{Benefit Plan Technical Update.}
|
|
- Denis McDonald
- 5 years ago
- Views:
Transcription
1 Recent Benefit Plan-related Accounting Standards Updates The Financial Accounting Standards Board (FASB) has issued three Accounting Standards Updates (ASU) that affect employee benefit plans. The first two, summarized below, affect the employee benefit plan s financial statements and the third affects the plan sponsor s financial statements. ASU No Financial Instruments - Overall (Subtopic ): Recognition and Measurement of Financial Assets and Financial Liabilities Overview In January 2016, the FASB issued ASU No , Financial Instruments Overall (Subtopic ): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU ), which primarily updates the standards on accounting for financial instruments to align with International Accounting Standards. One amendment in the ASU directly impacts employee benefit plans. Specifically, ASU changed the applicability of some of the disclosure requirements for the fair value of financial instruments included in Accounting Standards Codification (ASC) Subtopic to be only applicable to public business entities. Prior to ASU , accounting standards (specifically ASC ) required all public entities (which includes any employee benefit plans that require an 11-K filing, regardless of the dollar value of net assets) or nonpublic entities (including any employee benefit plan) with over $100 million in assets to make certain disclosures related to the fair value of financial instruments not recorded at fair value on the statement of net assets available for benefits. The disclosures, previously required under ASC , are typically related to the fair value of contributions receivable, accrued income, pending trades, and notes payable (for leveraged ESOPs). The typical disclosure was similar to the following: The Plan also holds other assets and liabilities not measured at fair value on a recurring basis, including employer contributions receivable, accrued income, accrued liabilities and unsettled trades. The fair value of these assets and liabilities approximates the carrying amounts in the accompanying financial statements due to the short maturity of the instruments. (For public entities only (including employee benefit plans that require an 11-K filing), the following sentence was also included) Under the fair value hierarchy, these financial instruments are valued primarily using level inputs. What Changed? The one amendment in ASU that impacts benefit plan financial statements was the elimination of the requirements for employee benefit plans to make certain disclosures related to the fair value of financial instruments not recorded at fair value. This change resulted from the change of the applicability of the fair value of financial instruments disclosure (under ASC ) to public business entities only. The definition of public business entity states that neither a not-for-profit entity nor an employee benefit plan is a business entity. Given the change in definition, at the time of adoption of ASU , all employee benefit plans are no longer required to make disclosures related to the fair value of financial instruments not recorded at fair value. Therefore, upon adoption of ASU , the ASC 825, Financial Instruments, disclosure, similar to the one shown above, will be removed. 1 Page 1 of 4
2 Effective Dates and Transition For employee benefit plans within the scope of ASC 960 through 965, the changes to FASB ASC are effective for years beginning after December 15, However, early adoption is permitted beginning in 2016 for certain aspects of ASU , including the changes to ASC as described above. What Didn t Change? While ASC 825, Financial Instruments, has been revised to change the applicability of the disclosures described above to only those entities meeting the definition of public business entities, other investment-related requirements of ASC 820, Fair Value Measurements, still apply to entities defined as public entities. The definition of a nonpublic and public entity remain the same: A nonpublic entity is any entity that does not meet any of the following conditions: a. Its debt or equity securities trade in a public market either on a stock exchange (domestic or foreign) or in an over-the-counter market, including securities quoted only locally or regionally. b. It is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets. c. It files with regulatory agency in preparation for the sale of any class of debt or equity securities in a public market. d. It is required to file or furnish financial statements with the Securities and Exchange Commission. e. It is controlled by an entity covered by criteria (a) through (d). A few of the investment related disclosures still applicable to plans meeting the definition of public entity include the following: Additional disclosures for Level 3 investments, including a sensitivity analysis of changes to unobservable inputs Disclosures of all transfers between Level 1 and 2 See Appendix for sample disclosures related to the adoption of ASU ASU No Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting Overview In February 2017, the FASB issued ASU No , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (ASU ), which changes the presentation and disclosures for plans that participate in a master trust. Additionally, ASU simplifies the disclosure of 401(h) accounts in health and welfare plans. Page 2 of 4
3 3 Background FASB defines a master trust as a trust for which a regulated financial institution (bank, trust company, or similar financial institution that is regulated, supervised, and subject to periodic examination by a state or federal agency) serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held. Historically, master trusts were used primarily by defined benefit plans. However, over the years, more defined contribution and health and welfare plans began using master trusts. As the landscape of master trusts changed, there was inconsistent authoritative guidance amongst the various types of employee benefit plans. Therefore, the new standard s goal is to improve the usefulness, clarity, and consistency of the master trust disclosures for all types of plans. ASU introduces a new concept with plans having a divided or undivided interest in the master trust. Plans with an undivided interest have a proportionate share in the master trust such as defined benefit plans. Plans with a divided