The CalcAir ASC 715 Module generates the complex schedules, worksheets and Standard Pension Audit Confirmation Letters to satisfy annual accounting requirements easily with remarkably little input.
This Module Assists You In:
- Preparing client-ready financial statements showing the status of a retirement plan, as determined under ASC 715
- Presenting the valuation results to the plan sponsor and providing the auditor with reports explaining all of the factors contributing to the pension costs
- Presenting liabilities such as the covered group, the plan provisions, assumptions, method of determining unrecognized gain or loss and adjustments
CalcAir’s ASC 715 module is so easy to use, it can be an additional source of revenue, and another valuable service to offer your clients and their auditors. Our system is designed to produce everything needed to comply with ASC 715 (in essence, to do a large part of the auditor’s job for ASC 715 compliance)
Simple Data Input
The user inputs a modest array of items on “smart” screens which automatically eliminate non-essential questions based on the plan design and on whether this is the first or a subsequent year of using ASC 715. Valuation results (Pension Benefit Obligation (PBO), Accumulated Benefit Obligation (ABO) and Service Cost) and other information may be entered from any source (such as CalcAir’s Defined Benefit System). After the first year, ASC 715 will update the previous year’s information, advance dates by one year, reduce unrecognized balances by one year’s amortization, and role forward last year’s ending values to become this year’s beginning values.
