DOCSLIB.ORG

Adoption of IAS 19 by Europe's Premier Listed Companies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Adoption of IAS 19 by Europe's Premier Listed Companies Research report 100 Adoption of IAS 19 by Europe’s Premier Listed Companies Adoption of IAS 19 by Europe’s Premier Listed Companies: Corridor Approach versus Full Recognition Jan.D.Fasshauer Justus-Liebig-Universität Giessen Professor Martin Glaum Justus-Liebig-Universität Giessen Professor Donna L. Street University of Dayton Certified Accountants Educational Trust (London) 2008 © The Association of Chartered Certified Accountants, 2008 Contents Executive summary 5 1. Introduction 11 2. Evolution of accounting for defined-benefit pension plans 13 3. Literature review 18 4. Methodology 22 5. Findings 26 6. Summary, conclusions and policy implications 34 Appendix 1: Tables 39 Appendix 2: Sample companies by index/country 73 Appendix 3: Sample screen shots of the IAS 19 tool screens used for data collection 76 Appendix 4: IAS 19 paragraph 120A defined-benefit pension disclosures collected in Step 1 and Step 2 (ie the IAS 19 Tool) 78 Appendix 5: Model for estimation of the impact on shareholders’ equity and P&L of immediate recognition of actuarial gains and losses through SORIE for companies currently using the corridor approach under IAS 19 80 References 81 ADOPTION OF IAS 19 BY EUROPE’S PREMIER LISTED COMPANIES 3 4 Executive summary While for several years a significant number of European THE NEW IAS 19 OPTION companies have prepared consolidated financial statements using International Financial Reporting Following the 2004 amendment of IAS 19 ‘Employee Standards (IFRS), 2005 represented the first year of IFRS Benefits’, companies with defined-benefit pension plans adoption by thousands of additional European listed may choose one of three methods to account for the companies. For many of the latter, adoption of IFRS recognition of actuarial gains and losses. A primary significantly changed the way they account for pension objective of our research is thus to determine the method plans, especially defined-benefit plans. Our study provides selected in 2005 by European blue chip companies: an in-depth analysis and evaluation of the defined-benefit pension plan disclosures provided in 2005 by companies • full recognition through the Statement of Recognised constituting the premier segments of 20 European stock Income and Expense (SORIE) (ie through shareholders’ exchanges. Most importantly, our study identifies the equity) method companies select under International Accounting Standard (IAS) 19 for the recognition of actuarial gains • full recognition through Profit & Loss (P&L), or and losses, provides insight into factors affecting the policy choice between the three methods allowed under IAS 19 • the ‘standard’ corridor approach. for the recognition of actuarial gains and losses, and assesses the impact on profit and loss (P&L) and the During its development, FRS 17 spurred tremendous balance sheet of using the new IAS 19 full recognition opposition owing to the standard’s potential, inter alia, option, in contrast to the traditional corridor approach. both to increase reported pension liabilities and to decrease shareholders’ equity, significantly. Sometime thereafter, the US Financial Accounting Standards Board (FASB) faced similar opposition when mandating a movement from the corridor approach to the full recognition of actuarial gains and losses in Statement of Financial Accounting Standard (SFAS) 158 (FASB 2006b). The 2004 IAS 19 amendment, which provided a Therefore, expectations may have been that few European new option for the full recognition of actuarial companies would voluntarily adopt full recognition of gains and losses through the SORIE, is based on actuarial gains and losses under the new IAS 19 option. the UK’s Financial Reporting Standard (FRS) 17. Under FRS 17, companies are required to recognise On the other hand, companies face pressure from fully any actuarial gains and losses that arise on the regulators, politicians, and the press, to incorporate more periodic re-measurement of the companies’ defined- transparency into pension accounting, and this may benefit pension plan obligations and plan assets. influence decision making on pension accounting policies. FRS 17 mandates that recognised gains and losses For example, financial analysts have a strong preference be charged against owners’ equity via the