Ifric14 - IFRIC 14 IFRIC Interpretation 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction This

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IFRIC 14 © IASCF A1071 IFRIC Interpretation 14 IAS 19— The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction This version includes amendments resulting from IFRSs issued up to 31 December 2009. IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in July 2007. IFRIC 14 and its accompanying documents have been amended by the following IFRSs: •I A S 1 Presentation of Financial Statements (as revised in September 2007) * Prepayments of a Minimum Funding Requirement (issued November 2009). * effective date 1 January 2009 effective date 1 January 2011 (earlier application permitted)
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IFRIC 14 A1072 © IASCF C ONTENTS paragraphs IFRIC INTERPRETATION 14 IAS 19—THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING REQUIREMENTS AND THEIR INTERACTION REFERENCES BACKGROUND 1–3A SCOPE 4–5 ISSUES 6 CONSENSUS 7–26 Availability of a refund or reduction in future contributions 7–17 The effect of a minimum funding requirement on the economic benefit available as a reduction in future contributions 18–22 When a minimum funding requirement may give rise to a liability 23–26 EFFECTIVE DATE 27–27B TRANSITION 28–29 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION APPROVAL BY THE BOARD OF PREPAYMENTS OF A MINIMUM FUNDING REQUIREMENT (AMENDMENTS TO IFRIC 14) ISSUED IN NOVEMBER 2009 ILLUSTRATIVE EXAMPLES BASIS FOR CONCLUSIONS
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IFRIC 14 © IASCF A1073 IFRIC Interpretation 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (IFRIC 14) is set out in paragraphs 1–29. IFRIC 14 is accompanied by illustrative examples and a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards .
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IFRIC 14 A1074 © IASCF IFRIC Interpretation 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction References •I A S 1 Presentation of Financial Statements A S 8 Accounting Policies, Changes in Accounting Estimates and Errors A S 1 9 Employee Benefits A S 3 7 Provisions, Contingent Liabilities and Contingent Assets Background 1 Paragraph 58 of IAS 19 limits the measurement of a defined benefit asset to ‘the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan’ plus unrecognised gains and losses. Questions have arisen about when refunds or reductions in future contributions should be regarded as available, particularly when a minimum funding requirement exists.
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This note was uploaded on 02/26/2011 for the course ACCOUNTING 310 taught by Professor Cruz during the Spring '11 term at Xavier - Ateneo de Cagayan.

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Ifric14 - IFRIC 14 IFRIC Interpretation 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction This

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