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Employee benefit plan financial statements

BAR Chapter 20 · Area II · Blueprint II.K

A pension or 401(k) plan is a separate reporting entity with its own financial statements, prepared for the people whose retirement depends on it. The Blueprint asks you to identify the required statements for defined benefit and defined contribution plans, recall the note disclosures, and prepare the statement of net assets available for benefits and the statement of changes in net assets. Summit Outdoor Brands sponsors a 401(k) plan for its staff and a defined benefit pension plan for long-serving employees.

In this chapter

1. Plans, sponsors and the statements they file
2. The statement of net assets available for benefits
3. The statement of changes in net assets
4. Accumulated plan benefits in a defined benefit plan
5. Defined contribution plan specifics
6. Note disclosures for benefit plans

This chapter has 6 lessons, 50 practice MCQs with explanations and 10 simulations, plus flashcards and a recall sheet.

What this chapter covers

• Required statements and notes for defined benefit and defined contribution plans
• net assets available for benefits

Chapter 19: Public company reporting · Chapter 21: Government financial statements