Statement for immediate recognition (Credit Suisse First Boston of Total Recognised Gains and Losses; thus, recognised 2005; JP Morgan 2006). According to a Shuttleworth actuarial gains and losses do not affect the P&L. actuary: ‘Make no mistake these FRS 17 deficits are real – they represent the company’s probable future Prior to issuance of the new option, companies contributions and no amount of clever smoothing can selecting full recognition had to recognise actuarial cover this up’ (Dovovan 2003). gains and losses fully in P&L; hence, this method was not popular. Furthermore, the International Accounting Standards The vast majority of IAS 19 companies thus elected Board (IASB) currently has a project on its agenda to to utilise the corridor approach. Under the corridor converge with the US’s SFAS 158. In light of the views approach, actuarial gains and losses are temporarily expressed in the IASB’s March 2008 Discussion Paper deferred (ie unrecognised) and their accumulated Preliminary Views on Amendments to IAS 19 Employee balance is tracked off-balance sheet, thereby leading Benefits, some IFRS companies may well view mandatory to smoothing (ie gradual recognition) and a reduction immediate recognition as the unavoidable next wave of in income statement and balance sheet volatility. pension accounting and may choose to be among those companies voluntarily embracing transparency prior to its being mandated. ADOPTION OF IAS 19 BY EUROPE’S PREMIER LISTED COMPANIES EXECUTIVE SUMMARY 5 SAMPLE SELECTION AND DESCRIPTIVE STATISTICS The ratio of underfunding to total shareholders’ equity is highest for German (37%), UK (22%), Belgian (21%), and Our sample selection began with the 549 companies Portuguese (20%) companies. The underfunding ratio is constituting Europe’s 20 premier stock market indices in lowest for companies based in Switzerland (9%), the year 2005. Some companies were deleted for various Luxembourg (8%), Italy (7%), Denmark (7%), and Finland reasons, including being cross-listed, using US GAAP, and (7%). not providing an English language annual report. Of the remaining 481 companies, 265 had material defined- Before turning to the primary focus of our study and benefit pension plans (defined as having a Defined-benefit discussing what IAS 19 methods companies select for the Obligation (DBO) representing 2% or more of total assets) recognition of actuarial gains and losses, and the impact that additionally provided the required pension disclosures on P&L and the balance sheet of using the new IAS 19 full needed for our study. Based on total assets, the mean/ recognition option, we present our findings regarding the median size of our final sample companies is assumptions used by sample companies to measure €36,937.0/€9,292.0 million. Excluding companies in the defined-benefit obligations. We also consider a few best- finance industry, mean/median total revenues is practice disclosures. €14,307.1/€6,734.3 million. ASSUMPTIONS USED TO MEASURE DEFINED-BENEFIT Based on the mean/median, sample companies have on OBLIGATIONS average underfunded pension plans, (ie the DBO exceeds the fair value of plan assets); the mean/median funding Our review of the benefit trend, interest rate, and salary deficit is €913.9/€247.8 million. For companies with progression assumption disclosures of the sample underfunded defined-benefit pension plans, the deficit companies reveals that most of them differentiate the rates represents 17%/9% (mean/median) of total shareholders’ provided on the basis of the various geographic areas equity. Sub-dividing companies with underfunded plans where their main pension plans are located. Therefore, this into those using the corridor approach versus those using presentation format is used for our benchmarking analysis. full recognition, the corresponding numbers are 16%/9% and 19%/10%, respectively. Ratio of underfunding to total shareholders’ equity 30% 20% 10% 7 7 7 8 9 10 10 11 13 13 14 18 18 20 21 22 37 0% UK Italy Spain France Ireland Greece Austria Finland Norway Sweden Belgium Portugal Germany Denmark Switzerland Netherlands Luxembourg 6 IAS 19 (paragraph 120A (n)) requires companies to BEST PRACTICES disclose the assumptions underlying their pension accounting in absolute terms (ie as an absolute Throughout our analysis, we have identified certain best- percentage) and not just as a margin between different practice disclosures. We encourage companies using IFRS percentages