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IASB amends pension accounting

09 February 2018

The International Accounting Standards Board has issued narrow-scope amendments to IAS 19 Employee Benefits.

These specify how companies determine pension expenses when changes to a defined benefit pension plan occur.

IAS 19 sets out how a company accounts for a defined benifit plan. When a change to a plan an amendment, curtailment or settlement takes place, the standard requires a company to remeasure its net defined benefit liability or asset.

The amendments require a company to use the updated assumption from this remeasurement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. Until no, IAS 19 did not specify how to determine these expenses for the period after the change to the plan. By requiring the use of updated assumptions, the amendments are expected to provide useful information to users of financial statements.

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