Statements of Position

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Description

This proposed statement of position (SOP) would amend chapters 3 and 4 of the AICPA Audit and Accounting Guide, Audits of Employee Benefit Plans (the Guide). This proposed SOP would amend 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 & Welfare Benefit Plans. This proposed SOP would simplify disclosures for certain investments and would supersede AICPA Practice Bulletin 12, Reporting Separate Investment Fund Option Information of Defined Contribution Pension Plans. This proposed SOP would accomplish the following: a. Amend paragraph 3.20 of the Guide to eliminate the previous requirement for a defined contribution plan to present plan investments by general type for participant-directed investments in the statement of net assets available for benefits. b. Amend paragraph 3.28(k) and supersede paragraph 3.28(I) of the Guide and supersede Practice Bulletin No. 12 to eliminate the requirement for a defined contribution plan to disclose participant-directed investment programs. c. Amend paragraph 3.28(g) of the Guide to require a defined contribution plan to identify nonparticipant-directed investments that represent five percent or more of net assets available for benefits. d. Amend paragraphs 3.28(p) and 4.57 of the Guide, paragraph 53 of SOP 92-6, and paragraph 15 of SOP 94-4 to require defined contribution plans, including both health and welfare, and pension plans, to disclose benefit-responsive investment contracts in the aggregate rather than by investment fund option. e. Replace exhibits E-l through E-5 in the Guide. This proposed SOP would be effective for financial statements for plan years ending after December 15, 1999. Earlier application will be encouraged for fiscal years for which annual financial statements have not been issued. If the previously required "by-fund" disclosures are eliminated, the reclassification of comparative amounts in financial statements for earlier periods will be required.

ISBN

ed99-05-17at

Publication Date

1999

Relational Format

Book

Keywords

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

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; Exposure draft (American Institute of Certified Public Accountants), 1999, May 17

Proposed statement of position : Accounting for and reporting of certain employee benefit plan investments and other disclosure matters : (proposed amendment to the American Institute of Certified Public Accountants Audit and accounting guide, Audits of employee benefit plans);Accounting for and reporting of certain employee benefit plan investments and other disclosure matters : (proposed amendment to the American Institute of Certified Public Accountants Audit and accounting guide, Audits of employee benefit plans)

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