DATAIR ASC 715 Compliance Reporting System

ASC 715 Compliance Reporting Module

Produces every report needed for ASC 715 compliance from Worksheets 1-4 and Schedules A-F to Standard Pension Audit Confirmation Letter Responses!  

The DATAIR ASC 715 Module generates the complex schedules, worksheets and Standard Pension Audit Confirmation Letters to satisfy annual accounting requirements easily with remarkably little input. ASC 715 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 and liabilities such as the covered group, the plan provisions, assumptions, method of determining unrecognized gain or loss and adjustments

ASC 715 is so easy, it can be an additional source of revenue, 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 DATAIR’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.

ASC 715 Statements, Reports and Worksheets

  • Response to a Standard Pension Audit Confirmation Letter
  • Worksheets 1 through 4
  • Schedules A through F

ASC 715 provides a complete package, ready for signature and mailing to even the most demanding auditor

System Requirements

ASC 715 is a module of the DATAIR Pension Reporter system