International


INTERNATIONAL
The International Financial Reporting Interpretations Committee (IFRIC), the interpretive body of the International Accounting Standards Board (IASB), issued Interpretation no. 14 (IFRIC 14), The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction, on International Accounting Standard no. 19 (IAS 19), Employee Benefits.

IFRIC 14 provides general guidance on how to assess the limit in IAS 19 on the amount of the surplus that can be recognized as an asset. It also explains how the pension asset or liability may be affected when there is a statutory or contractual minimum funding requirement. No additional liability will be recognized by the employer under IFRIC 14 unless the contributions that are payable under the minimum funding requirement cannot be returned to the company.

The interpretation is mandatory for annual periods beginning on or after Jan.1, 2008. Earlier application is permitted. For more information visit www.iasb.org .

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.