Posts Tagged ‘pension audit’

How Can I Make My Benefit Plan Audit A Smoother Process?

Thursday, November 28th, 2013

Your time is precious and you want to use it effectively. The last thing you want to face is multiple requests from auditors that make you feel like you’re running around without purpose. It doesn’t have to be this way. A little preparation on your end will help the process run smoother and give you fewer headaches.  (more…)

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What Does ASU 2011-04 Mean For Your Pension Audit?

Thursday, February 7th, 2013

How to Prepare For Changes to Your Retirement Plan

While the basics of double entry accounting haven’t changed in hundreds of years, the devil, as they say, is in the details. And, when it comes to accounting, the details are always changing. A new accounting standard update has been announced – and it could have a big impact on your pension plan’s 2012 audit.

For the last decade, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working toward accounting convergence; bringing U.S. accounting standards into harmony with international requirements. Through the Accounting Standard Updates (ASUs), FASB has been nudging U.S. standards closer to their international counterparts. Think of it as the accounting equivalent of finally getting America to convert to the metric measuring system. It’ll be great once we’re all on the same page, but the process of getting there… well, it’s a little complicated.

Here’s what you need to know about ASU 2011-04 and what you can do to prepare for its impact on your retirement plan. (more…)

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