PAS 26 - Accounting and Reporting by Retirement Benefit...

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Accounting and Reporting by Retirement Benefit Plans PAS 26
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Scope Applies to financial statements of retirement benefit plans where such financial statements are prepared Accounting and reporting by a retirement benefit plan to all participants as a group Does not deal with reports to individual participants about their retirement benefit rights Complements PAS 19 on retirement benefits Does not deal with other forms of employment benefits
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Retirement benefit plans Arrangements whereby an entity provides benefits for employees on or after termination of service either in the form of an annual income or as a lump sum when such benefits, or the contributions towards them can be determined or estimated in advance of retirement from the provision of a document or from the entity’s practices.
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Defined Contribution plans Retirement benefit plans under which amounts to be paid as retirement benefits are determined by contributions to a fund together with investment earnings thereon
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Defined benefit plans Retirement benefit plans under which amounts to be paid as retirement benefits are determined by reference to a formula usually based on employee’s earnings and/or years of service.
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Defined Contribution Plan Objective of Reporting: Provide information about plan and performance of its investment A description of significant activities for the period and the
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This note was uploaded on 11/30/2011 for the course ECON 310 taught by Professor Johnsmith during the Spring '11 term at Kentucky.

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PAS 26 - Accounting and Reporting by Retirement Benefit...

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