AICPA Releases Additional Technical Q&As for Guidance on ASU No. 2013-07
To be used as implementation guidance for accounting, auditing and applicable industry matters, the American Institute of Certified Public Accountants (“AICPA”) has released new technical staff practice aids under (a) TIS Section 6931, Financial Statement Reporting and Disclosure—Employee Benefit Plans and (b) TIS Section 8900, Predecessor Auditors. Published in a questions and answers format, TIS Sections 6931.18 through 6931.30 help practitioners understand the accounting impact of Financial Accounting Standards Board’s Accounting Standards Update No. 2013-07, Presentation of Financial Statements—Liquidation Basis of Accounting, on single-employer pension plans. Some of the sections cover topics like Definition of “Imminent” Under Liquidation Basis of Accounting for Single-Employer Defined Benefit and Defined Contribution Retirement Employee Benefit Plans (TIS Sections 6931.18); Comparative Financial Statements When Using the Liquidation Basis of Accounting of a Single-Employer DB Plan (TIS Section 6931.26); and FASB ASC 820 Fair Value Disclosure When an Employee Benefit Plan is Using the Liquidation Basis of Accounting (TIS Section 6931.29).
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