interest have a specific share in each asset of the master trust, which is common with defined contribution plans, especially participant-directed plans. What Changed? Master Trust Reporting Below are the required disclosures for plans with a master trust (italics added to emphasize changes): Present the plan s interest in each master trust and the change in its interest in each master trust in separate line items in the statement of net assets available for benefits and the statement of changes in net assets available for benefits, respectively. Disclose each general type of investment held by the master trust and the dollar amount of the plan s interest in each of those general types of investment held by the master trust (see Appendix for a sample disclosure). Disclose the master trust s other assets and liabilities and the dollar amount of the plan s interest in each of those other assets and liabilities (see Appendix for a sample disclosure). The disclosure stating the percentage interest in the master trust is only required for plans with an undivided interest in a master trust. The requirement to disclose percentage interest in the master trust was removed for plans with a divided interest in the master trust. Disclose the net appreciation or depreciation (including realized and unrealized gains and losses) on investments in the master trust and investment income. Describe the basis used to allocate net assets and total investment income to the plan. Investment-related Disclosure Although the exposure draft of this ASU contemplated changes to ASC 820, Fair Value Measurements, and ASC 815, Derivative and Hedging, ultimately no changes were made when ASU was issued. Page 3 of 4
4 Health and Welfare Plan Change ASU also amended ASC 965 to state that a health and welfare plan is no longer required to provide investment disclosures for 401(h) account assets. ASU added the requirement for the health and welfare plan to disclose the name of the defined benefit plan that holds the 401(h) account for the health and welfare plan and that provided the related investment disclosures. 4 Effective Dates and Transition ASU is effective for fiscal years beginning after December 15, Early adoption is permitted. The amendments should be applied retrospectively to each period for which financial statements are presented. ASU No Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Cost and Net Periodic Postretirement Benefit Cost Overview In March 2017, the FASB issued ASU No , Compensation Retirement Benefits (Topic 715): Improving the Presentation of the Net Periodic Cost and Net Periodic Postretirement Benefit Cost (ASU ). ASU affects the plan sponsor s financial statements and does not impact the employee benefit plan s financial statements. The amendments in ASU require an employer to report the service cost component in the same line item or items as the other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs will be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The ASU provides clarity that the service cost component is the only component of the net benefit costs that directly arises from the employees service provided in the current period. As a result, when it is appropriate to capitalize employee compensation in relation to the construction or production of an asset, the service cost component applicable to the relevant employees is the appropriate amount to be considered for capitalization. Effective Dates and Transition For public business entities, ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. For all other entities, the amendments are effective beginning after December 15, 2018, and interim periods beginning after December 15, Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The amendments in ASU will be applied retrospectively for presentation of net benefit costs in the income statement and prospectively for capitalization of service cost in assets. ASU provides a practical expedient which permits an employer to use amounts disclosed in its pension and postretirement plan notes for the prior comparative periods as the estimated basis for applying retrospective presentation requirements. Page 4 of 4
5 ASU Example Disclosures Pending New Pronouncement Potential Disclosure The following is an example of a pending pronouncement disclosure: 1 Appendix Pending New Pronouncement - In January 2016, FASB issued Accounting Standards Update (ASU) No , Financial Instruments (Subtopic ) - Overall Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No amended ASC 825, Financial Instruments, which eliminates the requirement to disclose the fair value of financial instruments not recorded at fair value required under ASC 825. This ASU is effective for years beginning after December 15, Management does not expect the adoption of this ASU to have a significant impact on the Plan s financial statements. Year of Implementation Potential Disclosure The following is an example of a disclosure in the year of implementation: New Accounting Pronouncement - During 20XX, the Plan adopted Accounting Standards Update (ASU) No , Financial Instruments (Subtopic ) - Overall Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No amended ASC 825, Financial Instruments, and eliminated disclosure of the fair value of financial instruments not recorded at fair value previously required under ASC 825. This standard was adopted retrospectively and had no impact on the Plan s net assets or changes in net assets. ASU Example Disclosure Pending New Pronouncement Potential Disclosure The following is an example of a pending pronouncement disclosure: Pending New Pronouncement - In February 2017, FASB issued Accounting Standards Update (ASU) No , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - Employee Benefit Plan Master Trust Reporting. ASU No amends the master trust disclosure to require additional disclosures related to the Plan s interest in the master trust. This ASU is effective for fiscal years beginning after December 15, 2018 and is required to be applied retrospectively for all comparative periods presented. Management does not expect the adoption of this ASU to have a significant impact on the Plan s financial statements. Year of Implementation Potential Disclosure The following is an example of a disclosure in the year of implementation: New Accounting Pronouncement - During 20XX, the Plan adopted Accounting Standards Update (ASU) No , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - Employee Benefit Plan Master Trust Reporting. As a result of the adoption of ASU No additional disclosures related to the Plan s interest in the master trust have been made. This standard was adopted retrospectively and had no impact on the Plan s net assets or changes in net assets. Appendix Page 1 of 2
