• 2023 Issued Standard – IAS 19
  The 2023 Issued Standards include all amendments issued up to and including 1 January 2023.

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IAS 19 prescribes the accounting treatment of short-term employee benefits, post employment benefits, other long-term employee benefits and termination benefits.

• Short term benefits owing to an employee at the period end should be accrued.
• Defined contribution pension scheme contributions should be recognised in profit or loss.
• The present value of defined benefit pension scheme obligations less the fair value of scheme assets should be shown in the statement of financial position. The movement in the value of the scheme is split into its constituent parts and each accounted for separately. Remeasurements including actuarial gains and losses are recognised as other comprehensive income.
• Other long-term benefits are dealt with in a similar, albeit simpler, way to pension schemes.
• Termination benefits are accrued where an entity is demonstrably committed to both the termination and the provision of termination benefits.

IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Provides general guidance on how to assess the limit in IAS 19 on the amount of the surplus that can be recognised as an asset. Explains how the pensions asset or liability may be affected when there is a statutory or contractual minimum funding requirement.