more of the following features:
different geographical locations.
different characteristics such as flat salary pension plans, final salary pension plans or post-employment medical plans.
different regulatory environments.
different reporting segments.
different funding arrangements (eg wholly unfunded, wholly or partly funded).
Characteristics of defined benefit plans and risks associated with
An entity shall disclose:
information about the characteristics of its defined benefit plans,
the nature of the benefits provided by the plan (eg final salary defined benefit plan or contribution-based plan with guarantee).
a description of the regulatory framework in which the plan operates, for example the level of any minimum funding requirements, and any effect of the regulatory framework on the plan, such as the asset ceiling (see paragraph 64).
a description of any other entity's responsibilities for the
governance of the plan, for example responsibilities of trustees or of board members of the plan.
a description of the risks to which the plan exposes the entity, focused on any unusual, entity-specific or plan-specific risks, and of any significant concentrations of risk. For example, if plan assets are invested primarily in one class of investments, eg property, the plan may expose the entity to a concentration of property market risk.
a description of any plan amendments, curtailments and settlements.
Explanation of amounts in the financial statements
An entity shall provide a reconciliation from the opening balance to the closing
balance for each of the following, if applicable:
the net defined benefit liability (asset), showing separate reconciliations
the present value of the defined benefit obligation.
the effect of the asset ceiling.
any reimbursement rights. An entity shall also describe the relationship
between any reimbursement right and the related obligation.
Each reconciliation listed in paragraph 140 shall show each of the following, if
current service cost.
interest income or expense.
remeasurements of the net defined benefit liability (asset), showing
the return on plan assets, excluding amounts included in interest in (b).
actuarial gains and losses arising from changes in demographic assumptions (see paragraph 76(a)).
actuarial gains and losses arising from changes in financial assumptions (see paragraph 76(b)).
changes in the effect of limiting a net defined benefit asset to the
asset ceiling, excluding amounts included in interest in (b). An entity shall also disclose how it determined the maximum economic benefit available, ie whether those benefits would be in the form of refunds, reductions in future contributions or a combination of both.
past service cost and gains and losses arising from settlements. As
permitted by paragraph 100, past service cost and gains and losses arising from settlements need not be distinguished if they occur together.
the effect of changes in foreign exchange rates.
contributions to the plan, showing separately those by the employer and by plan participants.
payments from the plan, showing separately the amount paid in respect of any settlements.
the effects of business combinations and disposals.
An entity shall disaggregate the fair value of the plan assets into classes that
distinguish the nature and risks of those assets, subdividing each class of plan asset into those that have a quoted market price in an active market (as defined
in IFRS 13 Fair Value Measurement) and those that do not. For example, and considering the level of disclosure discussed in paragraph 136, an entity could
cash and cash equivalents;
equity instruments (segregated by industry type, company size,
debt instruments (segregated by type of issuer, credit quality, geography
real estate (segregated by geography etc);
derivatives (segregated by type of underlying risk in the contract, for
example, interest rate contracts, foreign exchange contracts, equity
contracts, credit contracts, longevity swaps etc);
investment funds (segregated by type of fund);
asset-backed securities; and
Amount, timing and uncertainty of future cash flows
An entity shall disclose:
a sensitivity analysis for each significant actuarial assumption (as disclosed under paragraph 144) as of the end of the reporting period, showing how the defined benefit obligation would have been affected by changes in the relevant actuarial assumption that were reasonably possible at that date.
the methods and assumptions used in preparing the sensitivity analyses required by (a) and the limitations of those methods.
changes from the previous period in the methods and assumptions used in preparing the sensitivity analyses, and the reasons for such changes.
An entity shall disclose a description of any asset-liability matching strategies used by the plan or the entity, including the use of annuities and other techniques, such as longevity swaps, to manage risk.
To provide an indication of the effect of the defined benefit plan on the entity's
future cash flows, an entity shall disclose:
a description of any funding arrangements and funding policy that affect future contributions.
the expected contributions to the plan for the next annual reporting
information about the maturity profile of the defined benefit obligation.
