AMENDMENTS TO IAS 1Presentation of Financial Statements 7The following terms are used in this Standard with the...10A complete set of financial statements comprises: 10AAn entity may present a single statement of profit or...Statement of profit or loss and other comprehensive income 81AThe statement of profit or loss and other comprehensive income...81BAn entity shall present the following items, in addition to...Information to be presented in profit or loss section or...82In addition to items required by other IFRSs, the profit...Information to be presented in the other comprehensive income section...82AThe other comprehensive income section shall present line items for...85An entity shall present additional line items, headings and subtotals...86Because the effects of an entity’s various activities, transactions and...87An entity shall not present any items of income or...90An entity shall disclose the amount of income tax relating...91An entity may present items of other comprehensive income either:...94An entity may present reclassification adjustments in the statement(s) of...Information to be presented in the statement(s) of profit or...100Entities are encouraged to present the analysis in paragraph 99...115In some circumstances, it may be necessary or desirable to...139JPresentation of Items of Other Comprehensive Income (Amendments to IAS...AMENDMENTS TO OTHER IFRSS IFRS 1First-time Adoption of International Financial Reporting Standards 21To comply with IAS 1, an entity’s first IFRS financial...39KPresentation of Items of Other Comprehensive Income (Amendments to IAS...IFRS 5Non-current Assets Held for Sale and Discontinued Operations 33AIf an entity presents the items of profit or loss...44IPresentation of Items of Other Comprehensive Income (Amendments to IAS...IFRS 7Financial Instruments: Disclosures 27BFor fair value measurements recognised in the statement of financial...44QPresentation of Items of Other Comprehensive Income (Amendments to IAS...IAS 12Income Taxes 77The tax expense (income) related to profit or loss from...98BPresentation of Items of Other Comprehensive Income (Amendments to IAS...IAS 20Accounting for Government Grants and Disclosure of Government Assistance 29Grants related to income are presented as part of profit...46Presentation of Items of Other Comprehensive Income (Amendments to IAS...IAS 21The Effects of Changes in Foreign Exchange Rates 39The results and financial position of an entity whose functional...60HPresentation of Items of Other Comprehensive Income (Amendments to IAS...IAS 32Financial Instruments: Presentation 40Dividends classified as an expense may be presented in the...97KPresentation of Items of Other Comprehensive Income (Amendments to IAS...IAS 33Earnings per Share 4AIf an entity presents items of profit or loss in...67AIf an entity presents items of profit or loss in...68AIf an entity presents items of profit or loss in...73AParagraph 73 applies also to an entity that discloses, in...74DPresentation of Items of Other Comprehensive Income (Amendments to IAS...IAS 34Interim Financial Reporting 8An interim financial report shall include, at a minimum, the...8AIf an entity presents items of profit or loss in...11AIf an entity presents items of profit or loss in...20Interim reports shall include interim financial statements (condensed or complete)...51Presentation of Items of Other Comprehensive Income (Amendments to IAS...INTERNATIONAL ACCOUNTING STANDARD 19Employee Benefits OBJECTIVE 1The objective of this Standard is to prescribe the accounting...SCOPE 2This Standard shall be applied by an employer in accounting...3This Standard does not deal with reporting by employee benefit...4The employee benefits to which this Standard applies include those...5Employee benefits include: 6Employee benefits include benefits provided either to employees or to...7An employee may provide services to an entity on a...DEFINITIONS 8The following terms are used in this Standard with the...SHORT-TERM EMPLOYEE BENEFITS 9Short-term employee benefits include items such as the following, if...10An entity need not reclassify a short-term employee benefit if...Recognition and measurement All short-term employee benefits 11When an employee has rendered service to an entity during...12Paragraphs 13, 16 and 19 explain how an entity shall...Short-term paid absences 13An entity shall recognise the expected cost of short-term employee...14An entity may pay employees for absence for various reasons...15Accumulating paid absences are those that are carried forward and...16An entity shall measure the expected cost of accumulating paid...17The method specified in the previous paragraph measures the obligation...Example illustrating paragraphs 16 and 17 18Non-accumulating paid absences do not carry forward: they lapse if...Profit-sharing and bonus plans 19An entity shall recognise the expected cost of profit-sharing and...20Under some profit-sharing plans, employees receive a share of the...Example illustrating paragraph 20 21An