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Final stage
On 16 June 2011 the IASB issued a new version of IAS 19 Employee Benefits, which was effective from 1 January 2013. This version finalised:
- proposals in the exposure draft Defined Benefit Plans, published in 2010; and
- proposals related to termination benefits in the exposure draft IAS 37 Provisions, Contingent Liabilities and Contingent Assets, published in 2005.
The new version made targeted improvements in the following areas:
- 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.
- miscellaneous issues, including:
- the classification of employee benefits.
- current estimates of mortality rates.
- tax and administration costs.
- risk-sharing and conditional indexation features.
