Statement on Auditing Standards (SAS) 136 was issued by the AICPA’s Auditing Standards Board to address changes to audits of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The purpose of this new standard is to improve auditor performance, enhance the quality of employee…
The FASB Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, is now effective for fiscal years ending June 30, 2020. Affected organizations must fully understand the update, including some potential challenges created by it. While the…
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), there are several provisions that impact both 401(k) and 403(b) employee benefit plans. These changes are designed to provide much-needed relief with respect to the COVID-19 crisis. Here are the key provisions that employers and plan administrators…
Plan sponsors (employers) typically adopt a “proto-type” plan that has been pre-approved under the Internal Revenue Code (IRC). The proto-type plan enables the sponsor to configure the plan based on the preferences of the organization. Some of the key features determined by plan sponsors are: (1) When are employees eligible…
The Department of Labor (DOL) is continuing to focus its efforts on improving the audit quality of employee benefit plans. During 2015, the DOL released a report called “Assessing the Quality of Employee Benefit Plan Audits” in which the agency reviewed 400 plan audits. As a result of this review,…
By Robert J. Behr, CPA The FASB and the International Accounting Standards Board (IASB) are continuing to attempt to converge the standards into an International Financial Reporting Standard (IFRS). The changes related to Revenue Recognition and Leases are expected to provide more transparency and comparability of information for the intended…