In a continuation of benefit plan audit series, over the next few weeks, we’ll continue updating you on changing rules and regulations and their impact on employee benefit plan audits.
This week’s topic:
Fair Value Measurements
In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157") to provide enhanced guidance for using fair value to measure assets and liabilities. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value and expands financial statement disclosures about the use of fair value measurements.
For more information on employee benefit plan audits, please leave a comment below, or contact Dani Gisondo at 440-449-6800.