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.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.