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This chapter will address applicable guidance as well as recent developments in the industry.

Employee benefit plans are governed by standards of accounting and reporting provided by FASB through the codification. The Department of Labor (DOL) and IRS also have authority to issue regulations for reporting and disclosure requirements of benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA).

This course will not address accounting or reporting for governmental employee benefit plans, which are governed by statements issued by GASB.

In addition, this chapter will not address additional accounting or reporting requirements for plans of issuers subject to the provisions of the Sarbanes-Oxley Act, the regulations of the SEC, and the rules and standards of PCAOB.