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FASB updates accounting for certain benefit plans

Tammy Whitehouse | March 1, 2017

Companies with employee benefit plans held in master trusts have some new accounting rules to learn and observe, courtesy of the Financial Accounting Standards Board.

The changes apply to benefit plans held in master trusts, where a regulated financial institution serves as the trustee or custodian for the assets of more than one plan sponsored by a single employer or a group of employers under common control. While the Financial Accounting Standards Board has targeted employee benefit plan accounting as an area for simplification, this change to accounting adds some new requirements.

The FASB issued...

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