Clarity and perspectives kpmg.com/be/pensions
|
|
|
- Beverly Hodges
- 6 years ago
- Views:
Transcription
1 Introduction to IFRS IAS 19 Clarity and perspectives kpmg.com/be/pensions
2 Scope - Covers all kinds of employee benefits, not just pensions - And all forms of consideration given by an enterprise in exchange for service rendered by employees (constructive obligation) - Accounting and Reporting by Retirement Benefit Plans (IAS 26) - Share-based payment made to employees (IFRS 2) 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 2
3 Overview of employee benefits Short-term benefits Post-employment benefits Termination benefits Other long-term benefits 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 3
4 Classification of Belgian DC plans under IFRS Defined contribution Defined benefit Obligation limited to amount of contributions paid Plans under which entity has no further obligation, legal or constructive, to pay amounts in addition to contributions as set out in plan documentation All other plans Obligation to pay the agreed benefits Plans for which the entity has a legal or constructive obligation to make good any shortfall in benefits levels as set out in plan documentation 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 4
5 How to value Belgian DC plans under IASR19? General Principle: Belgian Defined Contribution schemes with minimum return guarantee borne by the employer are currently Defined Benefit plans under IASR 19. The paragraph IASR19.67 states that an entity shall use the Projected Unit Credit method (PUC) to determine the present value of its defined benefit obligations. The PUC method is defined by the following steps (IASR19.57): 1. Make a reliable estimate of the ultimate cost to the entity of the benefit that employees have earned in return for their service in the current and prior periods. This requires the use of estimations (actuarial assumptions) about demographic and financial variables that will affect the cost of the benefit. 2. Discount that benefit in order to determine the present value of the defined benefit obligation KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 5
6 How to value Defined benefit plans? Accounting complexity in DB plans: Actuarial technique Projected unit credit method Demographic assumptions such as: Mortality Financial assumptions such as: Discount rate Estimate of ultimate cost Discounted using high quality corporate bonds (principle) Rate of employee turnover, disability, early retirement Future salary and benefit levels Usually requires involvement of an actuary DBO = Defined Benefit Obligation 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 6
7 Measurement of liability - Actuarial assumptions Economic assumptions (based on market expectation or depending on company experience and forecast) : Discount rate Long term return on plan assets (= DR for IASR) Salary increase Salary scale Social security increase Demographic assumptions (based on past experience) : Mortality in service and after retirement Personnel turnover Age at retirement Disability 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 7
8 Fair value of plan assets Plan assets are assets held by a long-term employee benefit fund and qualifying insurance policies Other insurance policies recognised as reimbursement rights Or For some specific case non qualifying assets Measure plan assets at fair value at end of reporting period 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 8
9 Deficit Deficit DBO exceed Assets Generally for insured pension plans (no active FF) Usually a significant liability IFRS / IAS 19 cost > premiums 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 9
10 Statement of financial position Defined benefit obligation - Fair value of plan assets ± Effect of asset ceiling (if any) = Net defined benefit liability (asset) 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 10
11 Movements for the period in net defined benefit liability Opening net defined benefit liability (asset) Defined Benefit Cost Service cost Net interest Profit or Loss Remeasurements OCI Benefit payments Contributions Statement of financial position Net defined benefit liability (asset) OCI = other comprehensive income 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. 11
12 Contact us Muriel Lejour Director & Qualified Actuary IABE Financial Risk Management T: E: mlejour@kpmg.com Gaëtan Pirart Manager Financial Risk Management T: E: gpirart@kpmg.com Vincent Simonart Manager Financial Risk Management T: E: vsimonart@kpmg.com kpmg.com/be/pensions kpmg.com/app 2016 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved.
What about Employee Benefits? kpmg.com/be/pensions
What about Employee Benefits? kpmg.com/be/pensions Harmonization of pension plans Harmonization of pension plans Introduction - Antwerp Labor Court, 4 June 2008: the difference of treatment between blue
Employee benefits. Don t look any further, KPMG is here to help. kpmg.com/be klaw.be. Employee benefits - 1
Employee Don t look any further, KPMG is here to help. kpmg.com/be klaw.be Employee - 1 Today s talent market is highly competitive. Attracting and keeping top talent is becoming more and more difficult.
