FASB Releases Final Standard for Financial Reporting in a Employee Benefit Plan Master Trust

​The Financial Accounting Standards Board (FASB) issued a final Accounting Standard Update (ASU) intended to improve the usefulness of the information reported to users of employee benefit plans financial statements and to provide clarity to preparers and auditors.  This update relates primarily to the reporting by an employee benefit plan for its interest in a master trust.

The proposed ASU applies to reporting entities within the scope of:

  • Defined Benefit Pension Plans (Topic 960)
  • Defined Contribution Pension Plans (Topic 962)
  • Health and Welfare Benefit Plans (Topic 965)

The amendments are effective for fiscal years beginning after December 15, 2018.