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ASC 710-10-30 requires the accrual of an employer's obligation under an individual deferred compensation contract in accordance with the terms of the contract, such that the present value of the obligation is fully accrued at the date the employee attains full eligibility for the benefits.
There are four types of deferred compensation arrangements involving consolidated assets in rabbi trusts covered within ASC 710-10-25-15 through ASC 710-10-25-18. These types are defined as Plan A through Plan D based on the diversification and settlement features of the rabbi trust.
US GAAP. IFRS. Individual deferred compensation arrangements that are not considered, in the aggregate, to be a “plan” do not follow the pension accounting standard. Deferred compensation liabilities are measured at the present value of the benefits expected to be provided in exchange for an employee’s service to date.
8 Μαρ 2024 · Accounting for Deferred Compensation. If a deferred compensation arrangement is based on employee performance during a specific time period, accrue the cost of the deferred compensation in that performance period.
Eliminated certain safe harbor notice requirements for plans that provide safe harbor nonelective contributions. Added new provisions for the retroactive adoption of safe harbor status for those plans. Read a KPMG report (December 2019) [PDF 1 MB] about the SECURE Act measures.
In addition, the final Regulations provide revised guidance for determining the types of costs that are required to be capitalized with respect to the acquisition of tangible property for use in a trade or business, including a new safe harbor for current expensing of de minimis items, and more-detailed guidance on the treatment of materials and...
• What is a deferred compensation plan? • Types of plans • Strategies • GAAP accounting for deferred compensation plans • Tax treatment of deferred compensation plans