6 2 Sample Master Trust Disclosure The following disclosure was adapted from an example provided in ASU to show the new master trust disclosures including: Dollar amount of the plan s interest in each of the general types of investment held by the master trust The master trust s other assets and liabilities Dollar amount of the plan s interest in each of those other assets and liabilities held by the master trust Master Trust Balance Plan's interest in Master Trust Balances Mutual funds $ 13,560,000 $ 6,780,000 Common stock 2,245,000 1,122,500 U.S. government securtities 575, ,500 Corportate bonds 327, ,750 Total Master Trust investments $ 16,707,500 $ 8,353,750 Due from broker for securities sold 225, ,500 Accured dividends and interest 125,000 62,500 Due to broker for securities purchased (95,000) (47,500) Accrued expenses (30,000) (15,000) Total Master Trust net assets $ 16,932,500 $ 8,466,250 Appendix Page 2 of 2
Accounting and Financial Reporting Developments for Private Companies
Accounting and Financial Reporting Developments for Private Companies THIRD QUARTER 2018 In this update, we highlight some of the more important 2018 third-quarter accounting and financial reporting activities
More informationAccounting and financial reporting activities for private companies
Accounting and financial reporting activities for private companies SECOND-QUARTER 2018 In this update, we highlight some of the more important 2018 second-quarter accounting and financial reporting activities
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2016 and 2015, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More informationAPPENDIX A Important Implementation Dates
APPENDIX A Important Implementation Dates The following table contains significant implementation dates and deadlines for FASB/EITF/PCC and GASB standards. FASB/EITF/PCC Implementation Dates ASU 2018-15,
More informationAPPENDIX A Important Implementation Dates
APPENDIX A Important Implementation Dates The following table contains significant implementation dates and deadlines for FASB/EITF/PCC and GASB standards. FASB/EITF/PCC Implementation Dates ASU 2018-08,
More information5/8/2014. Investments ASC 820
Investments ASC 820 1 Fair Value Measurements Disclosure Requirements (ASC 820-10-50-2) FAS 157 Fair Value Measurements Defined fair value Established three levels of fair value hierarchy Increased fair
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2017 and 2016, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More information{Benefit plan technical update.}
{Benefit plan technical update.} December 2015 Employee Benefit Plan Financial Reporting Simplification A 30,000-Foot View In an effort to simplify financial reporting for employee benefit plans, the Financial
More informationUpcoming Significant GAAP Accounting Pronouncements as of
8-31-2018 Below is a list of finalized upcoming significant GAAP guidance that are not yet in effect as of August 31, 2018. If you have any questions about these upcoming guidances, please contact the
More informationRevenue from Contracts with Customers (Topic 606)
Proposed Accounting Standards Update Issued: April 29, 2015 Comments Due: May 29, 2015 Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date The Board issued this Exposure Draft
More informationThird Quarter 2018 Standard Setter Update
Third Quarter 2018 Standard Setter Update Financial reporting and accounting developments (current through 30 September 2018) October 2018 To our clients and other friends This Third Quarter 2018 Standard
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2014 and 2013, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More informationCompensation Retirement Benefits Defined Benefit Plans General (Subtopic )
No. 2018-14 August 2018 Compensation Retirement Benefits Defined Benefit Plans General (Subtopic 715-20) Disclosure Framework Changes to the Disclosure Requirements for Defined Benefit Plans An Amendment
More informationFair value measurement
Financial reporting developments A comprehensive guide Fair value measurement Revised October 2017 To our clients and other friends Fair value measurements and disclosures continue to be topics of interest
More informationTHE BUSH FOUNDATION. Financial Statements. December 31, 2015 and (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) KPMG LLP 4200 Wells Fargo Center 90 South Seventh Street Minneapolis, MN 55402 Independent Auditors Report The Board of Directors The Bush
More informationFINANCIAL STATEMENTS
2016 FINANCIAL STATEMENTS Copyright 1996-2017 National Insurance Producer Registry (NIPR) National Insurance Producer Registry Financial Report December 31, 2016 Contents Independent auditor s report 2
More informationTHE FUND FOR NEW JERSEY FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION DECEMBER 31, 2015 AND 2014
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION TABLE OF CONTENTS Page Independent Auditors' Report... 1-2 Financial Statements Statements of Financial Position... 3 Statements of Activities... 4 Statements
More informationAccounting, financial reporting, and regulatory developments for public companies
Accounting, financial reporting, and regulatory developments for public companies SECOND QUARTER 2018 In this update, we highlight some of the more important 2018 second-quarter accounting, financial reporting,
More informationNational Insurance Producer Registry. Financial Report December 31, 2017
National Insurance Producer Registry Financial Report December 31, 2017 Contents Independent auditor s report 1 Financial statements Statements of financial position 2 Statements of activities 3 Statements
More informationThe Kresge Foundation (A Michigan Trustee Corporation)
The Kresge Foundation (A Michigan Trustee Corporation) Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report THE KRESGE FOUNDATION (A Michigan Trustee
More informationTel: ey.com
Ernst & Young LLP 5 Times Square New York, NY 10036 Tel: +1 212 773 3000 ey.com Ms. Susan M. Cosper Technical Director File Reference No. 2017-220 Financial Accounting Standards Board 401 Merritt 7 P.O.
