Guest m thom Posted December 3, 1999 Posted December 3, 1999 A 401(k) plan has grown and is required to file a regular 5500 for the first time this year. The sponsor is changing the year-end date and will have a 3-month plan year ending 12/31/99. I will not be filing audited financial statements for the first of the two years, as allowed by the DOL exception. I understand that I must still submit unaudited financial statements with the first 5500. Questions: 1. Must the unaudited financial statements (which I am sending with the first 5500) be comparative? and 2. When I file the second 5500 with comparative statements, how many years should be shown, two or three?
BeckyMiller Posted December 9, 1999 Posted December 9, 1999 In my opinion, the only financial statements that would go with the short period form would be the response to financial disclosures included within the Form 5500, itself. Not separate financial statements. However, the ERISA schedules or Schedule G must still be attached.
Kirk Maldonado Posted December 9, 1999 Posted December 9, 1999 Would someone please explain the term "comparative statements" for those of us who are not well-versed in accounting teminology? Kirk Maldonado
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