Beyond IAS 19
Article Abstract:
The International Accounting Standards Committee (IASC) Board is considering another revision of IAS No. 19, 'Retirement Benefit Costs.' The standard was already revised in Nov. 1993 to eliminate some free choices, but the Board believes that a more comprehensive review is necessary. It has identified a number of areas for concern, including the standard's focus on the income statement and its silence on employee benefits other than retirement benefits. The Board is also concerned that the IAS 19 produces balance sheet items that may not qualify as assets or liabilities under the IASC Framework, and that it may not provide adequate guidance on such plans as termination indemnity, multiemployer, hybrid and unfunded plans. The IASC's new proposals for retirement and similar benefits are contained in E 54.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1996
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Counting the cost of pensions
Article Abstract:
The International Accounting Standards (IAS) Committee accepted IAS 19 (Revised), 'Employee Benefits,' in Jan 1998 as replacement to IAS 19, 'Retirement Benefit Costs.' The new standard introduces changes to the accounting of retirement benefits and deals with other employee benefits never before addressed by the Committee. Among the most controversial proposals in the exposure draft were those relating to actuarial gains and losses, the discount rate, and past service cost. The revised standard abandons expected benefit valuation methods and mandates the application of a single accrued benefit method, which is the projected unit credit method. It also calls for the regular calculation of the present value of defined benefit obligations and the fair value of any plan assets.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
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Open the black box
Article Abstract:
The proposals put forth by the International Accounting Standards Board (IASB) to enable transparency and ease of insurance accounting are presented.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
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