- (g) deduct the fair value of any plan assets from the carrying amount of the obligation. - The gain or loss should comprise any resulting change in the present value of the defined benefit obligation and of the fair value of the plan assets and the unrecognised part of any related actuarial gains and losses and past service cost. - (k) recognise a specified portion of the net cumulative actuarial gains and losses that exceed the greater of:. - (ii) 10% of the fair value of any plan assets.. - (b) a reliable estimate of the obligation can be made.. - (a) the formal terms of the plan contain a formula for determining the amount of the benefit;. - (c) past practice gives clear evidence of the amount of the entity’s constructive obligation.. - 29 An entity shall classify a multi-employer plan as a defined contribution plan or a defined benefit plan under the terms of the plan (including any constructive obligation that goes beyond the formal terms). - 55 The present value of the defined benefit obligation is the gross obligation, before deducting the fair value of any plan assets.. - A surplus is an excess of the fair value of the plan assets over the present value of the defined. - For examples of the application of this paragraph, see Appendix C.. - Present value of the obligation 1,100. - Unrecognised increase in the liability on initial adoption of the Standard. - The current service cost and the present value of the defined benefit obligation are discounted because pension payments begin at the age of 65.. - (10% divided by ten) to each of the second ten years. - The present value of the obligation will differ from the liability recognised in the. - (b) the benefits set out in the terms of the plan (or resulting from any constructive obligation that goes beyond those terms) at the end of the reporting period. - (i) those changes were enacted before the end of the reporting period. - (b) 10% of the fair value of any plan assets at that date.. - timing of some of the benefits payable under the plan. - 105 The expected return on plan assets is one component of the expense recognised in profit or loss. - At 31 December 20X1, the fair value of plan assets was 15,000 and the present value of the defined benefit obligation was 14,792. - 108 In a business combination, an entity recognises assets and liabilities arising from post-employment benefits at the present value of the obligation less the fair value of any plan assets (see IFRS 3 Business Combinations). - (a) any resulting change in the present value of the defined benefit obligation;. - (b) any resulting change in the fair value of the plan assets;. - In the following year (20X2), the entity recognises in profit or loss an actuarial gain of 25 (1,525 less 1,500) divided by the expected average remaining working life of the employees concerned.. - The curtailment reduces the net present value of the obligation by 100 to 900.. - Therefore, the effect of the curtailment is as follows:. - (b) a general description of the type of plan.. - (h) the total amount recognised in other comprehensive income for each of the following:. - (i) each category of the entity’s own financial instruments. - (i) the present value of the defined benefit obligation, the fair value of the plan assets and the surplus or deficit in the plan. - (A) the plan liabilities expressed either as (1) an amount or (2) a percentage of the plan liabilities at the end of the reporting period and. - (B) the plan assets expressed either as (1) an amount or (2) a percentage of the plan assets at the end of the reporting period.. - 121 Paragraph 120A(b) requires a general description of the type of plan. - (ii) disclose at the end of each reporting period: (1) the amount of the increase that remains unrecognised. - gains (before recognition of that actuarial gain) exceed the unrecognised part of the transitional liability. - Present value of the obligation 1,300. - At 31 December 1999, the present value of the obligation under the Standard is 1,400 and the fair value of plan assets is 1,050. - The expected average remaining working life of the employees participating in the plan was eight years. - The effect of the limit in paragraph 155(b)(iii) is as follows.. - The present value of the obligation and the fair value of the plan assets were both 1,000 at 1 January 20X1. - Changes in the present value of the obligation and in the fair value of the plan assets. - Limits of the ‘corridor’. - (a) 10% of the present value of the obligation before deducting plan assets. - and (b) 10% of the fair value of any plan assets.. - ‘Changes in the present value of the obligation and in the fair value of the plan assets’).. - Present value of the obligation . - Paragraph 120A(a) of the Standard requires this disclosure to include the entity’s accounting policy for recognising actuarial gains