- The National Association of Real Estate Investment Trusts (NAREIT) held their annual REITWise conference in Phoenix, Ariz. The latest accounting, tax, and economic issues impacting real estate investment trusts (REITs) were addressed over the course of the conference. Highlights from some of the committee meetings and sessions are summarized.
- On April 1, 2015, the Financial Accounting Standards Board (FASB) voted to propose a one-year deferral of the effective date of the new revenue recognition standard, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), for both public and private entities.
- The Society of Actuaries recently released new mortality tables for use by employee benefit plans and plan sponsors when measuring pension obligations. The new tables, RP-2014 (mortality tables) and MP-2014 (longevity improvement scale) will most likely result in higher pension obligations.
- In 2014, the Financial Accounting Standards Board (FASB) issued eighteen Accounting Standards Updates (ASUs). There are several major areas expected to be updated in 2015, including leases, disclosure framework, and accounting for financial instruments. To help you review the most recent updates, links are provided to the detailed FASB information for each of the 2014 ASUs.
- The Employee Benefit Plan Audit Quality Center has recently released a Plan Advisory (the Advisory) on the importance of hiring a quality auditor in respect to your employee benefit plan; this advisory covers the financial statement audit's significance to users, and the risk a plan sponsor will face if a quality audit is not performed. The Advisory also provides guidance in evaluating auditor qualifications, and includes a complete overview of the proposal process.
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