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ASU 2015-12: Applying The New Reporting Standard For Employee Benefit Plans

Webinar: ID# 1020243
Recorded CD or On-Demand
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About This Course:
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 itrequires 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.

Outline
  • Previous fair value reporting standard
  • Simplification changes in ASU 2015-12 to FBRICs
  • FBRIC disclosure responsibilities under Part I of the new standard
  • Additional changes to plan investment measurement and disclosure
  • 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?
Learning Objectives

After completing this course, you will understand the changes in employee benefit plan asset reporting requirements brought about by FASB’s new standard. You will know and be able to apply the new disclosure responsibilities for FBRICs, including retrospective application for financial statements, and you will be able to identify how the changes in investment disclosures should impact the plan fiduciary responses.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
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ASU 2015-12: Applying The New Reporting Standard For Employee Benefit Plans
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