IASB makes change to defined benefit contribution accounting


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.


Year-end tax planning strategies

Practitioners should consider the timing of income and deductions, avoiding the net investment income tax, donating to charity, and planning for retirement.


Effortless payroll service offerings

In this special focus report, experts explain how payroll providers can help CPAs help their clients. Sponsored by Paychex, Intuit, SurePayroll, ADP, BenefitMall and AccountantsWorld.


Return due dates changed in highway funding bill

The federal highway funding extension bill signed into law on July 31 contains several tax provisions, including changing the due dates for partnership, S corporation, and corporate tax returns.