More informationEKS&H Newsletter 2015 Second Quarter Update (Public Company)
EKS&H Newsletter 2015 Second Quarter Update (Public Company) This newsletter provides a summary of some of the more important 2015 second quarter accounting and financial reporting activities. The content
More informationEffective Dates of U.S. Accounting Pronouncements
Effective Dates of U.S. Accounting Pronouncements This appendix was prepared with a calendar year-end company in mind. Therefore standards with an effective date in 2015 have been included since many companies
More informationTopic Relevant Board Discussions Meeting Date
The is provided for the information and convenience of constituents who want to follow the Board s deliberations. All of the conclusions reported may be changed at future Board meetings. Decisions become
More informationAccounting and Financial Reporting Developments for Public Companies
Accounting and Financial Reporting Developments for Public Companies SECOND QUARTER UPDATE 2018 The Quarterly Newsletter is a quarterly publication from EKS&H s Technical Accounting and Auditing Group.
More informationSection 1: 11-K (ANNUAL REPORT)
Section 1: 11-K (ANNUAL REPORT) (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT
More informationAccounting and Financial Reporting Developments for Private Companies
Accounting and Financial Reporting Developments for Private Companies THIRD QUARTER UPDATE 2017 The Quarterly Newsletter is a quarterly publication from EKS&H s Technical Accounting and Auditing Group.
More informationPublic Policy Institute of California Financial Statements June 30, 2017 and 2016
Public Policy Institute of California Financial Statements Index Page(s) Report of Independent Auditors... 1 2 Financial Statements Statements of Financial Position... 3 Statements of Activities and Changes
More informationNew Developments Summary
October 5, 2011 NDS 2011-17 New Developments Summary FASB expands disclosures for multiemployer plans ASU 2011-09 is effective with 2011 financial statements for public companies Summary The FASB recently
More informationRHODES COLLEGE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. As of and for the years Ended June 30, 2016 and 2015
CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION As of and for the years Ended June 30, 2016 and 2015 And Report of Independent Auditor TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITOR...
More informationOne Hope United. Consolidated Financial Report June 30, 2016
Consolidated Financial Report June 30, 2016 Contents Independent auditor's report 1-2 Consolidated financial statements Consolidated statements of financial position 3 Consolidated statements of activities
More informationAgriBank District Retirement Plan. Financial Statements December 31, 2017 and 2016
AgriBank District Retirement Plan Financial Statements December 31, 2017 and 2016 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS' REPORT Participants and Farm Credit Foundations Trust Committee
More informationI N T E R I M U N A U D I T E D C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A R Y I N F O R M A T I O N
I N T E R I M U N A U D I T E D C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A R Y I N F O R M A T I O N Baptist Health Care Corporation and Subsidiaries For
More informationsince 1925 $3 billion As of December 2012, The Duke Endowment had distributed more than $3 billion in grants. Financial Statements FINANCIALS
2012 2012 FINANCIALS $3 billion since 1925 As of December 2012, The Duke Endowment had distributed more than $3 billion in grants. Table of Contents 3 INVESTMENTS 4 Report of Independent Certified Public
More informationDCP Midstream, LLC Condensed Consolidated Financial Statements for the Three and Six Months Ended June 30, 2015 and 2014 (Unaudited)
DCP Midstream, LLC Condensed Consolidated Financial Statements for the (Unaudited) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS Condensed Consolidated Balance Sheets... 1 Condensed Consolidated