and losses.. - Changes in the present value of the defined benefit obligation are as follows:. - Principal actuarial assumptions at the end of the reporting period (expressed as weighted averages):. - One percentage point decrease Effect on the aggregate of the service cost and. - Illustration of the application of paragraph 58A. - Paragraph 58 of the Standard imposes a ceiling on the defined benefit asset that can be recognised.. - based on the current terms of the plan.. - In the above example, there is no change in the present value of the economic benefits available to the entity. - Effect of the asset ceiling Asset ceiling (column F above). - of the actuarial loss is included in the cumulative unrecognised losses which increase to 115 (column C). - Defined contribution plans (paragraphs 24–47 of the standard). - The definitions in paragraph 7 of the new IAS 19 focus on the downside risk that the cost to the entity may increase. - Recognition and measurement: balance sheet (paragraphs 49–60 of the Standard). - However, the two Standards differ in the measurement of the resulting liability.. - At the end of the first year, the employee and the entity are not in the same position as at the beginning of the. - Actuarial valuation method (paragraphs 64–66 of the Standard). - Actuarial assumptions: discount rate (paragraphs 78–82 of the Standard). - Actuarial gains and losses (paragraphs 92–95 of the Standard). - Under this approach, an entity does not recognise actuarial gains and losses to the extent that the cumulative unrecognised amounts do not exceed 10% of the present value of the obligation (or, if greater, 10% of the fair value of plan assets). - BC48B The argument for immediate recognition of actuarial gains and losses is that they are economic events of the period. - It also results in a faithful representation of the plan in the balance sheet. - BC48V A small majority of the respondents supported this proposal. - Past service cost (paragraphs 96–101 of the Standard). - (b) deferred recognition of the liability reduces comparability. - Therefore, it is not appropriate to defer recognition of the expense. - However, the purpose of the ‘corridor’ is to deal with the inevitable imprecision in the measurement of defined benefit obligations. - (c) the present value of vested benefits exceeds the amount of the liability that would otherwise be recognised in the balance sheet. - Plan assets (paragraphs 102–107 of the Standard). - BC67 IAS 19 (revised 1998) defined plan assets as assets (other than non-transferable financial instruments issued by the reporting entity) held by an entity (a fund) that satisfies all of the following conditions:. - (a) a net approach – the entity recognises its entire obligation as a liability after deducting the fair value of the assets held by the fund. - This might seem inconsistent with the treatment of plan assets, because changes in the fair value of plan assets are one component of the actuarial gains and losses to which the corridor is applied under IAS 19. - (ii) A second possibility would be to defer changes in the fair value of the. - However, this would mean that changes in the fair value of the assets could affect the measurement of the obligation. - Part (c) of the 1998 definition focuses on offsetting. - It does not require the entity to recognise the underlying assets of the fund;. - Accordingly, condition (a) in the new definition refers to the reason for the existence of the fund. - Reimbursements (paragraphs 104A–104D of the Standard). - In all other respects (for example, the use of the ‘corridor’) the Standard requires an entity to treat such reimbursement rights in the same way as plan assets. - Limit on the recognition of an asset (paragraphs 58–60 of the Standard). - BC76 In certain cases, paragraph 54 of the new IAS 19 would require an entity to recognise an asset. - The objective of the amendment was to prevent gains (losses) being recognised solely as a result of the deferred recognition of past service cost and actuarial losses (gains).. - (paragraphs 109–115 of the Standard). - (paragraphs 116–125 of the Standard). - (e) an entity should disclose any amount not recognised as an asset because of the new limit in paragraph 58(b) of the Standard.. - (ii) disclosure of the expected rate of return for each class of asset. - and (iii) a narrative description of the basis used to determine the overall. - (f) information about the nature of the plan. - (paragraphs 11–16 of the Standard). - Other long-term employee benefits (paragraphs 126–131 of the Standard). - Termination benefits (paragraphs 132–143 of the Standard). - (paragraphs 144–152 of the Standard). - Accordingly, the new IAS 19 confirms that, on initial adoption, an entity does not compute the effect of the ‘corridor’
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