Assurance Archive

Why Plan Sponsors Should Read Their Service Providers' SOC Reports

When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. But how do you know whether each service provider has effective systems and controls in place to ensure that they are executing their roles correctly?

FASB Proposes to Defer Effective Dates of Major New Accounting Standards

The FASB's recently proposed ASU would amend the effective dates of certain major accounting standards that are not yet effective for some or all entities.

Pop Quiz: How Will Your Auditors Perform?

Every fall, students have a fresh start to build upon prior subjects and grow intellectually in the classroom. What if the same were true for your internal audit team? Why not test their knowledge and provide them with a fresh start of sorts?

Can Your Business Withstand the Scrutiny in a Sale Transaction?

An M&A attorney drafts and reviews sale agreements and assists with negotiating the various terms and conditions included in such agreements. However, the most important issue that often is overlooked by a seller is whether the company is prepared to be sold. What does this mean? A seller should consider whether the company’s operational, financial, tax, legal and regulatory matters are in order.

Reinventing Retirement Benefits to Drive Millennial Engagement

Attracting and retaining millennials, the largest segment of today’s workforce, is a priority for companies in one of the tightest labor markets in history. One way to do this is to re-evaluate the company’s benefits—particularly the retirement plan—so that they better align with millennials’ needs and priorities.

ASC 842 Implementation For Private Companies: Lessons Learned From Public Companies

Most public companies have already been required to implement ASC 842, offering their private company counterparts lessons on challenges encountered and solutions deployed. Now is a good time to take stock of where your company is on the ASC 842 implementation timeline.

M&A and Employee Benefits: Pre-Transaction Considerations

Corporate mergers or acquisitions are complex, labor-intensive processes with high-stakes outcomes. In many cases, employee benefits get overlooked while the management teams of the buyer and seller prepare for the transaction. In this article, we examine some of the benefits-related issues that buyers and sellers should consider before a transaction closes.

FASB Issues Targeted Improvements to Financial Instruments Standards

The FASB recently issued ASU 2019-04 to clarify and improve guidance within the issued standards on credit losses, hedging and recognition and measurement of financial instruments.

IRS No Longer Prohibits Retiree Lump Sum Windows in Defined Benefit Pension Plans

Defined benefit plan sponsors can once again offer retirees and beneficiaries receiving annuity payments a limited opportunity to convert their benefits into a lump sum.

Meet the New Accounting Standard for Measuring the Value of Equity Investments

Up until now, financial statement preparers have had some leeway regarding the value of their company’s return on investments in equity securities. Typically, these securities were designated as “available for sale” with the corresponding gains or losses on the fair value of those securities recorded through other comprehensive income. Now that has all changed.

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