ch_en_IAS_19_Employee benefits

ch_en_IAS_19_Employee benefits - June 2012 IAS 19 Employee...

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June 2012 Audit. Tax. Consulting. Corporate Finance. IAS 19 – Employee benefits A closer look at the amendments made by IAS 19R and their impacts in Switzerland
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Contents 1. Introduction 1 2. Executive summary 2 3. The most important changes made by IAS 19R 3 4. Changes in IAS 19R with a significant impact expected in Switzerland 7 5. Other changes made by IAS 19R for which less impact is 13 expected in Switzerland 6. Comparison of IAS 19R with IAS 19 15 Appendix I – Disclosure requirements 19 Appendix II – Comparison of IAS 19R with US GAAP 22 Appendix III – Early application IAS 19 Employee Benefits 23 (as revised in June 2011) Your IFRS contacts 43
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IAS 19 – Employee benefits A closer look at the amendments made by IAS 19R and their impacts in Switzerland 1 International Accounting Standard 19 – Employee Benefits The objective of IAS 19 is to prescribe the accounting and disclosure for employee benefits by employers. The Standard identifies four categories of employee benefits with distinct requirements for each of: • short-term employee benefits; • post-employment benefits; • other long-term employee benefits; and • termination benefits. IAS 19 was initially issued in February 1998 and had already been amended several times before the publication of the revised Standard in 2011. Chronology IASB project ‘Post-Employment Benefits, including Pensions’ In July 2006, the IASB added a project on post- employment benefits to its agenda with the goal of revising a number of aspects of accounting for post- employment benefits. In March 2008, the IASB published a discussion paper (‘Preliminary Views on Amendments to IAS 19 Employee Benefits ’). The discussion paper considered several elements of the accounting model of IAS 19 and contained several proposals for amendments. Extensive feedback on the discussion paper led to the publication of the exposure draft ‘Defined Benefit Plans (Proposed amendments to IAS 19 Employee Benefits )’ on 29 April 2010. Further feedback on the exposure draft (227 comment letters, including many from Switzerland) has been considered in finalising the revised Standard. In addition to this public consultation, the IASB sought expert advice from an Employee Benefits Working Group. Structure In this brochure the changes made by IAS 19R to the requirements of IAS 19 are described, starting with a generic description of the changes in the executive summary. Furthermore, the most important changes made by IAS 19R and the potential impact are discussed in more detail, as well as other changes made by IAS 19R that are expected to have an impact in Switzerland. Finally, overviews are presented which contain the most significant differences between IAS 19 and IAS 19R, the disclosure requirements included in IAS 19R, the most significant differences between IAS 19R and US GAAP and an example of an early application of the requirements of IAS 19R in the financial statements.
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