More informationNot-for-Profit Accounting Standards Update. Ali Chalak, Senior Manager Moss Adams LLP
Not-for-Profit Accounting Standards Update Ali Chalak, Senior Manager Moss Adams LLP 1 Presenter Ali Chalak, Senior Manager Ali has practiced public accounting since 2006. He focuses on financial statement
More informationBrooklyn Law School. Financial Report June 30, 2017
Financial Report June 30, 2017 Contents Independent auditor's report 1-2 Financial statements Statement of financial position 3 Statement of activities 4 Statement of cash flows 5 Notes to financial statements
More informationRevenue from Contracts with Customers (Topic 606)
No. 2015-14 August 2015 Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date An Amendment of the FASB Accounting Standards Codification The FASB Accounting Standards Codification
More informationReport of Independent Auditors and Consolidated Financial Statements. The Henry J. Kaiser Family Foundation
Report of Independent Auditors and Consolidated Financial Statements December 31, 2017 and 2016 Table of Contents REPORT OF INDEPENDENT AUDITORS... 1 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements
More informationMayo Clinic. Consolidated Interim Financial Statements (Unaudited) June 30, 2016
Mayo Clinic Consolidated Interim Financial Statements (Unaudited) June 30, 2016 Mayo Clinic Contents Financial Statements Consolidated statements of financial position 1 Consolidated statements of activities
More informationCONSOLIDATED FINANCIAL REPORT J U N E 30, 2016
U N I V E R S I T Y O F D AY T O N CONSOLIDATED FINANCIAL REPORT J U N E 30, 2016 COMPARATIVE SUMMARY INFORMATION (All Dollars In Thousands) 2011-12 2012-13 2013-14 2014-15 2015-16 Endowment - Market 397,794
More informationI N T E R I M U N A U D I T E D C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A R Y I N F O R M A T I O N
I N T E R I M U N A U D I T E D C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A R Y I N F O R M A T I O N Baptist Health Care Corporation and Subsidiaries For
More informationDCP Midstream, LLC Condensed Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2015 and 2014 (Unaudited)
DCP Midstream, LLC Condensed Consolidated Financial Statements for the (Unaudited) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS Condensed Consolidated Balance Sheets... 1 Condensed Consolidated
More informationAdvocate Health Care Network and Subsidiaries FINANCIAL REPORT
Advocate Health Care Network and Subsidiaries FINANCIAL REPORT For the First Quarter Ended March 31, 2018 Cautionary Statement Regarding Forward Looking Statements in this Quarterly Financial Report This
More informationEffective Dates of U.S. Accounting Pronouncements
Effective Dates of U.S. Accounting Pronouncements This appendix was prepared with a calendar year-end company in mind. Therefore standards with an effective date in 2014 have been included since many companies
More informationOriginal SSAP: SSAP No. 100; Current Authoritative Guidance: SSAP No. 100R
Statutory Issue Paper No. 157 Use of Net Asset Value STATUS Finalized November 6, 2017 Original SSAP: SSAP No. 100; Current Authoritative Guidance: SSAP No. 100R Type of Issue: Common Area SUMMARY OF ISSUE
More informationAmerican Civil Liberties Union, Inc. and Consolidated Entities. Consolidated Financial Report March 31, 2017
American Civil Liberties Union, Inc. and Consolidated Entities Consolidated Financial Report March 31, 2017 Contents Independent auditor's report 1-2 Financial statements Consolidated statements of financial
More informationRevenue from contracts with customers (ASC 606)
Financial reporting developments A comprehensive guide Revenue from contracts with customers (ASC 606) August 2015 To our clients and other friends In May 2014, the Financial Accounting Standards Board
More informationTHE LIBRA FOUNDATION DECEMBER 31, 2016 INDEPENDENT AUDITORS REPORT FINANCIAL STATEMENTS AND
THE LIBRA FOUNDATION DECEMBER 31, 2016 INDEPENDENT AUDITORS REPORT AND FINANCIAL STATEMENTS Independent Auditors Report and Financial Statements Independent Auditors Report 1-2 Financial Statements Statement
