully benefit-responsive investment contracts.
The ASU designates contract value as the only required measure for fully benefit-responsive investment contracts in regard to defined contribution and health and welfare plans. Therefore, the line item on the statement of net assets available for benefits that adjusted investment value from fair value to contract value has now been eliminated.
In Finney's second video, she addresses Parts 2 and 3 of ASU 2015-12 and ASU 2015-07. Important to note are the following:
- Footnote disclosures no longer need to disaggregate investments by nature, characteristics and risks; and
- Investments measured with net asset value as a practical expedient no longer need to be broken out as Level 1, 2 or 3 investments.
According to Finney, “While most accounting pronouncements increase disclosures, these actually simplify and remove disclosures.” For more information on all aspects of employee benefit plan audits and advisory services contact Denise Finney.
EisnerAmper LLP is a full service audit, tax and advisory firm and one of the largest in the nation, with a practice group specifically dedicated to the employee benefits industry. The firm currently audits more than 400 employee benefit plans annually and works closely with plan sponsors to educate them on benefit plan issues such as internal controls and other best practices for plan compliance.
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