or other variables. In terms of transparency, to consider these in an effort to improve the transparency most of the sample companies using geographic and usefulness of their pension disclosures. Examples presentation comply with this requirement by disclosing include, but are not limited to: specific rates/assumptions for their respective home countries and for other countries/regions. Nonetheless, • disclosing the accounting policy change from the some disclose only ranges or spans for benefit trend, IAS 19 corridor approach to full recognition through interest rates and salary progression rates. Disclosing the SORIE option, in a manner that clearly sets forth ranges or spans, without additional disclosure to guide the the impact on both equity and net income (Linde) financial statement user,
Load more

Recommended publications
  • IFRS in Your Pocket 2019.Pdf
    IFRS in your pocket 2019 Contents Abbreviations 1 Foreword 2 Our IAS Plus website 3 IFRS Standards around the world 5 The IFRS Foundation and the IASB 7 Standards and Interpretations 15 Standards and Interpretations 24 Summaries of Standards and Interpretations in effect at 1 January 2019 29 Requirements that are not yet mandatory 100 IASB projects 104 Deloitte IFRS resources 111 Contacts 113 IFRS in your pocket |2019 Abbreviations ARC Accounting Regulatory Commission ASAF Accounting Standards Advisory Forum DP Discussion Paper EC European Commission ED Exposure Draft EFRAG European Financial Reporting Advisory Group GAAP Generally Accepted Accounting Principles IAS International Accounting Standard IASB International Accounting Standards Board IASC International Accounting Standards Committee (predecessor to the IASB) IFRIC Interpretation issued by the IFRS Interpretations Committee IFRS International Financial Reporting Standard IFRS Standards All Standards and Interpretations issued by the IASB (i.e. the set comprising every IFRS, IAS, IFRIC and SIC) PIR Post-implementation Review SEC US Securities and Exchange Commission SIC Interpretation issued by the Standing Interpretations Committee of the IASC SMEs Small and Medium-sized Entities XBRL Extensible Business Reporting Language XML Extensible Markup Language 1 IFRS in your pocket |2019 Foreword Welcome to the 2019 edition of IFRS in Your Pocket. It is a concise guide of the IASB’s standard-setting activities that has made this publication an annual, and indispensable, worldwide favourite. At its core is a comprehensive summary of the current Standards and Interpretations along with details of the projects on the IASB work plan. Backing this up is information about the IASB and an analysis of the use of IFRS Standards around the world.
    [Show full text]
  • Share-Based Payments – IFRS 2 Handbook
    Share-based payments IFRS 2 handbook November 2018 kpmg.com/ifrs Contents Variety increases complexity 1 1 Introduction 2 2 Overview 8 3 Scope 15 4 Classification of share-based payment transactions 49 5 Classification of conditions 66 6 Equity-settled share-based payment transactions with employees 81 7 Cash-settled share-based payment transactions with employees 144 8 Employee transactions – Choice of settlement 161 9 Modifications and cancellations of employee share-based payment transactions 177 10 Group share-based payments 208 11 Share-based payment transactions with non-employees 257 12 Replacement awards in a business combination 268 13 Other application issues in practice 299 14 Transition requirements and unrecognised share-based payments 317 15 First-time adoption of IFRS 320 Appendices I Key terms 333 II Valuation aspects of accounting for share-based payments 340 III Table of concordance between IFRS 2 and this handbook 374 Detailed contents 378 About this publication 385 Keeping in touch 386 Acknowledgements 388 Variety increases complexity In October 2018, the International Accounting Standards Board (the Board) published the results of its research project on sources of complexity in applying IFRS 2 Share-based Payment. The Board concluded that no further amendments to IFRS 2 are needed. It felt the main issues that have arisen in practice have been addressed and there are no significant financial reporting problems to address through changing the standard. However, it did acknowledge that a key source of complexity is the variety and complexity of terms and conditions included in share-based payment arrangements, which cannot be solved through amendments to the standard.