More informationHampden-Sydney College and Affiliates. Consolidated Financial and Compliance Report Year Ended June 30, 2016
Hampden-Sydney College and Affiliates Consolidated Financial and Compliance Report Year Ended June 30, 2016 Contents Financial section Independent auditor s report 1-2 Consolidated financial statements
More informationSanford Burnham Prebys Medical Discovery Institute
Sanford Burnham Prebys Medical Discovery Institute Financial Statements as of and for the Years Ended June 30, 2016 and 2015, Supplemental Combining Information as of and for the Year Ended June 30, 2016,
More informationDefining Issues. FASB Issues New Private Company Guidance. February 2014, No Key Facts
Defining Issues February 2014, No. 14-7 FASB Issues New Private Company Guidance The FASB and Private Company Council (PCC) recently issued new guidance for private companies including the Private Company
More informationAN OFFERING FROM BDO S NATIONAL ASSURANCE PRACTICE SIGNIFICANT ACCOUNTING & REPORTING MATTERS
AN OFFERING FROM BDO S NATIONAL ASSURANCE PRACTICE SIGNIFICANT ACCOUNTING & REPORTING MATTERS Significant Accounting & Reporting Matters Second Quarter 2011 1 FIRST QUARTER 2016 BDO is the brand name for
More informationRevenue from contracts with customers (ASC 606)
Financial reporting developments A comprehensive guide Revenue from contracts with customers (ASC 606) Revised August 2017 To our clients and other friends The Financial Accounting Standards Board (FASB
More informationAIMRITE HOLDINGS CORP. UNADUITED FINANCIAL STATEMENTS December 31, 2017
UNADUITED FINANCIAL STATEMENTS Balance Sheets as of and 2016 1 Statements of Operations for the years ended and 2016 2 Statement of Changes in Stockholders Deficit for the years ended and 2016 3 Statements
More informationSAFRA SECURITIES LLC (SEC. I.D. No ) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2017 (UNAUDITED) ******
SAFRA SECURITIES LLC (SEC. I.D. No. 8-51935) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2017 (UNAUDITED) ****** SAFRA SECURITIES LLC STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2017 ASSETS Cash
More informationNew Developments Summary
November 7, 2017 NDS 2017-08 New Developments Summary Targeted improvements to hedge accounting ASU 2017-12 simplifies accounting for hedging activities Summary The FASB recently issued ASU 2017-12, Targeted
More informationMetLife Foundation. Financial Statements as of and for the Years Ended December 31, 2017 and 2016 and Independent Auditors Report
MetLife Foundation Financial Statements as of and for the Years Ended December 31, 2017 and 2016 and Independent Auditors Report INDEPENDENT AUDITORS' REPORT To the Board of Directors of MetLife Foundation:
More informationSIGNIFICANT ACCOUNTING & REPORTING MATTERS FIRST QUARTER 2017
SIGNIFICANT ACCOUNTING & REPORTING MATTERS FIRST QUARTER 2017 Significant Accounting & Reporting Matters First Quarter 2017 2 TABLE OF CONTENTS Financial Accounting Standards Board (FASB)... 3 Final FASB
More informationReport of Independent Auditors and Consolidated Financial Statements. The Henry J. Kaiser Family Foundation
Report of Independent Auditors and Consolidated Financial Statements The Henry J. Kaiser Family Foundation December 31, 2016 and 2015 CONTENTS PAGE REPORT OF INDEPENDENT AUDITORS...1 CONSOLIDATED FINANCIAL
More informationFLORIDA AGRICULTURAL AND MECHANICAL UNIVERSITY FOUNDATION, INC. (A NON-PROFIT ORGANIZATION)
FLORIDA AGRICULTURAL AND MECHANICAL UNIVERSITY FOUNDATION, INC. (A NON-PROFIT ORGANIZATION) FINANCIAL STATEMENTS, INDEPENDENT AUDITOR'S REPORT THEREON FOR THE YEARS ENDED JUNE 30, 2017 AND 2016, AND AUDITOR'S
More informationCOASTAL INTEGRATED SERVICES, INC. (FORMERLY SIMPLY LIDS) FINANCIAL STATEMENTS December 31, 2016
COASTAL INTEGRATED SERVICES, INC. (FORMERLY SIMPLY LIDS) FINANCIAL STATEMENTS December 31, 2016 COASTAL INTEGRATED SERVICES, INC. BALANCE SHEET (unaudited) December 31, December 31, Assets: 2016 2015 Current
More informationAMTRUST FINANCIAL SERVICES, INC.
