United States

Proposed multiemployer benefit plan guidance


The Financial Reporting Executive Committee of the AICPA has issued a working draft of a proposed multiemployer (ME) benefit plans chapter and illustrative financial statements for inclusion in the AICPA Audit and Accounting Guide, Employee Benefit Plans. The proposed ME plans chapter and illustrative financial statements were developed to assist preparers of ME financial statements in preparing financial statements in conformity with accounting principles generally accepted in the United States of America. ME-plan-specific auditing guidance currently is in the process of being developed and is not yet included in this working draft of the chapter.

The proposed illustrative financial statements are included for ME defined benefit pension plans, health and welfare benefit plans, and apprenticeship plans. The guide covers background on the administration and operation of an ME plan and covers unique issues related to the accounting for ME plans, including the following, among many others:

  • Contributions receivable
  • Reciprocal contributions
  • Withdrawal liability
  • Dual-purpose assets such as buildings
  • Accumulated eligibility credits