In April 2001 the International Accounting Standards Board (IASB) adopted IAS 19 Employee Benefits, which had originally been issued by the International Accounting Standards Committee in February 1998. IAS 19 Employee Benefits replaced IAS 19 Accounting for Retirement Benefits in the Financial Statements of Employers (issued in January 1983). IAS 19 was further amended in 1993 and renamed as IAS 19 Retirement Benefit Costs.

The IASB amended the accounting for multi-employer plans and group plans in December

2004. In June 2011 the IASB revised IAS 19; this included eliminating an option that allowed an entity to defer the recognition of changes in net defined benefit liability and amending some of the disclosure requirements for defined benefit plans and multi-employer plans.

Other IFRSs have made minor consequential amendments to IAS 19, including Defined Benefit

Plans: Employee Contributions (Amendments to IAS 19) (issued November 2013).

CONTENTS

INTRODUCTION

INTERNATIONAL ACCOUNTING STANDARD 19

EMPLOYEE BENEFITS

OBJECTIVE

SCOPE

DEFINITIONS

SHORT-TERM EMPLOYEE BENEFITS

Recognition and measurement

All short-term employee benefits

Short-term paid absences

Profit-sharing and bonus plans

Disclosure

POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED

CONTRIBUTION PLANS AND DEFINED BENEFIT PLANS

Multi-employer plans

Defined benefit plans that share risks between entities under common

control

State plans

Insured benefits

POST-EMPLOYMENT BENEFITS: DEFINED CONTRIBUTION PLANS

Recognition and measurement

Disclosure

POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS

Recognition and measurement

Accounting for the constructive obligation

Statement of financial position

Recognition and measurement: present value of defined benefit obligations

and current service cost

Actuarial valuation method

Attributing benefit to periods of service

Actuarial assumptions

Actuarial assumptions: mortality

Actuarial assumptions: discount rate

Actuarial assumptions: salaries, benefits and medical costs

Past service cost and gains and losses on settlement

Past service cost

Gains and losses on settlement

Recognition and measurement: plan assets

Fair value of plan assets

Reimbursements

Components of defined benefit cost

Net interest on the net defined benefit liability (asset)

Remeasurements of the net defined benefit liability (asset)

Presentation

Offset

Current/non-current distinction

Components of defined benefit cost

Disclosure

Characteristics of defined benefit plans and risks associated with them

Explanation of amounts in the financial statements Amount, timing and uncertainty of future cash flows

Multi-employer plans

Defined benefit plans that share risks between entities under common control

Disclosure requirements in other IFRSs

OTHER LONG-TERM EMPLOYEE BENEFITS

Recognition and measurement

Disclosure

TERMINATION BENEFITS

Recognition

Measurement

Disclosure

TRANSITION AND EFFECTIVE DATE

APPENDICES

A Application guidance

B Amendments to other IFRSs

FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS

EDITION

APPROVAL BY THE BOARD OF ACTUARIAL GAINS AND LOSSES, GROUP

PLANS AND DISCLOSURES (AMENDMENT TO IAS 19) ISSUED IN

DECEMBER 2004

APPROVAL BY THE BOARD OF IAS 19 ISSUED IN JUNE 2011

APPROVAL BY THE BOARD OF DEFINED BENEFIT PLANS: EMPLOYEE

CONTRIBUTIONS (AMENDMENTS TO IAS 19) ISSUED IN NOVEMBER 2013

BASIS FOR CONCLUSIONS

APPENDIX

Amendments to the Basis for Conclusions on other IFRSs

DISSENTING OPINIONS

AMENDMENTS TO GUIDANCE ON OTHER IFRSS

International Accounting Standard 19 Employee Benefits (IAS 19) is set out in paragraphs 1-175 and Appendices A-B. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 19 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.

Introduction

              IAS 19 Employee Benefits prescribes the accounting and disclosure by employers

for employee benefits. The Standard does not deal with reporting by employee

benefit plans (see IAS 26 Accounting and Reporting by Retirement Benefit Plans).

              The Standard identifies four categories of employee benefits:

 

short-term employee benefits, such as the following (if expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services): wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses and non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or

services) for current employees;

post-employment benefits such as retirement benefits (eg pensions and lump sum payments on retirement), post-employment life insurance and

post-employment medical care;

other long-term employee benefits, such as long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term

disability benefits; and

termination benefits.

 

The Standard requires an entity to recognise short-term employee benefits when an employee has rendered service in exchange for those benefits.

Post-employment benefit plans are classified as either defined contribution plans or defined benefit plans. The Standard gives specific guidance on the classification of multi-employer plans, state plans and plans with insured benefits.

Under defined contribution plans, an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. The Standard requires an entity to recognise contributions to a defined contribution plan when an employee has rendered service in exchange for those contributions.