Employee Benefits, AS 15
Seminar on Accounting Standards (March 9, 2014) Western India Regional Council of The Institute of Chartered Accountants of India Employee Benefits, AS 15 and Consultants Version: March 2014 Page 1 Presentation
Employee Benefits. International Accounting Standard 19 IAS 19. IFRS Foundation A721
International Accounting Standard 19 Employee Benefits In April 2001 the International Accounting Standards Board (IASB) adopted IAS 19 Employee Benefits, which had originally been issued by the International
IAS 19 Employee Benefits. Presented by
IAS 19 Employee Benefits Presented by Let s look at the issues Key Areas Shortterm benefits Postemployment benefits Termination benefits Other long-term benefits Short-term employee benefits Benefits due
Reporting Update December 2013, 13RU-016
Reporting Update December 2013, 13RU-016 KEY POINTS Revised AASB 119 Employee Benefits is applicable for reporting periods commencing on or after 1 January 2013 Applying the revised AASB 119 Employee Benefits
IAS 19:- Employee Benefits By Ferdinand Othieno 6 February 2015 Nairobi
ICPAK IFRS WORKSHOP IAS 19:- Employee Benefits By Ferdinand Othieno 6 February 2015 Nairobi Learning objectives By the end of the session participants should be better able to: Describe the objective and
New Zealand Equivalent to International Accounting Standard 19 Employee Benefits (NZ IAS 19)
New Zealand Equivalent to International Accounting Standard 19 Employee Benefits (NZ IAS 19) Issued August 2011 and incorporates amendments up to and including 28 February 2014 This Standard was issued
Employee Benefits. HKAS 19 (2011) Revised April September Effective for annual periods beginning on or after 1 January 2013
HKAS 19 (2011) Revised April September 2018 Effective for annual periods beginning on or after 1 January 2013 Hong Kong Accounting Standard 19 (2011) Employee Benefits COPYRIGHT Copyright 2018 Hong Kong
Financial Accounting. Employee Future Benefits Pensions & Post Retirement Benefits 11/11/ Point Learning Systems Inc.
4Point Learning Systems Inc. 2012 4Point Learning Systems Inc. No part of these notes may be copied stored or reproduced by any means whatsoever without the express written consent of the authors. 1 Financial
Employee benefits (pensions)
Employee benefits (pensions) Issues paper presented at the EPSAS WG Meeting Rome, 22-23 November 2016 The better the question. The better the answer. The better the world works. Contents Introduction Objectives
This version includes amendments resulting from IFRSs issued up to 31 December 2008.
International Accounting Standard 19 Employee Benefits This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 19 Employee Benefits was issued by the International Accounting
Employee Benefits. International Accounting Standard 19 IAS 19
International Accounting Standard 19 Employee Benefits This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 19 Employee Benefits was issued by the International Accounting
Updates on New IFRS. IAS 19 Employee Benefits (Revised) March 7, 2013
Updates on New IFRS IAS 19 Employee Benefits (Revised) March 7, 2013 Agenda Introduction Significant Changes Defined benefit plans Removal of corridor approach Change in the components of net defined benefit
Ind AS 19 Employee Benefits
Ind AS 19 Employee Benefits Nandan Nadkarni CFA,MMS Lead Consultant MCACPESC June 26, 2015 1 There s a method to the madness of the employee benefits accounting standard! 2 Today s discussion Ind AS 19
Accounting for Retirement Benefits
Accounting for Retirement Benefits An overview of IAS 19, rev. 2011 Changes and implications 17 October 2011 2011 Towers Watson. All rights reserved. Today s Discussion Background Changes and clarification
FINANCIAL REPORTING WORKSHOP FOR COUNTY GOVERNMENTS AND PUBLIC-SECTOR ENTITIES. IPSAS 25: Employee Benefits
FINANCIAL REPORTING WORKSHOP FOR COUNTY GOVERNMENTS AND PUBLIC-SECTOR ENTITIES IPSAS 25: Employee Benefits Laico Regency Hotel, Nairobi, 18 th 19 th October, 2017 Uphold. Public. Interest Session Objective
Post Employment Benefit and Other Long term Benefit Disclosures under Ind AS 19 and AS 15 (R)
Post Employment Benefit and Other Long term Benefit Disclosures under Ind AS 19 and AS 15 (R) Objective To present exhaustive disclosures along with paragraph references of Indian Accounting Standards
Accounting and Actuarial Fundamentals of Standard on Employee Benefits Ind AS 19