entity may have no legal obligation to pay a...22An entity can make a reliable estimate of its legal...23An obligation under profit-sharing and bonus plans results from employee...24If profit-sharing and bonus payments are not expected to be...Disclosure 25Although this Standard does not require specific disclosures about short-term...POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT...26Post-employment benefits include items such as the following: 27Post-employment benefit plans are classified as either defined contribution plans...28Under defined contribution plans the entity’s legal or constructive obligation...29Examples of cases where an entity’s obligation is not limited...30Under defined benefit plans: 31Paragraphs 32–49 explain the distinction between defined contribution plans and...Multi-employer plans 32An entity shall classify a multi-employer plan as a defined...33If an entity participates in a multi-employer defined benefit plan,...34When sufficient information is not available to use defined benefit...35One example of a multi-employer defined benefit plan is one...36Where sufficient information is available about a multi-employer defined benefit...37There may be a contractual agreement between the multi-employer plan...Example illustrating paragraph 37 38Multi-employer plans are distinct from group administration plans. A group...39In determining when to recognise, and how to measure, a...Defined benefit plans that share risks between entities under common...40Defined benefit plans that share risks between entities under common...41An entity participating in such a plan shall obtain information...42Participation in such a plan is a related party transaction...State plans 43An entity shall account for a state plan in the...44State plans are established by legislation to cover all entities...45State plans are characterised as defined benefit or defined contribution,...Insured benefits 46An entity may pay insurance premiums to fund a post-employment...47The benefits insured by an insurance policy need not have...48Where an entity funds a post-employment benefit obligation by contributing...49Where an insurance policy is in the name of a...POST-EMPLOYMENT BENEFITS: DEFINED CONTRIBUTION PLANS 50Accounting for defined contribution plans is straightforward because the reporting...Recognition and measurement 51When an employee has rendered service to an entity during...52When contributions to a defined contribution plan are not expected...Disclosure 53An entity shall disclose the amount recognised as an expense...54Where required by IAS 24 an entity discloses information about...POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS 55Accounting for defined benefit plans is complex because actuarial assumptions...Recognition and measurement 56Defined benefit plans may be unfunded, or they may be...57Accounting by an entity for defined benefit plans involves the...58An entity shall determine the net defined benefit liability (asset)...59This Standard encourages, but does not require, an entity to...60In some cases, estimates, averages and computational short cuts may...Accounting for the constructive obligation 61An entity shall account not only for its legal obligation...62The formal terms of a defined benefit plan may permit...Statement of financial position 63An entity shall recognise the net defined benefit liability (asset)...64When an entity has a surplus in a defined benefit...65A net defined benefit asset may arise where a defined...Recognition and measurement: present value of defined benefit obligations and...66The ultimate cost of a defined benefit plan may be...Actuarial valuation method 67An entity shall use the projected unit credit method to...68The projected unit credit method (sometimes known as the accrued...Example illustrating paragraph 68 Note: 1The opening obligation is the present value of the benefit...2The current service cost is the present value of the...3The closing obligation is the present value of the benefit...69An entity discounts the whole of a post-employment benefit obligation,...Attributing benefit to periods of service 70In determining the present value of its defined benefit obligations...71The projected unit credit method requires an entity to attribute...Examples illustrating paragraph 71 1A defined benefit plan provides a lump sum benefit of...2A plan provides a monthly pension of 0,2 per cent...72Employee service gives rise to an obligation under a defined...Examples illustrating paragraph 72 1A plan pays a benefit of CU100 for each year...2A plan pays a benefit of CU100 for each year...73The obligation increases until the date when further service by...Examples illustrating paragraph 73 1A plan pays a lump sum benefit of CU1,000 that...2A plan pays a lump sum retirement benefit of CU2,000...3A post-employment medical plan reimburses 40 per cent of an...4A post-employment medical plan reimburses 10 per cent of an...74Where the amount of a benefit is a constant proportion...Example illustrating paragraph 74 Actuarial assumptions 75Actuarial assumptions shall be unbiased and mutually compatible. 