Statements of Position

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Description

This proposed statement of position (SOP) would amend chapters 3, 4, and 7 of the AICPA Audit and Accounting Guide Audits of Employee Benefit Plans, with conforming changes as of May 1, 1993 (hereafter referred to as the Guide) and SOP 92-6, Accounting and Reporting by Health and Welfare Benefit Plans. This proposed SOP generally specifies the accounting for health and welfare benefit plans and defined-contribution pension plans for investment contracts issued by either an insurance enterprise or other entity. Defined-contribution plans, including both health and welfare, and pension plans, should report investment contracts with fully benefit responsive features (as defined in the proposed SOP) at contract value and other investment contracts at fair value. Defined-benefit health and welfare benefit plans should report investment contracts at fair value. This proposed SOP also permits health and welfare benefit plans and defined-contribution pension plans to report contracts that incorporate mortality or morbidity risk at contract value. This proposed SOP is effective for financial statements for plan years beginning after December 15, 1993. Accounting changes adopted to conform to the provisions of this proposed SOP should be made as of the beginning of the year in which the change is adopted. The financial statements should disclose the change and the effect of the change on the financial statements. Restatement of financial statements of prior years is not permitted. Language : eng

Publication Date

1993

Relational Format

Book

Keywords

Employee fringe benefits -- United States -- Accounting; Employee fringe benefits -- United States -- Auditing

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement of position : Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans : (proposed amendment to AICPA Audit and accounting guide Audits of employee benefit plans and SOP 92-6, Accounting and reporting by health and welfare benefit plans, September 15, 1993 ;Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans : (proposed amendment to AICPA Audit and accounting guide Audits of employee benefit plans and SOP 92-6, Accounting and reporting by health and welfare benefit plans, September 15, 1993; Exposure draft (American Institute of Certified Public Accountants), 1993, Sept. 15

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