FASB’s revenue recognition standard is a major change in accounting and requires any privately held or not-for-profit organizations issuing GAAP financial statements to prepare now for an implementation that can be complex.
We’ve synthesized the final bill and described those areas we think are most important for you to understand and consider as you assess the opportunities for your business or your own individual tax plans.
The DOL has rolled out a national effort to make sure defined benefit plans are making reasonable efforts to find missing participants. While the DOL may not be performing this specific type of audit on defined contribution plans just yet, the issue of uncashed distribution checks remains high on the DOL’s radar—and may be their next focus area.
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