AICPA Delays Required Implementation of New Reporting Standards

The American Institute of Certified Public Accountants (AICPA) has issued Statement of Auditing Standards (SAS) Number 141, which provides for a delay in effective dates for several SAS’s, including SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.

As previously reported in an Ascensus Retirement Spotlight, SAS 136 clarifies and formalizes best practices that auditors must adhere to when conducting an audit of ERISA employee benefit plans as part of the annual Form 5500 filing, and requires a new two-pronged opinion on the plan’s financial statements. SAS 136 also provides that the new rules are to apply for plan years ending on or after December 15, 2020, and early implementation is not allowed.

SAS 141, however, amends the effective date to December 15, 2021. Additionally, it amends SAS 136 to no longer preclude early implementation.