Financial Reporting Issues

Accounting And Reporting For Defined Contribution Plans

In 2020, the Pension Rights Center reported that one out of three older adults received income from private company or union pension plans; federal, state, or local government pension plans; or railroad retirement, military, or veterans' pensions. The need to properly administer and account for pension funds is critical. There are very specific requirements for pension accounting. ASC 715 Compensation-Retirement Benefits provides guidance on financial reporting for employers who offer pension benefits to their employees. ASC 962 Plan Accounting-Defined Contribution Pension Plans address the plan accounting standards for defined benefit plans and defined contribution plans respectively. Those detailed calculations of pension cost and reporting requirements produce a complex accounting standard.

Learning Objectives:

  • Distinguish between defined benefit and defined contribution plans.
  • Identify the way to evaluate plan assets.
  • Identify the components of pension expense.
  • Recognize the reporting requirements for defined contribution pension plans.


Prerequisites/Advanced Preparation:

GAAP


Speaker / Author:

Steve Spafford, MBA, CPA, has over 20 years' experience as a CPA working with large public accounting firms, and in numerous executive roles at multinational public corporations. He is a member of DeltaCPE LLC, a leading publisher of continuing professional education courses for CPAs, and has edited CPA ethics courses provided to over 35 states.

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Price (USD)

Standard: $24.95

Details

Course Code : 99DEL34-C

Release Date : 03/07/2022
Expire Date : 03/31/2024
Credits :
CPE 1.00
QAS 1.00

Length : 50min
Course Level : Intermediate
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

Theme : Financial Reporting Issues

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