Audit & Accounting Guide for employee benefit plans updated
FINANCIAL REPORTING INSIGHTS |
The American Institute of Certified Public Accountants (AICPA) Audit & Accounting Guide, Employee Benefit Plans, was updated as of January 1, 2018. Josie Hammond, RSM’s National Director of Employee Benefit Plan Services and a member of the AICPA Employee Benefit Plans Expert Panel, is acknowledged for her contributions as the chair of the 2018 Audit Guide Revision Task Force.
The guide is directed primarily to those aspects of the preparation and audit of financial statements that are unique to employee benefit plans or are considered particularly significant to them. As such, this guide is an important resource for plan fiduciaries and those who are responsible for the preparation or oversight of a benefit plan’s financial statements, as well as their auditors. This guide also is useful to organizations that provide services for a benefit plan, particularly when those services impact financial reporting.
Among other revisions, the 2018 edition includes updates for the issuance of:
- Financial Accounting Standards Board (FASB) Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent ) (a consensus of the FASB Emerging issues Task Force)
- Statement on Auditing Standards No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
- Public Company Accounting Oversight Board Auditing Standard 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
The guide is available for purchase from the AICPA Store in paperback or eBook formats or as an online subscription.