Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 21/06/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Employee benefit accounting revised (2011/20) 

This In the Headlines summarises the amendments to IAS 19 Employee Benefits approved by the IASB in June 2011. All entities could be affected by some of the amendments to definitions of short-term and long-term employee benefits.
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Entities with defined benefit plans may be affected by the removal of the corridor method of accounting for actuarial gains and losses and changes to presentation of actuarial gains and losses in other comprehensive income, as well as to the treatment of taxes payable by a defined benefit plan. 

 

Highlights

  • Actuarial gains and losses recognised immediately in other comprehensive income
  • Expected return on plan assets recognised in profit or loss calculated based on rate used to discount the defined benefit obligation; for most entities this will change net profit
  • New requirements effective for annual periods beginning on or after 1 January 2013.
IFRS Briefing Sheets - International financial reporting updates