Printer Friendly
The Free Library
22,719,120 articles and books

Guidance issued on accounting and disclosures for employee benefit plans regarding Medicare Act.



The AICPA AICPA

See American Institute of Certified Public Accountants (AICPA).
 staff, helped by industry experts, released two questions and answers, commonly referred to as Technical Practice Aids, on accounting and disclosures for single employer and multi-employer employee benefit plans related to the Medicare Prescription Drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, , Improvement and Modernization Act of 2003 (the Medicare Act).

* TPA (Transient Program Area) See transient area.

TPA - Transient Program Area
 6930.09--Accounting and Disclosure Requirements for Single-Employer Employee Benefit Plans Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003

* TPA 6930.10--Accounting and Disclosure Requirements for Multiemployer Employee Benefit Plans Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003 In May 2004, the Financial Accounting Standards Board Financial Accounting Standards Board (FASB)

Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP).
 issued FASB FASB

See: Financial Accounting Standards Board


FASB

See Financial Accounting Standards Board (FASB).
 Staff Position FAS 106-2, Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. The FASB FSP FSP - File Service Protocol  addressed when and how an employer that provides post-retirement prescription drug coverage should recognize the effects of the Act but did not address the accounting for the subsidy by the health and welfare plan itself. These TPAs provide accounting and disclosure guidance for both single employer and multiemployer plans relating to the effects of the Medicare Act.

Practitioners are encouraged to incorporate this guidance as soon as practicable. These Technical Practice Aids are available on the AICPA's Web site at www.aicpa.org/members/div/acctstd/general/recent_tpas.asp.

Interpretation on Applicability of SSARSs Issued

The Accounting and Review Services Committee has issued Interpretation No. 27 to Statement on Standards for Accounting and Review Services No. 1 [AR section 100]. The Interpretation, entitled "Applicability of SSARSs to Reviews of Nonissuers Who Are Owned By or Controlled By an Issuer," provides guidance on the appropriate authoritative standards an accountant should follow when engaged to review the separate financial statements of a subsidiary which itself is not an issuer (as defined in Section 3 of the Securities and Exchange Act of 1934). The Interpretation is available at www.aicpa.org/download/members/div/auditstd/ SSARS SSARS Statements on Standards for Accounting and Review Services _Interpretation_SSARS_Applicability.pdf.
COPYRIGHT 2005 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:according & auditing news
Publication:CPA Letter
Date:Oct 1, 2005
Words:323
Previous Article:SAS No. 70 Auditing Guidance.
Next Article:Disciplinary actions.
Topics:



Related Articles
Before the FASB's OPEB ruling: the first steps to take.
Beyond ERISA: the auditor's responsibilities.
The Financial Accounting Standards Board.
now available.
Statement of Position for Health and Welfare Benefit Plans Issued.
HIPAA Privacy Rules Challenge Long-Term Care Providers. (Computer Quarterly Update).
Implementing Sarbanes-Oxley: early feedback. (Regulatory).
OCBOA financial statements: here's some practical guidance on a popular accounting option.
FASB issues exposure drafts to improve accounting guidance, support convergence of global accounting standards.
Welfare benefit plans and executive compensation.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters