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April 1980 Exposure Draft E16 Accounting for Retirement Benefits in Financial Statements of Employers IAS 19 Accounting for Retirement Benefits in Financial Statements of Employers Effective Date of IAS 19 (1983)
January 1983
1 January 1985 December 1992 December 1993 1 January 1995 October 1996 February 1998 1 January 1999 October 2000 1 January 2001 May 2002 31 May 2002 5 December 2002 February 2004
IAS 19 Retirement Benefit Costs (revised as part of the 'Comparability of Financial Statements' project based on E32) Effective Date of IAS 19 (1993) Retirement Benefit Costs
E54 Employee Benefits IAS 19 (1998) Employee Benefits Effective Date of IAS 19 (1998) Employee Benefits
'Asset Ceiling' amendment to IAS 19 (2000) Employee Benefits Effective Date of IAS 19 (2002) Employee Benefits Amendments to IAS 19.144-152 are proposed as part of the IASB's project on Share-Based Payment IAS 19.144-152 on equity compensation benefits are replaced by IFRS 2 Share-based Payment Exposure Draft of Proposed Amendments to IAS 19 Amendments to IAS 19 adopted Click for IASB Press Release on Amendments (PDF 56k).
RELATED INTERPRETATIONS
IFRIC 14: IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Issues Relating to This Standard that IFRIC Did Not Add to Its Agenda
SUMMARY OF IAS 19
Objective of IAS 19
The objective of IAS 19 (Revised 1998) is to prescribe the accounting and disclosure for employee benefits (that is, all forms of consideration given by an enterprise in exchange for service rendered by employees). The principle underlying all of the detailed requirements of the Standard is that the cost of providing employee benefits should be recognised in the period in which the benefit is earned by the employee, rather than when it is paid or payable.
Scope
IAS 19 applies to (among other kinds of employee benefits): wages and salaries compensated absences (paid vacation and sick leave) profit sharing plans bonuses medical and life insurance benefits during employment housing benefits free or subsidised goods or services given to employees pension benefits post-employment medical and life insurance benefits long-service or sabbatical leave 'jubilee' benefits deferred compensation programmes termination benefits.
whether the plan is a defined contribution or a defined benefit plan: Under a defined contribution plan, the enterprise pays fixed contributions into a fund but has no legal or constructive obligation to make further payments if the fund does not have sufficient assets to pay all of the employees' entitlements to postemployment benefits. A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. These would include both formal plans and those informal practices that create a constructive obligation to the enterprise's employees.
basis over the average period until the amended benefits become vested. If the calculation of the balance sheet amount as set out above results in an asset, the amount recognised should be limited to the net total of unrecognised actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan. [IAS 19.58] The charge to income recognised in a period in respect of a defined benefit plan will be made up of the following components: [IAS 19.61] current service cost (the actuarial estimate of benefits earned by employee service in the period); interest cost (the increase in the present value of the obligation as a result of moving one period closer to settlement); expected return on plan assets; actuarial gains and losses, to the extent recognised; past service cost, to the extent recognised; and the effect of any plan curtailments or settlements IAS 19 took effect 1 January 1999. When IAS 19 (Revised 1998) was implemented, enterprises were required to determine their 'transitional' liability -- the present value of its postemployment obligation at the date of adoption minus the fair value, at the date of adoption, of plan assets minus any past service cost to be recognised in later periods. If the transitional liability exceeded the liability that would have been calculated under the enterprise's previous accounting policy, it could choose either: [IAS 19.154-155] to recognise that increase immediately under the requirements of IAS 8; or to amortise the increase on a straight-line basis over up to five years from the date of adoption (the run-out period for this amortisation thus continues until 2003).
Termination Benefits
For termination benefits, IAS 19 (Revised 1998) specifies that amounts payable should be recognised when, and only when, the enterprise is demonstrably committed to either: [IAS 19.133] terminate the employment of an employee or group of employees before the normal retirement date; or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The enterprise will be demonstrably committed to a termination when, and only when, it has a detailed formal plan for the termination and is without realistic possibility of withdrawal. Where termination benefits fall due after more than 12 months after the balance sheet date, they should be discounted. [IAS 19.134]
December 2004: Amendment to IAS 19 Concerning Reporting Actuarial Gains and Losses
In December 2004, the IASB finalised an amendment to IAS 19 to allow the option of recognising actuarial gains and losses in full in the period in which they occur, outside profit or loss, in a statement of recognised income and expense. This option is similar to the requirements of the UK standard, FRS 17 Retirement Benefits. The Board concluded that, pending further work on post-employment benefits and on reporting comprehensive income, the approach in FRS 17 should be available as an option to preparers of financial statements using IFRSs. The amendment also provides guidance on allocating the cost of a a group defined benefit plan to the entities in the group. Click for IASB Press Release (PDF 56k).