Effective date of amended IAS 19
On 16 June 2011, the IASB published an amended IAS 19 Employee Benefits.
Overview of changes introduced by IAS 19 Employee Benefits (as amended in 2011)
- Require recognition of changes in the net defined benefit liability (asset) including immediate recognition of defined benefit cost, disaggregation of defined benefit cost into components, recognition of remeasurements in other comprehensive income, plan amendments, curtailments and settlements
- Introduce enhanced disclosures about defined benefit plans
- Modify accounting for termination benefits, including distinguishing benefits provided in exchange for service and benefits provided in exchange for the termination of employment and affect the recognition and measurement of termination benefits
- Clarification of miscellaneous issues, including the classification of employee benefits, current estimates of mortality rates, tax and administration costs and risk-sharing and conditional indexation features
- Incorporate other matters submitted to the IFRS Interpretations Committee
- Applicable on a modified retrospective basis to annual periods beginning on or after 1 January 2013, with early adoption permitted.