76Actuarial assumptions are an entity’s best estimates of the variables...77Actuarial assumptions are unbiased if they are neither imprudent nor...78Actuarial assumptions are mutually compatible if they reflect the economic...79An entity determines the discount rate and other financial assumptions...80Financial assumptions shall be based on market expectations, at the...Actuarial assumptions: mortality 81An entity shall determine its mortality assumptions by reference to...82In order to estimate the ultimate cost of the benefit...Actuarial assumptions: discount rate 83The rate used to discount post-employment benefit obligations (both funded...84One actuarial assumption that has a material effect is the...85The discount rate reflects the estimated timing of benefit payments....86In some cases, there may be no deep market in...Actuarial assumptions: salaries, benefits and medical costs 87An entity shall measure its defined benefit obligations on a...88Actuarial assumptions reflect future benefit changes that are set out...89Actuarial assumptions do not reflect future benefit changes that are...90Estimates of future salary increases take account of inflation, seniority,...91Some defined benefit plans limit the contributions that an entity...92Some defined benefit plans require employees or third parties to...93Contributions from employees or third parties set out in the...94Changes in employee or third-party contributions in respect of service...95Some post-employment benefits are linked to variables such as the...96Assumptions about medical costs shall take account of estimated future...97Measurement of post-employment medical benefits requires assumptions about the level...98The level and frequency of claims is particularly sensitive to...Past service cost and gains and losses on settlement 99Before determining past service cost, or a gain or loss...100An entity need not distinguish between past service cost resulting...101A settlement occurs together with a plan amendment and curtailment...Past service cost 102Past service cost is the change in the present value...103An entity shall recognise past service cost as an expense...104A plan amendment occurs when an entity introduces, or withdraws,...105A curtailment occurs when an entity significantly reduces the number...106Past service cost may be either positive (when benefits are...107Where an entity reduces benefits payable under an existing defined...108Past service cost excludes: Gains and losses on settlement 109The gain or loss on a settlement is the difference...110An entity shall recognise a gain or loss on the...111A settlement occurs when an entity enters into a transaction...112In some cases, an entity acquires an insurance policy to...Recognition and measurement: plan assets Fair value of plan assets 113The fair value of any plan assets is deducted from...114Plan assets exclude unpaid contributions due from the reporting entity...115Where plan assets include qualifying insurance policies that exactly match...Reimbursements 116When, and only when, it is virtually certain that another...117Sometimes, an entity is able to look to another party,...118When an insurance policy held by an entity is not...119If the right to reimbursement arises under an insurance policy...Components of defined benefit cost 120An entity shall recognise the components of defined benefit cost,...121Other IFRSs require the inclusion of some employee benefit costs...122Remeasurements of the net defined benefit liability (asset) recognised in...Net interest on the net defined benefit liability (asset) 123Net interest on the net defined benefit liability (asset) shall...124Net interest on the net defined benefit liability (asset) can...125Interest income on plan assets is a component of the...126Interest on the effect of the asset ceiling is part...Remeasurements of the net defined benefit liability (asset) 127Remeasurements of the net defined benefit liability (asset) comprise: 128Actuarial gains and losses result from increases or decreases in...129Actuarial gains and losses do not include changes in the...130In determining the return on plan assets, an entity deducts...Presentation Offset 131An entity shall offset an asset relating to one plan...132The offsetting criteria are similar to those established for financial...Current/non-current distinction 133Some entities distinguish current assets and liabilities from non-current assets...Components of defined benefit cost 134Paragraph 120 requires an entity to recognise service cost and...Disclosure 135An entity shall disclose information that: 136To meet the objectives in paragraph 135, an entity shall...137If the disclosures provided in accordance with the requirements in...138An entity shall assess whether all or some disclosures should...Characteristics of defined benefit plans and risks associated with them...139An entity shall disclose: Explanation