IASB makes change to defined benefit contribution accounting

BY KEN TYSIAC

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 ( ktysiac@aicpa.org ) is a JofA senior editor.

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.