Читать книгу Auditing Employee Benefit Plans - Josie Hammond - Страница 68

An employee benefit plan may have liabilities for amounts owed for securities purchased, refunds of excess contributions, income taxes payable, or other expenses and fees to be paid by the plan. Liabilities should be deducted to arrive at net assets available for benefits. The notes to the financial statements should disclose whether, or which, expenses are paid by the plan or plan sponsor.

Benefits are deducted from net assets when paid. Amounts related to participants who have elected to withdraw from the plan but have not yet been paid (for example, benefit claims payable) should not be reflected as liabilities on the financial statements. Instead, benefits payable should be disclosed in the notes to the financial statements, if significant. In addition, a reconciliation to Form 5500 may be required for accrued liabilities or benefit claims payable because Form 5500 should include the amount of plan obligations incurred but not yet paid and benefit claims payable which have been approved for payment but not yet processed, for noncash basis plans.