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New ASUs impact employee benefit plans

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The FASB has issued new guidance this year that simplifies or eliminates some of the financial statement reporting and disclosures previously required for employee benefit plans. This bulletin summarizes the significant changes to employee benefit plan financial statements required by ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), and by ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965): Part (I) Fully Benefit-Responsive Investment Contracts, Part (II) Plan Investment Disclosures, Part (III) Measurement Date Practical Expedient.