Small-scale changes to financial reporting rules for employee benefit plans were published Thursday by the International Accounting Standards Board (IASB).
Contributions from employees or third parties to defined benefit plans are affected by the amendments to IAS No. 19, Employee Benefits.
The changes were made to simplify the accounting for contributions that are independent of the number of years of employee service. For example, employee contributions that are calculated according to a fixed percentage of salary are affected.
The amendments take effect July 1, 2014, and early application is permitted.
—Ken Tysiac (firstname.lastname@example.org) is a JofA senior editor.