of amounts in the financial statements 140An entity shall provide a reconciliation from the opening balance...141Each reconciliation listed in paragraph 140 shall show each of...142An entity shall disaggregate the fair value of the plan...143An entity shall disclose the fair value of the entity’s...144An entity shall disclose the significant actuarial assumptions used to...Amount, timing and uncertainty of future cash flows 145An entity shall disclose: 146An entity shall disclose a description of any asset-liability matching...147To provide an indication of the effect of the defined...Multi-employer plans 148If an entity participates in a multi-employer defined benefit plan,...Defined benefit plans that share risks between entities under common...149If an entity participates in a defined benefit plan that...150The information required by paragraph 149(c) and (d) can be...Disclosure requirements in other IFRSs 151Where required by IAS 24 an entity discloses information about:...152Where required by IAS 37 an entity discloses information about...OTHER LONG-TERM EMPLOYEE BENEFITS 153Other long-term employee benefits include items such as the following,...154The measurement of other long-term employee benefits is not usually...Recognition and measurement 155In recognising and measuring the surplus or deficit in another...156For other long-term employee benefits, an entity shall recognise the...157One form of other long-term employee benefit is long-term disability...Disclosure 158Although this Standard does not require specific disclosures about other...TERMINATION BENEFITS 159This Standard deals with termination benefits separately from other employee...160Termination benefits do not include employee benefits resulting from termination...161The form of the employee benefit does not determine whether...162Indicators that an employee benefit is provided in exchange for...163Some termination benefits are provided in accordance with the terms...164Some employee benefits are provided regardless of the reason for...Recognition 165An entity shall recognise a liability and expense for termination...166For termination benefits payable as a result of an employee’s...167For termination benefits payable as a result of an entity’s...168When an entity recognises termination benefits, the entity may also...Measurement 169An entity shall measure termination benefits on initial recognition, and...170Because termination benefits are not provided in exchange for service,...Example illustrating paragraphs 159–170 Background Termination benefits Benefits provided in exchange for service Disclosure 171Although this Standard does not require specific disclosures about termination...TRANSITION AND EFFECTIVE DATE 172An entity shall apply this Standard for annual periods beginning...173An entity shall apply this Standard retrospectively, in accordance with...Amendments to other IFRSs IFRS 1First-time Adoption of International Financial Reporting Standards A1Paragraph 39L is added as follows: 39LIAS 19 Employee Benefits (as amended in June 2011) amended...A2In Appendix D (Exemptions from other IFRSs), the heading above...D1An entity may elect to use one or more of...A3In Appendix E (Short-term exemptions from IFRSs), a heading and...E5A first-time adopter may apply the transition provisions in paragraph...IFRS 8Operating Segments A4Paragraph 24 is amended as follows: 24An entity shall disclose the following about each reportable segment...IFRS 13Fair Value Measurement A5The heading above paragraph D61 is amended to read as...IAS 19Employee Benefits (as amended in June 2011) A6Paragraphs D62 and D63 are amended as follows: D62Paragraph 113 is amended as follows: D63Paragraph 174 is added as follows: IAS 1Presentation of Financial Statements A7In paragraph 7, the definition of ‘other comprehensive income’ is...7… A8Paragraph 96 is amended, and paragraph 139K is added as...96Reclassification adjustments do not arise on changes in revaluation surplus...139KIAS 19 Employee Benefits (as amended in June 2011) amended...IAS 24Related Party Disclosures A9Paragraph 22 is amended as follows: 22Participation by a parent or subsidiary in a defined benefit...IFRIC 14IAS 19 — The Limit on a Defined Benefit Asset,...A10Below the heading ‘References’, after the reference to IAS 19...1Paragraph 64 of IAS 19 limits the measurement of a...6The issues addressed in this Interpretation are: 17An entity shall determine the future service costs using assumptions...24To the extent that the contributions payable will not be...27CIAS 19 (as amended in 2011) amended paragraphs 1, 6,...
Commission Regulation (EU) No 475/2012
of 5 June 2012
amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard (IAS) 1 and International Accounting Standard (IAS) 19
(Text with EEA relevance) (revoked)
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations:
Amendments (Textual)
Regulation revoked (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 2 para. 32 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)