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May 2021 Audit & Assurance Newsletter

Missing Participants – Best Practices for Pension Plans

The Employee Benefits Security Administration (EBSA) has outlined best practices that fiduciaries of defined benefit and defined contribution plans, such as 401(k) plans, can follow to ensure that plan participants and beneficiaries receive promised benefits when they reach retirement age. The first step in addressing any problem often is knowing that there is one.  read more   U.S. Department of Labor

FASB clarifies accounting for certain call option modifications

FASB recently issued a standard that is designed to clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange.  read more   Journal of Accountancy

FASB provides goodwill triggering relief for private companies, not-for-profits

FASB recently issued a standard that provides an alternative to goodwill impairment triggering event evaluations for private companies and nonprofits.  read more   – Journal of Accountancy

GASB proposes new guidance on compensated absences

State and local government accounting for employees’ vacation time and other forms of paid leave would change under a proposed standard GASB issued recently.  read more   Journal of Accountancy

For more information, please contact our audit professionals at aaalerts@windes.com or toll free at 844.4WINDES (844.494.6337).

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