    [Show full text]
  • VALUE IFRS Plc Illustrative IFRS Consolidated Financial Statements December 2019
    VALUE IFRS Plc Illustrative IFRS consolidated financial statements December 2019 This publication presents the sample annual financial reports of a fictional listed company, VALUE IFRS Plc. It illustrates the financial reporting requirements that would apply to such a company under International Financial Reporting Standards as issued at 31 May 2019. Supporting commentary is also provided. For the purposes of this publication, VALUE IFRS Plc is listed on a fictive Stock Exchange and is the parent entity in a consolidated entity. VALUE IFRS Plc 2019 is for illustrative purposes only and should be used in conjunction with the relevant financial reporting standards and any other reporting pronouncements and legislation applicable in specific jurisdictions. Global Accounting Consulting Services PricewaterhouseCoopers LLP This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. About PwC At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com © 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. VALUE IFRS Plc Illustrative IFRS consolidated financial statements December
    [Show full text]
  • IFRS Example Consolidated Financial Statements 2019
    IFRS Assurance IFRS Example Global Consolidated Financial Statements 2019 with guidance notes Contents Introduction 1 19 Cash and cash equivalents 61 IFRS Example Consolidated Financial 3 20 Disposal groups classified as held for sale and 61 Statements discontinued operations Consolidated statement of financial position 4 21 Equity 63 Consolidated statement of profit or loss 6 22 Employee remuneration 65 Consolidated statement of comprehensive income 7 23 Provisions 71 Consolidated statement of changes in equity 8 24 Trade and other payables 72 Consolidated statement of cash flows 9 25 Contract and other liabilities 72 Notes to the IFRS Example Consolidated 10 26 Reconciliation of liabilities arising from 73 Financial Statements financing activities 1 Nature of operations 11 27 Finance costs and finance income 73 2 General information, statement of compliance 11 28 Other financial items 74 with IFRS and going concern assumption 29 Tax expense 74 3 New or revised Standards or Interpretations 12 30 Earnings per share and dividends 75 4 Significant accounting policies 15 31 Non-cash adjustments and changes in 76 5 Acquisitions and disposals 33 working capital 6 Interests in subsidiaries 37 32 Related party transactions 76 7 Investments accounted for using the 39 33 Contingent liabilities 78 equity method 34 Financial instruments risk 78 8 Revenue 41 35 Fair value measurement 85 9 Segment reporting 42 36 Capital management policies and procedures 89 10 Goodwill 46 37 Post-reporting date events 90 11 Other intangible assets 47 38 Authorisation
    [Show full text]
  • IAS 19 Employee Benefits
    Issue 134 / February 2018 IFRS Developments IASB issues amendments to IAS 19 Employee Benefits What you need to know Highlights • The IASB’s amendments to In February 2018, the International Accounting Standards Board (IASB or IAS 19 address the accounting the Board) issued amendments to IAS 19 Employee Benefits which address when a plan amendment, the accounting when a plan amendment, curtailment or settlement occurs curtailment or settlement during the reporting period. occurs during a period. The amendments require entities to use the updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual The amendments specify that • reporting period after such an event. current service cost and net interest for the remainder of The amendments also clarify how the requirements for accounting for a plan the annual reporting period amendment, curtailment or settlement affect the asset ceiling requirements. after a plan amendment, curtailment or settlement are The amendments do not address the accounting for ‘significant market determined based on updated fluctuations’ in the absence of a plan amendment, curtailment or settlement. actuarial assumptions. The amendments apply to plan amendments, curtailments or settlements that occur on or after 1 January 2019, with earlier application permitted. • The amendments clarify how the accounting for a plan Background amendment, curtailment or settlement affects applying Previously, the Board noted that current IAS 19 implies that entities should not the asset ceiling requirements. revise the assumptions for the calculation of current service cost and net interest during the period, even if an entity remeasures the net defined benefit liability • The amendments should be (asset) in the event of a plan amendment, curtailment or settlement.