Accounting and Actuarial Fundamentals of Standard on Employee Benefits Ind AS 19 Presentation at ICAI, Ahmedabad Jayesh Pandit Kartikey Kandoi Ganesh Sudrik 11-02-2017 Agenda Actuarial Valuation of Employee
Sri Lanka Accounting Standard-LKAS 19. Employee Benefits
Sri Lanka Accounting Standard-LKAS 19 Employee Benefits CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS19 EMPLOYEE BENEFITS from paragraph OBJECTIVE 1 SCOPE 2 DEFINITIONS 8 SHORT-TERM EMPLOYEE BENEFITS 9 Recognition
To ensure that an employer's financial statements recognize an expenditure when an employee has provided services in exchange for employee benefits
AS 15 (Revised) Employee Benefits 1 OBJECTIVE To ensure that an employer's financial statements recognize an expenditure when an employee has provided services in exchange for employee benefits to be paid
ASSURANCE AND ACCOUNTING ASPE - IFRS: A Comparison Employee Benefits
ASSURANCE AND ACCOUNTING - : A Comparison Employee Benefits In this publication we will examine the key differences between Accounting Standards for Private Enterprises () and International Financial Reporting
1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise:
Indian Accounting Standard (Ind AS) 19 Employee Benefits (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate
Manitoba Public Insurance Impact of IAS 19R
AI.8 IFRS - Impact of IAS 19R Manitoba Public Insurance Impact of IAS 19R May 15, 2012 AI.8 IFRS - Impact of IAS 19R Table of contents 1.0 Executive summary... 1 2.0 Analysis of significant differences
LKAS 19 Sri Lanka Accounting Standard LKAS 19
Sri Lanka Accounting Standard LKAS 19 Employee Benefits CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 19 EMPLOYEE BENEFITS paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 8 SHORT-TERM EMPLOYEE BENEFITS 9 Recognition
PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 39 EMPLOYEE BENEFITS (PBE IPSAS 39)
PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 39 EMPLOYEE BENEFITS (PBE IPSAS 39) Issued May 2017 This Standard was issued on 18 May 2017 by the New Zealand Accounting Standards
KPMG Pensions Accounting Survey in the Netherlands
KPMG Pensions Accounting Survey in the Netherlands 2016 Year-End preview and 2015 Year-End retrospective kpmg.nl 2 KPMG Pensions Accounting Survey in the Netherlands Content Introduction 3 Headlines 4
Disclosures relating to Belgian defined contribution plans with return guaranteed by law
Studies and documents: n 44 January 2015 Disclosures relating to Belgian defined contribution plans with return guaranteed by law 1/15 Executive summary In 2014 the FSMA started a project on the financial
Employee Benefits (IAS 19) 1
Employee Benefits (IAS 19) By CA. Rajkumar S Adukia B.Com (Hons.) FCA, ACS, MBA, AICWA, LLB,Dip IFRS(UK) DLL& LW rajkumarfca@gmail.com www.carajkumarradukia.com com 09820061049/09323061049 www.carajkumarradukia.com
IFRS for SMEs IFRS Foundation-World Bank
!International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 11 13 January 2011 Astana, Kazakhstan Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic
THE FINANCIAL REPORTING WORKSHOP 25 TH NOVEMBER 2016 THE WHITE RHINO HOTEL, NYERI EMPLOYEE BENEFITS
1 THE FINANCIAL REPORTING WORKSHOP 25 TH NOVEMBER 2016 THE WHITE RHINO HOTEL, NYERI EMPLOYEE BENEFITS Introduction 2 Employee benefits are all forms of consideration given by an entity in exchange for
IPSAS 25, Employee Benefits
January 2016 International Public Sector Accounting Standard as Amended by Exposure Draft 59, Amendments to IPSAS 25, Employee Benefits IPSAS 25, Employee Benefits This document was developed and approved
EFRAG S EVALUATION OF THE COSTS AND BENEFITS OF IAS 19 (2011)
EFRAG S EVALUATION OF THE COSTS AND BENEFITS OF IAS 19 (2011) Introduction 1 Following discussions between the various parties involved in the EU endorsement process, the European Commission decided in
Technical Specification for the Preparatory Phase (Part I)
EIOPA-14/209 30 April 2014 Technical Specification for the Preparatory Phase (Part I) This document contains part I of the technical specifications for the preparatory phase. It needs to be applied in
A. Scope LKAS 19 deals with all employee benefits, except those to which SLFRS 2 applies (share based payments).
Accounting standard study group CIMA Sri Lanka Division Study of LKAS 19: Employee benefits A. Scope LKAS 19 deals with all employee benefits, except those to which SLFRS 2 applies (share based payments).
