- Actions the FASB takes can have a significant effect on your financial statements and the impression they leave with users of such statements. Here are areas the FASB is likely to focus on in 2016.
- Summary list of Financial Accounting Standards Board (FASB) Accounting Standards Updates (ASUs) in 2015.
- Baker Tilly’s employee benefit plan specialists overviewed of the findings from the Department of Labor’s (DOL) assessment of audit quality of employee benefit plans and discussed what organizations should be aware of.
- On July 9, 2015, the Internal Revenue Service (IRS) issued Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, amending the required minimum distribution regulations under section 401(a)(9) of the Internal Revenue Code (IRC). The regulation, as amended, no longer permits qualified defined benefit plans to replace any joint and survivor, single life, or other annuity currently being paid with a lump sum payment or other accelerated form of distribution.
- On July 9, 2015, the FASB approved its April 2015 proposal to defer the effective date of ASU No. 2014-09, Revenue from Contracts with Customers, for all entities for one year. Entities will, however, be allowed to apply the new standard as of the original effective dates set out in the standard. This article examines the revenue recognition standard and explains why the FASB granted an extension.
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