    [Show full text]
  • IAS 19 Employee Benefits
    EC staff consolidated version as of 16 September 2009, EN – EU IAS 19 FOR INFORMATION PURPOSES ONLY International Accounting Standard 19 Employee Benefits Objective The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. Scope 1 This Standard shall be applied by an employer in accounting for all employee benefits, except those to which IFRS 2 Share-based Payment applies. 2 This Standard does not deal with reporting by employee benefit plans (see IAS 26 Accounting and Reporting by Retirement Benefit Plans). 3 The employee benefits to which this Standard applies include those provided: (a) under formal plans or other formal agreements between an entity and individual employees, groups of employees or their representatives; (b) under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans; or (c) by those informal practices that give rise to a constructive obligation. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity’s informal practices
    [Show full text]
  • IFRS in Focus — Accounting Considerations Related To
    IFRS in Focus March 2020 IFRS in Focus Accounting considerations related to the Coronavirus 2019 Disease Contents Introduction The coronavirus 2019 (COVID‑19) pandemic is affecting economic and financial markets, Introduction and virtually all industries are facing challenges associated with the economic conditions Material judgements and uncertainties resulting from efforts to address it. For example, many entities in the travel, hospitality, leisure, and retail industries have seen sharp declines in revenues due to regulatory and Going concern organisational mandates (e.g. “shelter in place” mandates, school closures) and voluntary changes in consumer behaviour (e.g. “social distancing”). Events after the end of the reporting period As the pandemic increases in both magnitude and duration, entities are experiencing Impairment of non-financial assets conditions often associated with a general economic downturn. This includes, but is not limited to, financial market volatility and erosion, deteriorating credit, liquidity concerns, Financial Instruments further increases in government intervention, increasing unemployment, broad declines Revenue from contracts with customers in consumer discretionary spending, increasing inventory levels, reductions in production because of decreased demand, layoffs and furloughs, and other restructuring activities. Restructuring plans The continuation of these circumstances could result in an even broader economic Onerous contracts provisions downturn which could have a prolonged negative impact on an entity’s financial results. This IFRS in Focus discusses certain key IFRS accounting considerations related to Insurance recoveries conditions that may result from the COVID‑19 pandemic. The significance of the individual Lease contracts issues discussed below will of course vary by industry and by entity, but we believe that the following topics will be the most pervasive and difficult to address.
    [Show full text]
  • International Accounting Standard 19 Employee Benefits Objective Scope
    International Accounting Standard 19 Employee Benefits Objective 1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. Scope 2 This Standard shall be applied by an employer in accounting for all employee benefits, except those to which IFRS 2 Share-based Payment applies. 3 This Standard does not deal with reporting by employee benefit plans (see IAS 26 Accounting and Reporting by Retirement Benefit Plans). 4 The employee benefits to which this Standard applies include those provided: (a) under formal plans or other formal agreements between an entity and individual employees, groups of employees or their representatives; (b) under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans; or (c) by those informal practices that give rise to a constructive obligation. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity’s informal practices would cause unacceptable damage to its relationship with employees. 5 Employee benefits include: (a)
    [Show full text]
  • IAS 19 Employee Benefits
    ISAP 3 (Pro International Standard of Actuarial Practice 3 Actuarial Practice in Relation to IAS 19 Employee Benefits Note: The hyperlinks in the ISAP are linked to the respective definitions in the Glossary. These links will work well if your default browser is Internet Explorer. The links may not work consistently for other browsers. Unless you know your default browser is Internet Explorer, we recommend opening the ISAP and Glossary in separate windows and cross-referencing them. Adopted by the IAA Council 11 April 2015 Conformance changes adopted 23 April 2017 TABLE OF CONTENTS Preface .................................................................................................................................................. ii Introduction ......................................................................................................................................... iv Section 1. General ................................................................................................................................ 5 1.1 Purpose ................................................................................................................................. 5 1.2 Scope .................................................................................................................................... 5 1.3 Compliance .......................................................................................................................... 5 1.4 Relationship to ISAP 1 ........................................................................................................
