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IFRIC 14 IAS 19: Limit on Defined Benefit Asset

IFRIC 14 provides guidance on the interaction of the IAS 19 limit on defined benefit asset and any minimum funding requirements.

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IAS 19 limits the measurement of the defined benefit asset to the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.

Minimum funding requirements which stipulate minimum contributions over a given period exist in a number of countries. These may limit the ability of an entity to reduce future contributions.

IFRIC 14 provides guidance on the interaction of the IAS 19 limit and any minimum funding requirements. In particular it addresses:

  • how entities should determine the limit placed by IAS 19 on the defined benefit asset;
  • how a minimum funding requirement affects that limit;
  • when a minimum funding requirement creates an onerous obligation that should be recognised as a liability in addition to that recognised under IAS 19.

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