All other post-employment benefit plans are defined benefit plans. Defined benefit plans may be unfunded, or they may be wholly or partly funded. The

Standard requires an entity:

 

to account not only for its legal obligation, but also for any constructive obligation that arises from the entity's practices.

to determine the present value of defined benefit obligations and the fair value of any plan assets with sufficient regularity that the amounts recognised in the financial statements do not differ materially from the amounts that would be determined at the end of the reporting period.

 

to use the projected unit credit method to measure its obligations and costs.

to attribute benefit to periods of service under the plan's benefit

formula, unless an employee's service in later years will lead to a materially higher level of benefit than in earlier years.

to use unbiased and mutually compatible actuarial assumptions about

demographic variables (such as employee turnover and mortality) and financial variables (such as future increases in salaries, changes in medical costs and particular changes in state benefits). Financial assumptions should be based on market expectations, at the end of the reporting period, for the period over which the obligations are to be settled.

to determine the discount rate by reference to market yields at the end of

the reporting period on high quality corporate bonds (or, in countries where there is no deep market in such bonds, government bonds) of a currency and term consistent with the currency and term of the post-employment benefit obligations.

to deduct the fair value of any plan assets from the carrying amount of the obligation in order to determine the net defined benefit liability (asset). Some reimbursement rights that do not qualify as plan assets are treated in the same way as plan assets, except that they are presented as a separate asset, rather than as a deduction from the obligation.

to limit the carrying amount of a net defined benefit asset so that it does

not exceed the economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.

to recognise all changes in the net defined benefit liability (asset) when

they occur, as follows:

         service cost and net interest in profit or loss; and

         remeasurements in other comprehensive income.

Employee benefits other than short-term employee benefits, post-employment benefits and termination benefits are other long-term employee benefits. For other long-term employee benefits, the Standard requires the same recognition and measurement as for post-employment benefits but all changes in the carrying amount of liabilities for other long-term employment benefits are recognised in profit or loss. The Standard does not require specific disclosures about other long-term employee benefits.

International Accounting Standard 19

Employee Benefits

Objective

              The objective of this Standard is to prescribe the accounting and disclosure for

employee benefits. The Standard requires an entity to recognise:

          a liability when an employee has provided service in exchange for

employee benefits to be paid in the future; and

          an expense when the entity consumes the economic benefit arising from

service provided by an employee in exchange for employee benefits.

Scope

 

This Standard shall be applied by an employer in accounting for all employee benefits, except those to which IFRS 2 Share-based Payment

applies.

This Standard does not deal with reporting by employee benefit plans (see IAS 26 Accounting and Reporting by Retirement Benefit Plans).

The employee benefits to which this Standard applies include those provided:

 

under formal plans or other formal agreements between an entity and

individual employees, groups of employees or their representatives;

under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or

other multi-employer plans; or

by those informal practices that give rise to a constructive obligation. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity's informal practices would cause unacceptable damage to its relationship with employees.

              Employee benefits include:

          short-term employee benefits, such as the following, if expected to be

settled wholly before twelve months after the end of the annual

reporting period in which the employees render the related services:

wages, salaries and social security contributions;

paid annual leave and paid sick leave;

profit-sharing and bonuses; and

non-monetary benefits (such as medical care, housing, cars and

free or subsidised goods or services) for current employees;

          post-employment benefits, such as the following:

         retirement benefits (eg pensions and lump sum payments on

retirement); and

         other post-employment benefits, such as post-employment life

insurance and post-employment medical care;

         other long-term employee benefits, such as the following:

         long-term paid absences such as long-service leave or sabbatical

leave;

         jubilee or other long-service benefits; and

         long-term disability benefits; and

         termination benefits.

              Employee benefits include benefits provided either to employees or to their

dependants or beneficiaries and may be settled by payments (or the provision of goods or services) made either directly to the employees, to their spouses, children or other dependants or to others, such as insurance companies.

              An employee may provide services to an entity on a full-time, part-time,

permanent, casual or temporary basis. For the purpose of this Standard, employees include directors and other management personnel.

Definitions

              The following terms are used in this Standard with the meanings

specified:

Definitions of employee benefits

Employee benefits are all forms of consideration given by an entity in

exchange for service rendered by employees or for the termination of employment.

Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service.

Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.

Other long-term employee benefits are all employee benefits other than short-term employee benefits, post-employment benefits and termination benefits.

Termination benefits are employee benefits provided in exchange for the

termination of an employee's employment as a result of either:

         an entity's decision to terminate an employee's employment

before the normal retirement date; or

         an employee's decision to accept an offer of benefits in exchange

for the termination of employment.

Definitions relating to classification of plans

Post-employment benefit plans are formal or informal arrangements

under which an entity provides post-employment benefits for one or more employees.

Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.

 

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