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.

SPONSORED REPORT

Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.