Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to allow employees to elect to treat employer contributions as Roth ...
Category Archive: Audit and Assurance
Originally published by BDO USA By Beth Garner | National Practice Leader, EBP and ERISA Services Luanne Macnicol | Assurance Partner, Central Region Practice Leader As a plan sponsor it is good practice to formalize ...
Summary The FASB issued ASU 2021-03[1] (“ASU”) to provide private companies and not-for-profit entities (“NFPs”) with an accounting alternative to evaluate triggering events for goodwill impairment only as of the end of each reporting period, ...
Summary The FASB issued ASU 2021-02[1] (“ASU”) to provide franchisors that are not public business entities with a practical expedient to account for certain pre-opening services as distinct from the franchise license when identifying performance ...
FASB Offers A Practical Expedient On The Issuances of Equity-Classified Awards For Private Companies
Originally published by BDO USA By Jin KooProfessional | Practice Partner, Accounting | BDO USA Angela NewellProfessional | Practice Partner, Accounting | BDO USA Summary The FASB issued ASU 2021-07 (1) (“Update”) to address the concerns ...
Every six years, the Internal Revenue Service (IRS) requires employers with qualified, pre-approved plans to restate their plan documents – reflecting changes that have occurred since the plan documents were created or last restated. For ...
Click to Download Article Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial ...
As audit committees weigh the practical challenges of accounting, reporting and disclosing the impacts of COVID-19, the following series of questions are designed to assist audit committees in execution of their oversight roles and responsibilities ...
The $349 billion Paycheck Protection Program (the “PPP”) is one of the largest provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”, or the “Act”) enacted on March 27, 2020. The ...
Introduction to COVID-19 Impacts COVID-19 is a new and evolving crisis, which has been labelled a pandemic by many countries and institutions, including the World Health Organization. The full impact of COVID-19 is yet to ...
Being selected for a Department of Labor (DOL) audit is unwelcome news for nonprofit plan sponsors. Unfortunately, since benefit plans don’t directly impact programming and are extremely complex, nonprofits often rely too heavily on service ...
In early 2016, the FASB issued ASU 2016-02, Leases (ASC 842). The new leasing standard was effective January 1, 2019 for public companies. Although the FASB recently deferred the effective date of the new standard ...