IFRIC14 BV2009 - IFRIC 14 IFRIC Interpretation 14 IAS 19-...

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IFRIC 14 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 2008. 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 IAS 1 Presentation of Financial Statements (as revised in September 2007). 1 1 effective date 1 January 2009 © IASCF 1
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IFRIC 14 C ONTENTS paragraphs IFRIC INTERPRETATION 14 IAS 19—THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING REQUIREMENTS AND THEIR INTERACTION REFERENCES BACKGROUND 1–3 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 27–27A TRANSITION 28 ILLUSTRATIVE EXAMPLES BASIS FOR CONCLUSIONS 2 © IASCF
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IFRIC 14 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 1–28. 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 . © IASCF 3
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IFRIC 14 IFRIC Interpretation 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction References IAS 1 Presentation of Financial Statements IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 19 Employee Benefits IAS 37 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. 2 Minimum funding requirements exist in many countries to improve the security of the post-employment benefit promise made to members of an employee benefit plan. Such requirements normally stipulate a minimum amount or level of contributions that must be made to a plan over a given period. Therefore, a minimum funding requirement may limit the ability of the entity to reduce future contributions.
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IFRIC14 BV2009 - IFRIC 14 IFRIC Interpretation 14 IAS 19-...

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