Details

  • Service: Audit
  • Type: Business and industry issue
  • Date: 30/06/2011

Financial Reporting Update May - June 2011 

Changes ahead for pension accounting: IASB issues amended IAS 19 Employee Benefits (2011)
The amended IAS 19 Employee Benefits (2011) introduces a number of significant changes for the recognition, presentation and disclosure of pension costs and assets/liabilities. Many UK companies reporting under IFRS will see a reduction in reported profit as a result of the removal of long-term expected returns on plan assets from profit or loss. Those using the corridor method will see their reported pension liability change.