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Journal entry — AICPA issues working draft of audit and accounting guide employee benefit plans

Published on: Apr 14, 2011

Yesterday, the AICPA issued for comment a working draft of a revision to its Audit and Accounting Guide Employee Benefit Plans. Originally issued in 1991, the guide provides nonauthoritative guidance to assist in the preparation and audits of employee benefit plans’ financial statements. The working draft’s updates and enhancements to the original guide include (1) new practice tips in each chapter, (2) new or enhanced guidance on a variety of topics (e.g., health and welfare benefit plans, cash balances, contributions, forfeitures, rollover contributions, other expenses, plan mergers, and funding waivers), and (3) newly revised illustrative financial statements.

Comments on the working draft are due by June 10, 2011.

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