Skip to Content

Employee benefit plan financial statement simplification

September 15, 2015 Article 1 min read
Authors:
Jayme Moerdyke Jean Hackstock
New FASB updates will have a positive impact on your employee benefit plan financial statements.

Recently, the Financial Accounting Standards Board (FASB) released two Accounting Standards Updates (ASU) that will have a significant (positive) impact on most employee benefit plan financial statements.

  1. ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
  2. ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - I.Fully Benefit-Responsive Investment Contracts; II. Plan Investment Disclosures, and III. Measurement Date Practical Expedient

These updates will change (primarily reduce) the investment-related disclosures for benefit plan financial statements.

ASU 2015-07 is effective for periods beginning after December 15, 2015 for public entities and for periods beginning after December 15, 2016 for non-public entities.

ASU 2015-12 is effective for periods beginning after December 15, 2015.

Early application is allowed for both ASUs, which allows for concurrent implementation.

Related Thinking

Business professionals discussing vendor transitions and employee benefit plan mergers
May 16, 2024

Preparing for change: Vendor transitions & benefit plan mergers

Webinar 1 hour watch
Business professionals attending Plante Moran's webinar CPE sessions to help their organizations kickstart year-end planning.
Nov. 29-Dec. 12, 2023

2023 Year-End Webinar Series

Webinar 6 hour watch
Business professional working at a desk using a laptop computer.
November 6, 2023

2024 retirement plans limitations summary

Article 1 min read