7. Summary Employee benefits
Gripping IFRS Employee benefits 7. Summary Employee benefits Short-term benefits Post-employment benefits Other long-term benefits Termination benefits Defined in IAS 19 as: Those that fall wholly within
Notes to the Group annual financial statements continued for the year ended 30 September 2013
10. Retirement benefit obligations and post-retirement medical aid surplus and provident fund benefits The used to operate or was a participating employer in twenty-three retirement funds, prior to a fund
Exposure Draft. Accounting Standard (AS) 19. Employee Benefits
ED/AS19/2018/03 Exposure Draft Accounting Standard (AS) 19 Employee Benefits Last Date of comments: August 10, 2018 Issued by Accounting Standards Board The Institute of Chartered Accountants of India
Amendments to IAS 19 Employee Benefits
June 2011 Project Summary and Feedback Statement Amendments to IAS 19 Employee Benefits At a glance The International Accounting Standards Board (IASB) issued amendments to IAS 19 Employee Benefits in
Impact of revised IAS 19 on Top 40 companies in South Africa
Impact of revised IAS 19 on Top 40 companies in South Africa Nanie Rothman Rudi van Rooyen PwC Agenda 1. Introduction 2. Objectives of Revised IAS 19 3. Key changes and impact of these changes on Balance
Indian Accounting Standard (AS - 15)
21 st April, 2012. Indian Accounting Standard (AS - 15) EMPLOYEE BENEFITS Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination
IPSAS 25 EMPLOYEE BENEFITS
IPSAS 25 Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 19 (2004), Employee Benefits, published by the International
I am writing on behalf of the Autorité des Normes Comptables (ANC) to express our views on the Exposure draft on proposed amendments to IAS 19.
AUTORITE DES NORMES COMPTABLES 3, Boulevard Diderot 75572 PARIS CEDEX 12 Phone 33 1 53 44 52 01 Fax 33 1 53 18 99 43/33 1 53 44 52 33 Internet http://www.anc.gouv.fr Mel jerome.haas@anc.gouv.fr Paris,
Accounting Standard 15 (Revised 2005) Employee Benefits
Accounting Standard 15 (Revised 2005) Employee Benefits Content 1. Introduction 2. Applicability 3. Key Features 4. Recognition & Measurement, Disclosures 5. Difference With IAS-19 6. Case Study (opinion
HKAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
HK(IFRIC)-Int 14 Revised May 2014November 2016 Effective for annual periods beginning on or after 1 January 2008 HK (IFRIC) Interpretation 14 HKAS 19 The Limit on a Defined Benefit Asset, Minimum Funding
Provident Fund Valuation Under Ind AS19. - K Sriram - D C Khansili - Manasi Patra - Kaushik Karmakar
Provident Fund Valuation Under Ind AS19 - K Sriram - D C Khansili - Manasi Patra - Kaushik Karmakar Agenda Issues for Deliberation Ind AS19 Compared with AS15R GN 29 Guidance Disclosures under IND AS19
Actuarial Valuation as required under LKAS 19
Actuarial Valuation as required under LKAS 19 Accounting Standards are Definitive benchmarks prescribed by a country s Accounting Standard Board. Comparison Measurement Disclosures & Recognition under
Endorsement of the Amendments to IAS 19 Employee benefits. Introduction, background and conclusions
EUROPEAN COMMISSION Internal Market and Services DG FREE MOVEMENT OF CAPITAL, COMPANY LAW AND CORPORATE GOVERNANCE Accounting Brussels, December 2011 MARKT F3 (2011) Endorsement of the Amendments to IAS
6 SEPTEMBER 2010 IASB EXPOSURE DRAFT (ED/2010/3) DEFINED BENEFIT PLANS PROPOSED AMENDMENTS TO IAS 19 EFRP RESPONSE
6 SEPTEMBER 2010 IASB EXPOSURE DRAFT (ED/2010/3) DEFINED BENEFIT PLANS PROPOSED AMENDMENTS TO IAS 19 EFRP RESPONSE 2 1. Identification of response The European Federation for Retirement Provision (EFRP)
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTENTS Financial Statements Consolidated Financial Statements 86 Consolidated Statement of Income 86 Consolidated Statement of Comprehensive Income 87 Consolidated Statement of Financial
ISAP 3. Proposed Final International Standard of Actuarial Practice 3 Actuarial Practice in Relation to IAS 19 Employee Benefits
ISAP 3 Proposed Final International Standard of Actuarial Practice 3 Actuarial Practice in Relation to IAS 19 Employee Benefits NOTE: Defined terms and references to ISAP 1 in this proposed final ISAP
IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
IFRIC 14 IFRIC Interpretation 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction This version includes amendments resulting from IFRSs issued up to 31 December
Comment letter on ED/2015/5 Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan
Tel +44 (0)20 7694 8871 15 Canada Square mark.vaessen@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH
Proposed amendments to IAS 19 and IFRIC 14. IFoA response to IASB
Proposed amendments to IAS 19 and IFRIC 14 IFoA response to IASB 6 November 2015 About the Institute and Faculty of Actuaries The Institute and Faculty of Actuaries is the chartered professional body for
KPMG Pensions Accounting Survey in the Netherlands
KPMG Pensions Accounting Survey in the Netherlands 2017 Year-End preview and 2016 Year-End retrospective kpmg.nl 2 KPMG Pensions Accounting Survey in the Netherlands Content Introduction 3 Headlines 4
GUIDANCE ON THE APPLICATION OF IFRS TO PROVISIONS FOR SEVERANCE BENEFITS.
19 August 2009 CIRCULAR 2009 / 5 GUIDANCE ON THE APPLICATION OF IFRS TO PROVISIONS FOR SEVERANCE BENEFITS. Introduction With the coming into effect of the Labour Act, Act 11 of 2007 section S35(1)(c),
RREVISED AS15: EMPLOYEE BENEFITS
RREVISED AS15: EMPLOYEE BENEFITS Effect of Amendment on Gratuity Ceiling with effective from 24 th May 2010 Revised Accounting Standard 15 : Employee Benefits is applicable to all Level I entities in entirely
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Equity holders Wipro Limited: We have audited the accompanying
APPROVAL BY THE BOARD OF ACTUARIAL GAINS AND LOSSES, GROUP PLANS AND DISCLOSURES
IAS 19 IASB documents published to accompany International Accounting Standard 19 Employee Benefits The text of the unaccompanied IAS 19 is contained in Part A of this edition. Its effective date when
IFRS Foundation: Training Material for the IFRS for SMEs. Module 28 Employee Benefits
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 28 Employee Benefits IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 28 Employee Benefits
ACCOUNTING STANDARDS BOARD STANDARD OF GENERALLY RECOGNISED ACCOUNTING PRACTICE EMPLOYEE BENEFITS (GRAP 25)
ACCOUNTING STANDARDS BOARD STANDARD OF GENERALLY RECOGNISED ACCOUNTING PRACTICE EMPLOYEE BENEFITS (GRAP 25) Issued by the Accounting Standards Board November 2009 Acknowledgment This Standard of Generally
Unaudited condensed consolidated interim financial statements for the first half-year 2018
Unaudited condensed consolidated interim financial statements for the first half-year 2018 Eurogrid GmbH Berlin Page 1 of 17 Consolidated income statement 1 Jan to 30 June 2018 1 Jan to 30 June 2017 (restated*)
Fortum is an energy company highly committed to sustainability. We strive to respond to the needs of our customers by generating, selling and
Fortum's Annual Report 2014 Fortum is an energy company highly committed to sustainability. We strive to respond to the needs of our customers by generating, selling and distributing low-carbon electricity
PREVIEW OF CHAPTER 20-2
20-1 PREVIEW OF CHAPTER 20 20-2 Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 20 Accounting for Pensions and Postretirement Benefits LEARNING OBJECTIVES After studying this chapter,
IAS 19- Employee Benefits
IAS 19- Employee Benefits Objective and Scope The objective of IAS 19 is to prescribe the accounting and disclosure for employee benefits (that is, all forms of consideration given by an entity in exchange
financial STaTEMEnTS
financial STATEMENTS Management s Responsibility Statement YEAR ENDED DECEMBER 31, 2012 Management of the Corporation is responsible for the preparation and fair presentation of the financial statements
Objective 1 Accounting Standard 4
Japan s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications ASBJ Modification Accounting Standard No. 2 Accounting for Other Comprehensive Income 30
Arab Banking Corporation (B.S.C.) CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended Note PROFIT FOR THE YEAR 318 297 Other comprehensive income: Other comprehensive income
2017 CONSOLIDATED FINANCIAL STATEMENTS OF FIRSTONTARIO CREDIT UNION LIMITED
2017 CONSOLIDATED FINANCIAL STATEMENTS OF FIRSTONTARIO CREDIT UNION LIMITED CONTENTS Report on Management Responsibility 1 Report of the Audit Committee 2 Consolidated Financial Statements: Independent
Comment letter on ED/2014/5 Classification and Measurement of Share-based Payment Transactions
Tel +44 (0)20 7694 8871 15 Canada Square mark.vaessen@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH
The changing future of financial instruments accounting
01 The changing future of financial instruments accounting This article aims to: Discuss the key features of the discussion paper on financial instruments with characteristics of equity published by IASB.