If an entity participates in a multi-employer defined benefit plan, it shall
a description of the funding arrangements, including the method used
to determine the entity's rate of contributions and any minimum funding requirements.
a description of the extent to which the entity can be liable to the plan
for other entities' obligations under the terms and conditions of the multi-employer plan.
a description of any agreed allocation of a deficit or surplus on:
wind-up of the plan; or
the entity's withdrawal from the plan.
if the entity accounts for that plan as if it were a defined contribution
plan in accordance with paragraph 34, it shall disclose the following, in addition to the information required by (a)-(c) and instead of the
information required by paragraphs 139-147:
the fact that the plan is a defined benefit plan.
the reason why sufficient information is not available to enable the entity to account for the plan as a defined benefit plan.
the expected contributions to the plan for the next annual
information about any deficit or surplus in the plan that may
affect the amount of future contributions, including the basis used to determine that deficit or surplus and the implications, if any, for the entity.
an indication of the level of participation of the entity in the plan
compared with other participating entities. Examples of
measures that might provide such an indication include the entity's proportion of the total contributions to the plan or the entity's proportion of the total number of active members, retired members, and former members entitled to benefits, if that information is available.
Defined benefit plans that share risks between entities under
If an entity participates in a defined benefit plan that shares risks between
entities under common control, it shall disclose:
the contractual agreement or stated policy for charging the net defined
benefit cost or the fact that there is no such policy.
the policy for determining the contribution to be paid by the entity.
if the entity accounts for an allocation of the net defined benefit cost as noted in paragraph 41, all the information about the plan as a whole required by paragraphs 135-147.
if the entity accounts for the contribution payable for the period as noted in paragraph 41, the information about the plan as a whole required by paragraphs 135-137, 139, 142-144 and 147(a) and (b).
The information required by paragraph 149(c) and (d) can be disclosed by
cross-reference to disclosures in another group entity's financial statements if:
that group entity's financial statements separately identify and disclose
the information required about the plan; and
that group entity's financial statements are available to users of the financial statements on the same terms as the financial statements of the entity and at the same time as, or earlier than, the financial statements of the entity.
Disclosure requirements in other IFRSs
Where required by IAS 24 an entity discloses information about:
related party transactions with post-employment benefit plans; and
post-employment benefits for key management personnel.
Where required by IAS 37 an entity discloses information about contingent
liabilities arising from post-employment benefit obligations.
Other long-term employee benefits
Other long-term employee benefits include items such as the following, if not
expected to be settled wholly before twelve months after the end of the annual
reporting period in which the employees render the related service:
long-term paid absences such as long-service or sabbatical leave;
jubilee or other long-service benefits;
long-term disability benefits;
profit-sharing and bonuses; and
The measurement of other long-term employee benefits is not usually subject to
the same degree of uncertainty as the measurement of post-employment benefits. For this reason, this Standard requires a simplified method of
accounting for other long-term employee benefits. Unlike the accounting required for post-employment benefits, this method does not recognise remeasurements in other comprehensive income.
Recognition and measurement
In recognising and measuring the surplus or deficit in an other long-term
employee benefit plan, an entity shall apply paragraphs 56-98 and 113-115. An entity shall apply paragraphs 116-119 in recognising and measuring any reimbursement right.
For other long-term employee benefits, an entity shall recognise the net total of the following amounts in profit or loss, except to the extent that
another IFRS requires or permits their inclusion in the cost of an asset:
service cost (see paragraphs 66-112);
net interest on the net defined benefit liability (asset) (see
paragraphs 123-126); and
remeasurements of the net defined benefit liability (asset) (see paragraphs 127-130).
One form of other long-term employee benefit is long-term disability benefit. If the level of benefit depends on the length of service, an obligation arises when the service is rendered. Measurement of that obligation reflects the probability that payment will be required and the length of time for which payment is expected to be made. If the level of benefit is the same for any disabled employee regardless of years of service, the expected cost of those benefits is recognised when an event occurs that causes a long-term disability.
