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Mistakes Happen: Common 401(k) Plan Errors and How To Fix Them

May 15, 2023 From ERISA to the Internal Revenue Code (“IRC”) to regulations to pieces of sub-regulatory guidance hidden away on governmental websites, a complicated web of sources governs qualified retirement plan compliance—and for all the parties involved, ensuring retirement plans adhere to the litany of federal legal requirements can be overwhelming. Despite the best of efforts, mistakes can and do happen all too often.

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FASB Issues Proposal To Clarify Accounting Guidance Related to Profits Interest Awards

May 11, 2023 The Financial Accounting Standards Board recently published a proposed Accounting Standards Update intended to improve generally accepted accounting principles by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement within the scope of Topic 718, Compensation—Stock Compensation.

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Financial Accounting Foundation Enhances Stakeholder Feedback Procedures

April 26, 2023 As part of its continuing efforts to improve its oversight activities and to further increase transparency for stakeholders, the Board of Trustees of the Financial Accounting Foundation recently announced an enhancement intended to make it easier for stakeholders to raise potential concerns about compliance with the due process procedures of the FASB and the GASB.

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