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International Accounting Standard IAS 19 (Revised): Employee Benefits

Article Abstract:

The International Accounting Standards Committee has replaced International Accounting Standard (IAS) No 19, 'Retirement Benefits Costs,' with IAS 19 (Revised), 'Employee Benefits.' The amended standard provides guidelines on the accounting and disclosure for employee benefits. It requires business liabilities to recognize a liability when an employee is to receive benefits in the future in exchange for services rendered, and to recognize a cost when the company benefits economically for services rendered by an employee in exchange for future benefits. The revised version differs from the old standard in several areas, including the definition of defined contribution plans and related guidance, guidance on the balance sheet treatment of liabilities assets, and measurement of defined benefit obligations.

International business enterprises, Multinational corporations, Employee benefits

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International Accounting Standard IAS 35: Discontinuing Operations

Article Abstract:

International Accounting Standards (IAS) No 35, 'Discontinuing Operations,' provides guidelines for reporting information about discontinuing operations to enable financial statement users to distinguish between information discontinuing and continuing operations. Segregating the two types of information can improve users' projections for a company's financial position, cash flows and earnings-generating capability. The new standard defines a discontinuing operation as an important component of an enterprise that is being divested or abandoned, and can be distinguished operationally and for financial reporting purposes. IAS 35's required disclosures include a description of the continuing operation, the date and nature of the initial disclosure event, and the timing of the expected completion.

Corporate divestiture, Divestiture

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International Accounting Standard 26: accounting and reporting by retirement benefit plans

Article Abstract:

The full text of Standard No. 26, "Accounting and Reporting by Retirement Benefit Plans," promulgated by the International Accounting Standards Committee, is provided. Definitions and applications of the accounting standard are explained for defined contribution plans and defined benefit plans. The standard also discusses actuarial valuation of plan assets, reporting and disclosure requirements for retirement plans, and effective dates for the provisions of the standard.

Pension funds

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