The International Accounting Standards Board (IASB) has issued a minor amendment to its requirements on accounting for pension plans, and has separately published for public comment a proposal to amend IFRS 1 First-time Adoption of International Financial Reporting Standards.
An amendment to IFRIC 14, which is itself an interpretation of IAS 19 'Employee Benefits' applies in the limited circumstances when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements. The amendment permits such an entity to treat the benefit of such an early payment as an asset.
The amendment, entitled 'Prepayments of a Minimum Funding Requirement', has an effective date for mandatory adoption of January 1, 2011, with early adoption permitted for 2009 year-end financial statements.
The proposed amendment to IFRS 1 would provide first-time adopters with the same relief available to those already applying IFRSs when they first apply 'Improving Disclosures about Financial Instruments (Amendments to IFRS 7 'Financial Instruments: Disclosures')' issued in March 2009.
The exposure draft is a short document on which the IASB believes that there is likely to be a broad consensus. It has therefore set a 30-day comment period.
The proposals to amend IFRS 1 are set out in an exposure draft entitled 'Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (proposed amendment to IFRS 1)', on which the IASB invites comments by December 29 2009.
A comprehensive report in our Intelligence Report series titled "The Lowtax International Pensions Report" which has an in depth view on The Mechanics of Pensions Provision, 'High-Tax' Country Pension Regimes and 'Lowtax' Jurisdictions In Which To Locate Pensions Savings, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report14.asp
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