Employee benefits


The AICPA issued new nonauthoritative guidance about how and when nongovernmental employee benefit plans and nongovernmental sponsoring entities should consider, for financial reporting purposes, newly updated mortality tables if their financial statements have not yet been issued when the updated tables are published.

The Society of Actuaries’ Retirement Plans Experience Committee released in October 2014 its RP-2014 Mortality Tables Report, available at tinyurl.com/n8x265a, which includes new mortality tables developed for use by pension plans.

Question and Answer (Q&A) Section 3700.01 (AICPA Technical Questions and Answers), available at tinyurl.com/3so64k8, explains that the plans and sponsoring entities should consider the specific requirements of GAAP, which requires the use of a mortality assumption that reflects the best estimate of the plan’s future experience for purposes of estimating the plan’s obligation as of the current measurement date. The Q&A relates to both employer and plan pension obligations.

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out