IFRIC Interpretation 17 Distributions of Non-cash Assets to Owners
IFRIC Interpretation 17 Distributions of Non-cash Assets to Owners References IFRS 3 Business Combinations (as revised in 2008) IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS
Customer Loyalty Programmes
IFRIC Interpretation 13 Customer Loyalty Programmes IFRIC 13 Customer Loyalty Programmes was developed by the International Financial Reporting Interpretations Committee and issued by the International
Institute of Actuaries of India
GUIDANCE NOTE 26 (GN 26): Actuarial Reports under Accounting Standard 15 (Revised, 2005) issued by the Institute of Chartered Accountants of India Classification: Practice Standard within the meaning of
STATEMENTS FROM THE SWEDISH FINANCIAL REPORTING BOARD (UFR)
UFR These statements constitute a translation of the Swedish statements UFR. In case of uncertainty, the Swedish version takes precedence. January 2010 STATEMENTS FROM THE SWEDISH FINANCIAL REPORTING BOARD
Uncertainty over income tax treatments
Uncertainty over income tax treatments Draft IFRIC aims to reduce diversity 23 October 2015 kpmg.com/ifrs Reflecting tax uncertainty in financial statements A new draft IFRIC seeks to clarify the accounting
DISCLOSURE INITIATIVE (AMENDMENTS TO IAS 1) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2015/02
DISCLOSURE INITIATIVE (AMENDMENTS TO IAS 1) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2015/02 Summary In December 2014, the International Accounting Standards Board (IASB) has issued Disclosure Initiative
NORTHERN CREDIT UNION LIMITED
Financial Statements of NORTHERN CREDIT UNION LIMITED KPMG LLP 111 Elgin Street, Suite 200 Sault Ste. Marie ON P6A 6L6 Canada Telephone (705) 949-5811 Fax (705) 949-0911 INDEPENDENT AUDITORS REPORT To
IFRS Project Insights Financial Instruments: Classification and Measurement
IFRS Project Insights Financial Instruments: Classification and Measurement 2 October 2012 The IASB s financial instrument project will replace IAS 39 Financial Instruments: Recognition and Measurement.
Consolidated Financial Statements of. The Independent Order of Foresters
Consolidated Financial Statements of The Independent Order of Foresters Year ended December 31, 2016 Consolidated Financial Statements and Notes - Table of Contents Page # Management Statement On Responsibility
Liabilities. MPERS Conversion steps. What s next for Private Entities MPERS or MFRS? September Step 1 Step 2 Step 3 Step 4 Step 5
Liabilities M Conversion steps Step 1 Step 2 Step 3 Step 4 Step 5 Determine functional currency Select accounting policies Identify gaps Apply transitional provisions where applicable (Section 35) Restate
Can you see clearly now? Appendix
Can you see clearly now? Appendix KPMG International kpmg.com/insurance 2 Can you see clearly now? Appendix Appendix Examples of IFRS 17 disclosure requirements IFRS 17 enhances performance reporting through
Accounting and Auditing Update
Accounting and Auditing Update Issue no. 24/2018 July 2018 www.kpmg.com/in 2018 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with
National Housing Federation Audit Committees Conference. Pensions. Steve Simkins KPMG. 3 December 2013
National Housing Federation Audit Committees Conference Pensions Steve Simkins KPMG 3 December 2013 Your risk register Pensions? 1 Social housing sector: overview LSVTs Mixed groups Traditional RPs LGPS
New on the Horizon: Defined benefit plans. International Financial Reporting Standards May 2010
New on the Horizon: Defined benefit plans International Financial Reporting Standards Foreword In 2006 the International Accounting Standards Board (IASB) added to its agenda a project for a fundamental
DECLARATION BY RESPONSIBLE PERSONS
DECLARATION BY RESPONSIBLE PERSONS The undersigned Chairman of the Management Committee and Chief Executive Officer Chris Peeters and Chief Financiai Officer Catherine Vandenborre deciare that to the best
