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Technical

Defined Contribution Retirement Plans: Checklists and Illustrative Financial Statements Logo aicpa

  Free |   AICPA |   Jun 2017 |   AICPA Store
Who Will Benefit?
  • Smaller, regional, and large audit and accounting firms need this product to understand the many aspects of the specialized accounting for defined benefit pension plans, defined contribution retirement plans, and health and welfare benefit plans.
  • Smaller, regional, and large auditing firms need this product to understand the 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.
  • Smaller, regional, and large auditing firms need this product to understand regulatory requirements (DOL rules and regulations).
Key Topics
  • Ensures that all U.S. GAAP, as promulgated by FASB, disclosure requirements for employee benefit plans financial statements are met.
  • Ensures that auditor's reports are in compliance with the ASB's clarified auditing standards.
  • Provides in-depth look at the application of financial reporting standards using the illustrative employee benefit plans financial statements.
  • Reduces the risk of noncompliance with ERISA.
  • Provides analysis of the complexities of financial statement preparation for defined contribution retirement plans.
Learning Objectives
  • Understand the many aspects of the specialized accounting for defined benefit pension plans, defined contribution retirement plans, and health and welfare benefit plans.
  • Understand the 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.
  • Understand regulatory requirements (DOL rules and regulations).

Updated for 2017, this checklist assists auditors and preparers in overcoming the complexities of financial statement preparation for defined contribution retirement plans. This edition covers plan types, such as 401(k) plans, 403(b) plans, and 11Ks. Whether you are preparing financial statements or auditing those financial statements, you'll find the tools you need in this helpful resource.

This latest edition contains the most comprehensive U.S. GAAP disclosure guidance available, and identifies the reporting requirements that you need to know and apply to meet the applicable standards. FinREC recommendations on many accounting topics are included throughout. Key changes include the new accounting standards updates related to investments at net asset value per share, as well as the effect of the simplification project. In addition, this edition includes useful tools such as illustrative financial statements and auditor's reports. You can document the applicability of each requirement and reference the working papers where the support to a disclosure can be found.

Purchasers of the online subscription format can download the checklist content into Microsoft Word for added flexibility.

Updates or Regulatory Bullet Points
  • FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent)
  • FASB ASU No. 2015-12, 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
Topics covered:
  • Management accounting: Technical: Financial accounting & reporting: Financial reporting & compliance, Foundational
  • Management accounting: Technical: Financial accounting & reporting: Financial reporting & compliance, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Financial reporting, Foundational
  • Employee benefit plan auditing: Technical: Defined contribution plans: Financial reporting, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Form 11-k plan (SEC) filers, Foundational
  • Employee benefit plan auditing: Technical: Defined contribution plans: Form 11-k plan (SEC) filers, Intermediate
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting, Foundational
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting, Intermediate
  • Assurance: Technical: Audit, Foundational
  • Assurance: Technical: Audit, Intermediate

Comments/Reflections