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By Kathy Cantor, CPA Americans are living longer in retirement and they will need an income stream during that time. More retirees now rely on defined contributions plans, so the issue of how to guarantee an income stream from these plans needed to be addressed.
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We have been closely following the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in their deliberations since the Original Exposure Draft was issued in August 2010. We wanted to share the attached White Paper prepared by CBRE, Inc., a real estate brokerage and advisory firm, that effective summarizes frequently asked questions on the proposed changes.
One of the most innovative provisions of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance) includes the requirement for Federal Agencies to perform risk evaluations of potential grantees. The specific requirements are included in §200.205 Federal Awarding Agency Review of Risk Posed by Applicants. This document will: (1) provide an overview of the new risk based framework, (2) identify and define the evaluation framework, (3) identify critical requirements for funding opportunity announcements, and (4) identify risk based award provisions available to Federal Agencies.
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