Fair Value Disclosure Discussed at IFEBP Conference
Eileen Brassil spoke at the International Foundation of Employee Benefit Plans' (IFEBP) Professionals Institute for Accountants on June 15, 2010 in San Diego, California. She spoke on the topic of "Investment Auditing - Beyond the Basics." Eileen also moderated two sessions at the Trustees and Administrators Institute entitled "Selecting and Monderating Your Plan Professionals" and "Filing Forms: You Want to Sign What?"
In the Accountant's session, Eileen discussed recent updates to fair value disclosures related to Statement of Financial Accounting Standards No. 157, Fair Value Measurements (now codified under the FASB Accounting Standards Codification as ASC 820). You may have noticed that your financial statements' footnote related to this topic is growing longer and more complex. Eileen explained the reasons for this, which primarily include the fact that the Financial Accounting Standards Board (FASB) is issuing updates to respond to the growing demand for transparency, especially for those assets falling under Levels 2 and 3 in the fair value hierarchy, at the same time that benefit plans are increasing the concentration of investments in more complex non-readily marketable assets.
For further information on this topic, IFEBP's Benefits & Compensation Digest will be running an article written by Eileen Brassil in its October 2010 issue.