As we head into employee benefit plan auditing season, this is a reminder that ASU 2015-7 is effective for years beginning after December 15, 2015 for public entities and for all other entities is in effect for years beginning after December 15, 2016. The ASU will simplify employee benefit plan reporting disclosures.
The amendments in ASU 2015-07 remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient.
The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient.
If you have any questions about the information above, or have anything other questions related to your employee benefit plan audit, send us an email at firstname.lastname@example.org or give Stacey Hammond or Dusty Wagoner a call at (785) 234-3427.