IFRIC 14 provides general guidance on how to assess the limit in IAS 19 Employee Benefits on the amount of a pension fund surplus that can be recognised as an asset. It also explains how the pensions asset or liability may be affected when there is a statutory or contractual minimum funding requirement. IFRIC 14 is likely to have the most impact in countries that have a minimum funding requirement and where there are restrictions on a company's ability to get refunds or reduce contributions. IFRIC 14 is effective for annual periods beginning on or after 1 January 2008. Earlier application is permitted. This newsletter explains the requirements of IFRIC 14. You will find all Past IAS Plus Newsletters Here. You can sign up for Free Subscription by Email.