Although this Standard does not require specific disclosures about other
long-term employee benefits, other IFRSs may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IAS 1 requires disclosure of employee benefits expense.
This Standard deals with termination benefits separately from other employee benefits because the event that gives rise to an obligation is the termination of employment rather than employee service. Termination benefits result from either an entity's decision to terminate the employment or an employee's decision to accept an entity's offer of benefits in exchange for termination of employment.
Termination benefits do not include employee benefits resulting from termination of employment at the request of the employee without an entity's offer, or as a result of mandatory retirement requirements, because those benefits are post-employment benefits. Some entities provide a lower level of benefit for termination of employment at the request of the employee (in substance, a post-employment benefit) than for termination of employment at the request of the entity. The difference between the benefit provided for
termination of employment at the request of the employee and a higher benefit provided at the request of the entity is a termination benefit.
The form of the employee benefit does not determine whether it is provided in exchange for service or in exchange for termination of the employee's employment. Termination benefits are typically lump sum payments, but
sometimes also include:
enhancement of post-employment benefits, either indirectly through an
employee benefit plan or directly.
salary until the end of a specified notice period if the employee renders
no further service that provides economic benefits to the entity.
Indicators that an employee benefit is provided in exchange for services include
the benefit is conditional on future service being provided (including
benefits that increase if further service is provided).
the benefit is provided in accordance with the terms of an employee
Some termination benefits are provided in accordance with the terms of an existing employee benefit plan. For example, they may be specified by statute, employment contract or union agreement, or may be implied as a result of the employer's past practice of providing similar benefits. As another example, if an entity makes an offer of benefits available for more than a short period, or there is more than a short period between the offer and the expected date of actual termination, the entity considers whether it has established a new employee benefit plan and hence whether the benefits offered under that plan are termination benefits or post-employment benefits. Employee benefits provided in accordance with the terms of an employee benefit plan are termination benefits if they both result from an entity's decision to terminate an employee's employment and are not conditional on future service being provided.
Some employee benefits are provided regardless of the reason for the employee's departure. The payment of such benefits is certain (subject to any vesting or minimum service requirements) but the timing of their payment is uncertain. Although such benefits are described in some jurisdictions as termination indemnities or termination gratuities, they are post-employment benefits rather than termination benefits, and an entity accounts for them as post-employment benefits.
An entity shall recognise a liability and expense for termination benefits
at the earlier of the following dates:
when the entity can no longer withdraw the offer of those benefits;
when the entity recognises costs for a restructuring that is within
the scope of IAS 37 and involves the payment of termination benefits.
For termination benefits payable as a result of an employee's decision to accept an offer of benefits in exchange for the termination of employment, the time when an entity can no longer withdraw the offer of termination benefits is the
when the employee accepts the offer; and
when a restriction (eg a legal, regulatory or contractual requirement or
other restriction) on the entity's ability to withdraw the offer takes effect. This would be when the offer is made, if the restriction existed at the time of the offer.
For termination benefits payable as a result of an entity's decision to terminate
an employee's employment, the entity can no longer withdraw the offer when the entity has communicated to the affected employees a plan of termination
meeting all of the following criteria:
Actions required to complete the plan indicate that it is unlikely that
significant changes to the plan will be made.
The plan identifies the number of employees whose employment is to be terminated, their job classifications or functions and their locations (but the plan need not identify each individual employee) and the expected completion date.
The plan establishes the termination benefits that employees will receive in sufficient detail that employees can determine the type and amount of benefits they will receive when their employment is terminated.
When an entity recognises termination benefits, the entity may also have to account for a plan amendment or a curtailment of other employee benefits (see paragraph 103).
An entity shall measure termination benefits on initial recognition, and
shall measure and recognise subsequent changes, in accordance with the nature of the employee benefit, provided that if the termination benefits are an enhancement to post-employment benefits, the entity shall apply
the requirements for post-employment benefits. Otherwise:
if the termination benefits are expected to be settled wholly before
twelve months after the end of the annual reporting period in which the termination benefit is recognised, the entity shall apply the requirements for short-term employee benefits.
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