• FASB issues ASU 2013-12, Definition of a Public Business Entity

    The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-12, Definition of a Public Business Entity (ASU 2013-12) in December 2013. This update provides a single definition of public business entity for use in future financial accounting and reporting guidance. Distinctions about which not-for-profit entities (NFPs) would receive financial accounting and reporting alternatives within US GAAP typically have been made on the basis of whether an NFP has public debt securities, including conduit debt.
  • SEC proposes rules to increase access to capital for smaller companies

    On December 18, 2013, the Securities and Exchange Commission voted to propose rules intended to increase access to capital for smaller companies. The SEC’s proposal would build upon Regulation A, which is an existing exemption from registration for small offerings of securities up to $5 million within a 12-month period.
  • NAIC Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act Implementation for Insurance Companies

    The paper will examine domestic and global insurer solvency requirements with a primary focus on the United States’ National Association of Insurance Commissioners’ (NAIC) Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act. In addition, this paper will provide industry guidance to small through midsized insurance companies that have recently breached or are close to reaching the $500 million of annual direct written and unaffiliated assumed premium.
  • Annual retirement plan limits and why plan sponsors should pay attention

    The key to ensuring compliance with plan document and regulatory requirements is being aware of your plan’s definition of eligible compensation and having appropriate controls in place to ensure benefit calculations use this correct definition. Applying the eligible compensation definition and compensation limits incorrectly can have a significant monetary impact on a plan sponsor.
  • Upcoming pension changes

    Discover the components of the recent GASB 67 and 68 issuance and learn about the new changes taking effect for the accounting and reporting of pensions for both the pension plan and the local government employer.