ASU 2015-12: Applying the New Reporting Standard for Employee Benefit Plans

Ready for "Simplification?" FBRIC Measurement, Plan Investment Disclosures, Measurement Dates and More

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, February 23, 2016

Recorded event now available

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Program Materials

This webinar will provide employee benefit plan professionals and advisers with a comprehensive discussion of the new standards announced in ASU 2015-12 as part of FASB's “Employee Benefit Plan Simplifications.” While the intent of the new standards is to simplify reporting valuation of fully benefit-responsive investment contracts (FBRICs), the standard requires plan advisers to adjust their reporting and valuations of assets held in plans covered under the ASU.

Description

On July 31, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-12, Plan Accounting (Topics 960, 962, and 965)—(Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient. The new standard changes the way plan investments are to be measured, disclosed and reported. The update is designed to simplify the accounting and financial statement disclosures for employee benefit plans, but it requires plans to adjust both the valuation and reporting of plan investment contracts (FBRICs).

The new standard has three components. Part I requires that FBRICs be measured, presented and disclosed at contract value, eliminating the requirement to reconcile contract value to fair value. The standard requires that the plans be classified as reporting entities within the scope of FASB Topics 962 and 965. Practitioners must fully recognize the disclosure responsibilities under Part I of the new standard.

Part II of the standard eliminates two GAAP disclosure requirements for both participant-directed and nonparticipant-directed investments in plans, but only for reporting entities that fall under the requirements in Topics 960, 962 and 965. Part III allows certain plans to elect a “practical expedient” to measure investments, with additional reporting requirements for plan contributions made or significant events occurring between the alternative measurement date and the fiscal year-end of the plan.

Listen as our experienced panel provides useful guidance on the new requirements and likely impacts of the new employee benefit plan reporting standards of ASU 2015-12.

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Outline

  1. Previous fair value reporting standard
  2. Simplification changes in ASU 2015-12 to FBRICs
  3. FBRIC disclosure responsibilities under Part I of the new standard
  4. Additional changes to plan investment measurement and disclosure
  5. Implementation period

Benefits

The panel will discuss these and other important questions:

  • What are the disclosure responsibilities under Part I of the new standard?
  • How will reporting from insurance companies and investment firms change as a result of the new standard?
  • How will changes in the investment disclosures impact the plan fiduciary response?

Faculty

Sharon A. Bradley
Sharon A. Bradley

Partner
Daszkal Bolton

Ms. Bradley utilizes her expertise as an auditor, accountant and compliance analyst to assist companies to...  |  Read More

Henry Martin, CPA
Henry Martin, CPA

Senior Manager, Audit and Assurance
Daszkal Bolton

Mr. Martin is a Senior Manager in his firm's audit and assurance practice. He oversees audits for SEC...  |  Read More

Peirce, Susan
Susan J. Peirce, CPA, MTax

Principal
Apple Growth Partners

Ms. Peirce leads the firm’s employee benefits audit and specialty services team. In addition to her audit work,...  |  Read More

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