Australia

Details

  • Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 26/03/2013

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 contributions – simpler and clearer pension accounting (2013/05) 

The Exposure Draft (ED) on employee benefits proposes changes to defined benefit accounting, providing some relief from the potentially burdensome requirements related to the treatment of certain contributions from employees and third parties that many entities are applying for the first time in 2013.
The ED does not propose an effective date but indicates that early adoption would be allowed. Retrospective application is proposed.