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Near Final Draft of amendments to IAS 19

  • IASB (International Accounting Standards Board) (blue) Image

06 Jun 2011

The IASB has released a Near Final Draft (NFD) of amendments to its standard on accounting for pensions and other postretirement benefits (OPEB).

This project forms part of the Memorandum of Understanding between the IASB and the FASB and represents the first step in a broader reconsideration of the accounting for pensions and OPEB. The IASB believes the amendments will yield significant improvements to the transparency and comparability of pension obligations. The following areas are affected by the amendments:
  • 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;
  • disclosures about defined benefit plans;
  • 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;
  • miscellaneous issues, including the classification of employee benefits, current estimates of mortality rates, tax and administration costs and risk-sharing and conditional indexation features; and
  • other matters submitted to the IFRS Interpretations Committee.

Access to the NFD on the IASB's website is for subscribers only. The publication of the amended IAS 19 is expected later this month.

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