AMTRUST FINANCIAL SERVICES, INC. FORM 10-Q (Quarterly Report) Filed 08/09/17 for the Period Ending 06/30/17 Address 59 MAIDEN LANE 43RD FLOOR NEW YORK, NY 10038 Telephone (212) 220-7120 CIK 0001365555
More informationRevenue from contracts with customers (ASC 606)
Financial reporting developments A comprehensive guide Revenue from contracts with customers (ASC 606) Revised August 2016 To our clients and other friends In May 2014, the Financial Accounting Standards
More informationCORECARE III dba MORNINGSIDE OF FULLERTON
dba MORNINGSIDE OF FULLERTON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED DECEMBER 31, 2017 AND 2016 WITH INDEPENDENT AUDITORS REPORT TABLE OF CONTENTS DECEMBER 31, 2017 AND 2016 Page
More informationThe Spencer Foundation. Financial Report March 31, 2017
Financial Report March 31, 2017 Contents Independent auditor s report 1 Financial statements Statements of financial position 2 Statements of activities 3 Statements of cash flows 4 Notes to financial
More informationCommunity Foundation of Greater Des Moines. Consolidated Financial Statements December 31, 2016
Community Foundation of Greater Des Moines Consolidated Financial Statements December 31, 2016 Contents Independent auditor s report 1 Financial statements Consolidated statements of financial position
More informationDerivatives and Hedging (Topic 815)
No. 2017-12 August 2017 Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities An Amendment of the FASB Accounting Standards Codification The FASB Accounting Standards
More informationAuthoritative Accounting and Reporting Standards For Employee Benefit Plans:
Authoritative Accounting and Reporting Standards For Employee Benefit Plans: FASB Accounting Standards Codification TM The EBPAQC has prepared this document to provide a general understanding of the source
More informationSchwab Charitable Fund. Financial Statements as of and for the Years Ended June 30, 2017 and 2016, and Independent Auditors Report
Schwab Charitable Fund Financial Statements as of and for the Years Ended June 30, 2017 and 2016, and Independent Auditors Report SCHWAB CHARITABLE FUND STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30,
More informationThe Museum of Modern Art. Consolidated Financial Statements June 30, 2018 and 2017
Consolidated Financial Statements Index Page(s) Report of Independent Auditors... 1 Consolidated Financial Statements Consolidated Statements of Financial Position... 2 Consolidated Statements of Unrestricted
More informationNortheastern University Report on Federal Financial Assistance Programs in Accordance with the OMB Uniform Guidance For the Year Ended June 30, 2016
Report on Federal Financial Assistance Programs in Accordance with the OMB Uniform Guidance For the Year Ended June 30, 2016 Entity Identification #04-1679980 Contents Part I Consolidated Financial Statements
More informationNIKE, Inc. (Full title of the plan)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2016
More informationThe Museum of Modern Art. Consolidated Financial Statements June 30, 2017 and 2016
Consolidated Financial Statements Index Page(s) Report of Independent Auditors... 1 Consolidated Financial Statements Consolidated Statements of Financial Position... 2 Consolidated Statements of Unrestricted
More informationST. OLAF COLLEGE EMERITI RETIREE HEALTH PLAN Northfield, Minnesota
Plan Number - 513 EIN - 41-0693979 ST. OLAF COLLEGE EMERITI RETIREE HEALTH PLAN Northfield, Minnesota FINANCIAL STATEMENTS Including Independent Auditors' Report As of December 31, 2015 and 2014 and for
More informationAssociated Electric & Gas Insurance Services Limited
Associated Electric & Gas Insurance Services Limited Consolidated Financial Statements as of and for the Years Ended December 31, 2016 and 2015, and Independent Auditors Report ASSOCIATED ELECTRIC & GAS
More informationCONCORDIA COLLEGE Moorhead, Minnesota
Moorhead, Minnesota Audit Report on Financial Statements and Federal Awards As of and for the Year Ended April 30, 2016 TABLE OF CONTENTS Independent Auditors' Report 1-2 Statements of Financial Position
More informationCONTINENTAL RUBBER OF AMERICA, CORP. (A Wholly Owned Subsidiary of Continental Automotive, Inc.) Financial Statements. December 31, 2016 and 2015
Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 1900 440 Monticello Avenue Norfolk, VA 23510 Independent Auditors Report The Board of Directors Continental Rubber of America,
More informationAmerican Civil Liberties Union Foundation, Inc. and Subsidiary. Consolidated Financial Report March 31, 2016
American Civil Liberties Union Foundation, Inc. and Subsidiary Consolidated Financial Report March 31, 2016 Contents Independent auditor's report 1-2 Financial statements Consolidated statements of financial
More informationFair value measurement
Fair value measurement Questions and answers US GAAP and IFRS $ December 2017 kpmg.com Contents Contents Comparability is the challenge 1 About the standards 2 About this publication 4 A. An introduction
More informationLaurel Lake Retirement Community, Inc. and Subsidiary YEARS ENDED DECEMBER 31, 2018 AND 2017
Laurel Lake Retirement Community, Inc. and Subsidiary CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Independent auditor s report 1 Financial statement: Consolidated statements of financial position 2 Consolidated
More informationHoward Hughes Medical Institute
Howard Hughes Medical Institute Consolidated Financial Statements for the years ended August 31, 2018 and 2017 and Report of Independent Auditors Thereon Report of Independent Auditors To the Trustees
More informationFarm Credit Foundations Defined Contribution / 401(k) Plan. Financial Statements December 31, 2015 and 2014
Farm Credit Foundations Defined Contribution / 401(k) Plan Financial Statements December 31, 2015 and 2014 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS' REPORT Participants and Farm Credit
More informationTIMKENSTEEL CORPORATION SAVINGS AND INVESTMENT PENSION PLAN (Full title of the Plan)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31,
More informationTransUnion (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationNational 4-H Council and Controlled Affiliates
National 4-H Council and Controlled Affiliates Consolidated Financial Statements, Schedule of Expenditures of Federal Awards, and Independent Auditor s Reports Required by Government Auditing Standards
More informationQuarterly Accounting Update: On the Horizon The following selected FASB exposure drafts and projects are outstanding as of April 12, 2015.
