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ARTICLE · 22 AUGUST 2013

FASB Proposal Affects Employee Benefit Plans

Mayer Hoffman McCann
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In response to concerns expressed by leading organizations that specialize in employee stock ownership plans, the FASB has proposed an indefinite deferral of certain Level 3 fair value measurement disclosure requirements for nonpublic employee benefit plans holding private company employer equity securities.

United StatesEmployment and HR
Hal Hunt
Hal Hunt

In response to concerns expressed by leading organizations that specialize in employee stock ownership plans (ESOPs), the FASB has proposed an indefinite deferral of certain Level 3 fair value measurement disclosure requirements for nonpublic employee benefit plans holding private company employer equity securities. Without the deferral, these disclosure requirements would take effect in financial statements of nonpublic employee benefit plans for periods beginning on or after December 15, 2011 (calendar year 2012), and these disclosures would be included in Form 5500 filings that are generally due within seven months after the plan's year-end.

This Messenger highlights the proposed changes and suggests topics that plan sponsors should discuss with their ESOP plan independent auditor at this time.

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