Additional Notes. 35 Common Shares. Common Shares. Authorized Capital
Deutsche Bank 2 Consolidated Financial Statements 382 Annual Report 206 Additional Notes 35 Common Shares Common Shares Deutsche Bank s share capital consists of common shares issued in registered form
Land Rover Ireland Limited. Reports and Financial Statements For the financial year ended 31 March 2018
Land Rover Ireland Limited Reports and Financial Statements For the financial year ended 2 REPORTS AND FINANCIAL STATEMENTS CONTENTS PAGE DIRECTORS AND OTHER INFORMATION 2 DIRECTORS REPORT 3-5 DIRECTORS
International Accounting Standard 19. Employee Benefits
International Accounting Standard 19 Employee Benefits CONTENTS BASIS FOR CONCLUSIONS ON IAS 19 EMPLOYEE BENEFITS BACKGROUND SUMMARY OF CHANGES TO IAS 19 SUMMARY OF CHANGES TO E54 DEFINITIONS DEFINED CONTRIBUTION
Tel: +44 [0] Fax: +44 [0] ey.com. Tel:
![Tel: +44 [0] Fax: +44 [0] ey.com. Tel:](/thumbs/81/83022868.jpg "Tel: +44 [0] Fax: +44 [0] ey.com. Tel:")
Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 ey.com Tel: 023 8038 2000 International Accounting Standards Board 30 Cannon
Members Report and Financial Statements 2018
Members Report and Financial Statements In respect of the year ended 30 September December kpmg.com/uk Contents Report to the members 2 Independent auditor s report to the members of KPMG LLP 5 Consolidated
Accounting policies Year ended 31 March The numbers
Accounting policies Year ended 31 March 2014 Basis of preparation The consolidated and Company financial statements have been prepared on a historical cost basis. They are presented in sterling and all
EMAAR THE ECONOMIC CITY (A SAUDI JOINT STOCK COMPANY) UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
EMAAR THE ECONOMIC CITY (A SAUDI JOINT STOCK COMPANY) UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2017 UNAUDITED INTERIM CONDENSED CONSOLIDATED
Combined financial statements of the Galenica Santé Group 1. Combined financial statements of the Galenica Santé Group
Combined financial statements of the Galenica Santé Group 1 Combined financial statements of the Galenica Santé Group 2014-2016 Combined financial statements of the Galenica Santé Group 2 Combined financial
IFRS 4 amendments a call for action
IFRS 4 amendments a call for action Applying IFRS 9 Financial Instruments with IFRS 4 Insurance contracts February Significant impact on financials SPPI testing required in! The IASB introduced amendments
Investment Corporation of Dubai and its subsidiaries
Investment Corporation of Dubai and its subsidiaries CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2015 Investment Corporation of Dubai and its subsidiaries CONSOLIDATED INCOME STATEMENT Year ended 31
Discount rates in IFRS Standards
February 2019 IFRS Standards Project Summary Discount rates in IFRS Standards Discount rates in IFRS Standards The International Accounting Standards Board s research programme The International Accounting
Statements Chapter 5 CHAPTER 5 STATEMENTS I. FINANCIAL STATEMENTS 71 II. CORPORATE RESPONSIBILTY STATEMENTS 141
CHAPTER 5 STATEMENTS I. FINANCIAL STATEMENTS 71 II. CORPORATE RESPONSIBILTY STATEMENTS 141 70 I. FINANCIAL STATEMENTS Consolidated statement of financial position 72 Consolidated income statement 73 Consolidated
Chapter 6 Financial statements
Chapter 6 Financial statements Consolidated statement of financial position 51 Consolidated income statement 52 Consolidated statement of comprehensive income 52 Consolidated statement of cash flows 53
UNITED INTERNATIONAL TRANSPORTATION COMPANY (A SAUDI JOINT STOCK COMPANY) AND IT S SUBSIDIARY
(A SAUDI JOINT STOCK COMPANY) AND IT S SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 INDEX PAGE 1-6 Consolidated Statement of Profit or