On 28 May 2009 the International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.
The proposed amendments are aimed at correcting an unintended consequence of IFRIC 14, an interpretation of IAS 19 Employee Benefits . As a result of the interpretation, entities are in some circumstances not permitted to recognise as an asset some prepayments for minimum funding contributions.
This issue was also raised as a concern by many interested parties. The proposals published respond to those concerns and, if confirmed, would remedy this unintended consequence of IFRIC 14.
The Exposure Draft was open for comment until 27 July 2009.