FinREC issues working draft on multiemployer benefit plans

By Ken Tysiac

The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft Tuesday of a proposed chapter on multiemployer benefit plans and illustrative financial statements, which will be added to the AICPA Audit and Accounting Guide Employee Benefit Plans.

FinREC is seeking comments on the working draft, which includes material that was developed to help preparers of multiemployer plan financial statements comply with GAAP and to assist auditors of those financial statements perform their engagements.

Informal feedback can be submitted by Nov. 6 to Di Krupica at Di.Krupica@aicpa-cima.com.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.