Quarterly Accounting Update: On the Horizon The following selected FASB exposure drafts and projects are outstanding as of April 12, 2015. Proposed Delay of Effective Date for Revenue Recognition Standard
More informationINDEPENDENT AUDITORS REPORT 1 2. Statements of Financial Position 3 4. Statements of Activities 5 6. Statements of Cash Flows 7 8
Drake University Financial Statements as of and for the Years Ended June 30, 2017 and 2016, and Independent Auditors Report, Supplemental Schedule of Revenues and Expenses Intercollegiate Athletic Department
More informationWilliams College Consolidated Financial Statements June 30, 2017 and 2016
Consolidated Financial Statements Index Page(s) Report of Independent Auditors... 1 2 Consolidated Financial Statements Statements of Financial Position... 3 Statements of Activities... 4 5 Statements
More informationDrake University. Financial Statements as of and for the Years Ended June 30, 2017 and 2016, and Independent Auditors Report
Drake University Financial Statements as of and for the Years Ended June 30, 2017 and 2016, and Independent Auditors Report DRAKE UNIVERSITY TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 2 FINANCIAL
More informationTHE INTERNATIONAL ASSOCIATION OF LIONS CLUBS. FINANCIAL STATEMENTS June 30, 2018 and 2017
THE INTERNATIONAL ASSOCIATION OF LIONS CLUBS FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION... 3 STATEMENTS OF
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationDISCOVERY Children s Museum. Financial Report June 30, 2016
DISCOVERY Children s Museum Financial Report June 30, 2016 Contents Independent auditor s report 1-2 Financial statements Statement of financial position 3 Statement of activities 4 Statement of cash flows
More informationSIERRA CLUB FOUNDATION. Financial Statements. December 31, 2016 and (With Report of Independent Certified Public Accountants)
Financial Statements and 2015 (With Report of Independent Certified Public Accountants) Table of Contents Page(s) Report of Independent Certified Public Accountants 1 2 Balance sheet 3 Statement of activities
More informationUCLA ALUMNI ASSOCIATION (A NONPROFIT ORGANIZATION AFFILIATED WITH UCLA) FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2010 and 2009
FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2010 and 2009 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS Statements of Financial Position 2 Statements of Activities 3 Statements
More informationSANTANDER INVESTMENT SECURITIES INC.
SANTANDER INVESTMENT SECURITIES INC. NOTES TO STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2016 1. ORGANIZATION AND NATURE OF BUSINESS Santander Investment Securities Inc. (the Company ), a Delaware
More informationELIZABETHTOWN COLLEGE Elizabethtown, Pennsylvania
Elizabethtown, Pennsylvania AUDIT REPORT ON FINANCIAL STATEMENTS As of and for the Years Ended June 30, 2017 and 2016 TABLE OF CONTENTS Independent Auditors' Report 1 2 Statements of Financial Position
More informationAdvocate Health Care Network and Subsidiaries FINANCIAL REPORT
Advocate Health Care Network and Subsidiaries FINANCIAL REPORT For the Fourth Quarter and Year Ended December 31, 2017 Cautionary Statement Regarding Forward Looking Statements in this Quarterly Financial
More informationDeloitte & Touche LLP is pleased to comment on the FASB s proposed Accounting Standards Update (ASU) Codification Improvements.
Deloitte & Touche LLP 695 East Main Street Stamford, CT 06901-2141 Tel: +1 203 708 4000 Fax: +1 203 708 4797 www.deloitte.com Ms. Susan M. Cosper Technical Director Financial Accounting Standards Board
More informationMaine Health Access Foundation, Inc.
Maine Health Access Foundation, Inc. Audited Financial Statements Years Ended With Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Trustees Maine Health Access Foundation, Inc. Report
More information