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International Accounting Standard (IAS) 19
Employee Benefits

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International Accounting Standard (IAS) 19

IAS 19 Summary

    Employee Benefits
      IAS 19 first issued in January 1983
      IAS 19, Employee Benefits, issued in February 1998
      Recent amendment: by IAS 1 revised in September 2007

Employee benefits:
      (1) Short-term employee benefits
      (2) Post-employment benefits
      (3) Other long-term employee benefits
      (4) Termination benefits

Post-employment benefits
(1) Retirement benefits: pensions
(2) Other post-employment benefits: life insurance, medical care

Post-employment benefit plans
(1) Defined contribution plans
(2) Defined benefit plans

Defined contribution plans
(1) obligation --> amounts to be contributed to the plan

Defined benefit liability
      --> Liability in the statement of financial position
      --> Defined benefit liability = (1) - (2)
      (1) present value of defined benefit obligation
      (2) fair value of plan assets

Costs to be recognized in profit or loss
      --> net total of the following:
      (1) current service cost
      (2) interest cost
      (3) expected return on plan assets
      (4) actuarial gains and losses
      (5) past service cost

Actuarial gains and losses
      --> a portion of actuarial gains and losses is
      --> recognized as income or expense
      --> if (1) > (2)
      (1) net cumulative unrecognised actuarial gains and losses
           at the end of the previous reporting period
      (2) the greater of (2a) and (2b)
           (2a) 10% of present value of defined benefit obligation
           (2b) 10% of fair value of plan assets

Actuarial gains and losses
      --> amount to be recognized as income or expense = (3) / (4)
      (3) = (1) - (2)
      (4) = expected average remaining working lives of participating employees

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