What is the first financial statement required under US GAAP for a defined contribution plan?

The first financial statement required under US GAAP for a defined contribution plan is the Statement of Net Assets Available for Benefits. This statement is critical because it provides a snapshot of the plan's financial position at a specific point in time, detailing the total amount of assets available for distribution to plan participants.

In a defined contribution plan, contributions are made by both the employer and the employees, and these contributions along with any investment earnings accumulate over time. This statement would include information on cash, investments, and any receivables held by the plan. By presenting this information, the statement helps users assess the financial health and resources of the plan available for benefits.

Understanding the importance of this statement is essential for evaluating the plan's capacity to meet future obligations to participants, making it a foundational aspect of financial reporting for such plans. Other statements, while important in their own right, pertain to different aspects of financial reporting and do not serve as the initial requirement for this context.