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 Post-employment benefits (including pensions)


 

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When the IASB completed the revisions to IAS 19 Employee Benefits it indicated that there were matters that needed to be considered as part of a more fundamental review of pensions and related benefits.  In May 2012 the IASB identified this project that, because of its nature and complexity, cover matters for which the IASB does not plan to issue a discussion or research document within the next three years. 

However, the IASB encourages other standard-setters to investiage these topics on their behalf.  We will allocate staff to these projects to ensure that the information being gathered is likely to benefit the IASB when it does take a more active role in the project.

History of the previously completed revisions to IAS 19
On 16 June 2011 the IASB issued IAS 19 Employee Benefits, which is effective from 1 January 2013. These amendments finalise proposals in the exposure draft Defined Benefit Plans, published in April 2010 and proposals related to termination benefits in the exposure draft IAS 37 Provisions, Contingent Liabilities and Contingent Assets, published in June 2005.

These amendments will make it easier for users of financial statements to understand how defined benefit plans affect an entity's financial position, financial performance and cash flows.

The project was added to the IASB’s agenda in July 2006 and is part of the FASB and the IASB’s work programme towards convergence.

 

Project set-up


Project Status
Defined benefit plans In June 2011, the IASB issued an amended IAS 19 Employee Benefits.
Related Project Status
Termination benefits  The amended IAS 19 issued in June 2011 includes the amendments related to termination benefits.
Prepayments of a minimum funding requirement In November 2009, the IASB amended IFRIC 14 to permit an entity that prepays contributions required under a minimum funding agreement to recognise an asset in some circumstances.
Discount rate for employee benefits In August 2009, the IASB published an exposure draft proposing to remove the requirement to use a government bond rate when there is no deep market in high quality corporate bonds. At its October 2009 meeting, the IASB decided not to proceed with an amendment to the discount rate for measuring employee benefits.

Advisory groups

Employee Benefits Working Group (EBWG)

The IASB  established the group to help in its project on post-employment benefits by providing a variety of expert perspectives, including those of: actuaries, auditors and other experts, preparers and users of financial statements, and regulators.

The group consists of  senior professionals with extensive practical experience in the operation, management, valuation, financial reporting, auditing or regulation of a variety of post-employment benefit arrangements.

The EBWG last met on 27 September 2010.

Page last updated: 16 June 2011

 

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