Employee Benefit Plan Disclosures - CHANGES!
For all those out there with an employee benefit plan, there are a couple new pronouncements out that affect your December 31, 2011 financials.
1. ASU 2010-06: the final provision of this ASU is now in effect - purchases, settlements, sales and issuances may no longer be reported as a net number and must be presented separately in your level 3 disclosures.
2. ASU 2010-25: participant loans are now to be classified as notes receivable and segregated away from Plan investments. The loans are to be measured at their unpaid principal balance plus any accrued but unpaid interest.
Be sure to check back with our blog as we will be posting more "exciting" employee benefit plan information including the top mistakes made by employee benefit plans.
If you have any questions about the pronouncements above and how to implement them or anything else related to your employee benefit plan, shoot us an email or give Stacey Hammond or Dusty Wagoner a call at (785) 234-3427.
Matt Deutsch | 04/20/2012