Academic journal article Journal of Accountancy

New ED on Benefit Plan Investment Disclosures

Academic journal article Journal of Accountancy

New ED on Benefit Plan Investment Disclosures

Article excerpt

The AICPA employee benefit plans committee and AcSEC issued an exposure draft of a proposed statement of position, Accounting for and Reporting of Certain Employee Benefit Plan Investments and Other Disclosure Matters, for public comment. The comment period, which began in mid-May, runs until July 17, 1999.

The proposed SOP amends the AICPA audit and accounting guide, Audits of Employee Benefit Plans; SOP 94-4, Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined-Contribution Plans; and SOP 92-6, Accounting and Reporting by Health and Welfare Benefit Plans. It simplifies the disclosures plans must make for certain investments and also supersedes AICPA Practice Bulletin 12, Reporting Separate Investment Fund Option Information of Defined-Contribution Pension Plans.

When issued in final form, the proposed SOP will affect defined-contribution pension plans as follows. It will

* Eliminate the disclosures such plans are required to make for participant-directed investment programs.

* Eliminate the disclosures such plans are required to make to present plan investments by general type in the statement of net assets available for benefits for participant-directed investment options. …

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