    [Show full text]
  • Guide to Annual Financial Statements – Illustrative Disclosures 2016
    Illustrative disclosures Guide to annual financial statements IFRS® October 2016 kpmg.com/ifrs Contents About this guide 2 Independent auditors’ report 5 Consolidated financial statements 12 Financial highlights 13 Consolidated statement of financial position 14 Consolidated statement of profit or loss and other comprehensive income 16 Consolidated statement of changes in equity 18 Consolidated statement of cash flows 20 Notes to the consolidated financial statements 22 Appendices I New standards or amendments for 2016 and forthcoming requirements 150 II Presentation of comprehensive income – Two‑statement approach 152 III Statement of cash flows – Direct method 154 IV Example disclosures for entities that early adopt Disclosure Initiative (Amendments to IAS 7) 155 V Example disclosures for entities that early adopt IFRS 9 Financial Instruments (2014) 158 VI Other disclosures not illustrated in the consolidated financial statements 220 Keeping in touch 226 Acknowledgements 228 Notes Basis of preparation 22 Other information 118 1. Reporting entity 22 37. Operating leases 118 2. Basis of accounting 22 38. Commitments 119 3. Functional and presentation currency 22 39. Contingencies 119 4. Use of judgements and estimates 22 40. Related parties 120 41. Subsequent events 123 Performance for the year 24 5. Operating segments 24 Accounting policies 124 6. Discontinued operation 31 42. Basis of measurement 124 7. Revenue 33 43. Correction of errors 125 8. Income and expenses 34 44. Significant accounting policies 126 9. Net finance costs 36 45. Standards issued but not yet effective 142 10. Earnings per share 37 Employee benefits 39 11. Share‑based payment arrangements 39 12. Employee benefits 42 Income taxes 47 13.
    [Show full text]
  • The New IAS 19 Exposure Draft”, OECD Working Papers on Finance, Insurance and Private Pensions, No
    Please cite this paper as: Severinson, C. (2010), “The New IAS 19 Exposure Draft”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 5, OECD Publishing. doi: 10.1787/5km7rq4hlw5g-en OECD Working Papers on Finance, Insurance and Private Pensions No. 5 The New IAS 19 Exposure Draft Clara Severinson* JEL Classification: G23, G32, M41, M52 *OECD, France THE NEW IAS 19 EXPOSURE DRAFT Clara Severinson September 2010 OECD WORKING PAPER ON FINANCE, INSURANCE AND PRIVATE PENSIONS No. 5 ——————————————————————————————————————— Financial Affairs Division, Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal, Paris 75116, France www.oecd.org/daf/fin/wp ABSTRACT/RÉSUMÉ The New IAS 19 Exposure Draft At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined benefit (DB) and similar plans. It is required for exchange-listed companies in many parts of the world. If enacted, the changes to IAS 19 proposed by the IASB are expected to have a significant impact on company financials on a global basis. The following paper summarizes the proposed changes as presented in the April 2010 exposure draft and explores some of their implications. This paper does not cover all the changes proposed by the IASB but attempts to focus on some key and
    [Show full text]
  • Employee Benefits Contents
    Clearly IFRS Moving ahead in an IFRS world A practical guide to implementing IAS 19 (2011) – Employee Benefits Contents At a glance �������������������������������������������������������������������������������������������������������������������������������������������������� 2 The Canadian landscape ������������������������������������������������������������������������������������������������������������������������������ 3 How do you measure up? ���������������������������������������������������������������������������������������������������������������������������� 6 The discount rate ���������������������������������������������������������������������������������������������������������������������������������������� 8 The last word ���������������������������������������������������������������������������������������������������������������������������������������������� 9 Implementation: 3 steps to ‘GET’ on track with IAS 19R ���������������������������������������������������������������������������� 10 Contacts ���������������������������������������������������������������������������������������������������������������������������������������������������� 12 Providing you with clarity and perspective About IAS 19 (2011) IAS 19 (2011) (“IAS 19R”) is an amended standard with changes focused on a number of specific areas – most notably the area of defined benefit plan accounting, but also the definitions (and therefore the measurement of) short and long-term benefits, employee termination benefits and disclosures. For some
    [Show full text]