| Dear Center Members: |
This alert contains information about:
- Form 5500 filing relief
- ASB special meeting
- AICPA COVID-19 A&A FAQs
- A&A Coronavirus (COVID-19) resource center
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IRS provides fling relief for Form 5500 filings due before July 15, 2020
The IRS issued Notice 2020-23 which provides additional filing relief for taxpayers affected by the ongoing Coronavirus pandemic. The IRS relief includes Form 5500, Annual Return/Report of Employee Benefit Plan, due to be filed (originally or pursuant to a valid extension) on or after April 1, 2020 and before July 15, 2020. With the relief the due date for filing is July 15, 2020. The relief is automatic and taxpayers do not have to call the IRS or file extension forms or send letters or other documents to receive this relief. Additional filing extensions beyond July 15 must be requested using the appropriate extension form by July 15, but the extension may not go beyond the original or regulatory extension date. The IRS filing relief for Form 5500 comes through Rev. Proc. 2018-58. Notice 2020-23 states that Specified Time Sensitive Actions are covered and refers taxpayers to Rev. Proc. 2018-58 which explicitly includes Form 5500. This immediate relief does not extend to calendar year 2019 Form 5500 filings originally due July 31, 2020. The EBPAQC will continue to advocate for and monitor filing relief from the IRS and DOL, and will communicate to members any additional relief notices.
Auditing Standards Board to vote on deferring new auditing standards
The AICPA Auditing Standards Board will be holding a special open meeting on April 20 to discuss and vote on balloting for issuance of a final standard that would defer the effective date of Statements on Auditing Standards (SAS) Nos. 134-140. These standards include SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The current effective dates of these SASs are for audits of financial statements for periods ending on or after December 15, 2020; the proposed deferred effective date would be for audits of financial statements for periods ending on or after December 15, 2021, although earlier implementation would be permitted.
AICPA FAQs — Audit Matters and Auditor Reporting Related to COVID‐19
The AICPA has prepared AICPA FAQs — Audit Matters and Auditor Reporting Issues Related to COVID-19 to aid auditors and preparers of financial statements in the current environment. The FAQs provide nonauthoritative guidance on accounting and auditing matters as developed by the AICPA staff. Topics addressed include, among other things, subsequent events disclosures including market‐value declines; risks and uncertainties; going concern assumptions and disclosures; and emphasis‐of‐matter paragraphs. The FAQs also address remote audit planning; access to the client's books and records; client's internal control; fraud risk and inquiries; account confirmations; and the acceptability of management representation letter on "plain paper." The FAQs will be updated as additional questions are collected through various AICPA sources and channels.
Click here for the FAQs.
AICPA Coronavirus (COVID-19) audit and accounting resources
The AICPA Coronavirus (COVID-19) Audit and Accounting Resource Center has many additional audit and accounting resources to help members in these challenging times. Several of these resources were developed by the AICPA's Center for Plain English Accounting (CPEA), which serves as the National A&A Resource Center for CPEA member firms.
Click here for additional A&A resources related to COVID-19.
Additional free resources, advocacy updates and practical tips, are available on the AICPA Coronavirus (COVID-19) Resource Center.
JOA COVID articles
AICPA Accounting & Auditing Technical Hotline
If you have technical A&A questions contact the AICPA's Accounting and Auditing Technical Hotline by submitting your question electronically using the Technical Inquiry Form (accessible through the link below) or by calling the Technical Hotline at 1-877-242-7212. The AICPA Technical A & A Hotline is a free service for AICPA members. Click here for AICPA Technical A & A Hotline Inquiry Form.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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