Applying IFRS IAS 19 Employee Benefits — revised June 2011 Implementing the 2011 revisions to employee benefits November 2011 Insert colour image 1 In this issue: Introduction Defined benefit plans Significant changes Interim reporting considerations Modified disclosures Clarifications on termination benefits 2 3 3 8 9 12 What you need to know • Revisions to IAS 19 Employee Benefits published by the IASB on 16 June 2011 result in significant changes in accounting for defined benefit
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1995‚ Business Today. 2. Rakhi Mazumdar & Anjan Mitra‚ IA‚ Alliance Air wage disparity issue unresolved‚ January 24‚ 1997‚ Business Standard. 3. Sengupta Snigdha‚ Indian Airlines pilots call off strike‚ January 28‚ 1997‚ Business Standard. 4. IA awaits govt decision on Kelkar committee report‚ February 22‚ 1997‚ Business Standard. 5. Flying high‚ August 12‚ 1997‚ Business Standard. 6. Bhargava Anjuli‚ Ministry finds Brar report on IA recast too hot to handle‚ January 7‚ 1998‚ Business Standard
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administered by the Admissions Office 2. Students pursuing a degree in Accountancy shall be enrolled initially in the Bachelor of Science in Business Administration-Major in Internal Auditing program (BSBA-IA). 3. To be eligible for admission to higher studies in the BSBA-IA program‚ BSBA-IA students shall pass a qualifying examination to be administered by the Institute after they have taken Fundamentals of Accounting Part 2. This is usually scheduled near or at the end of the 1stSemester in the
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statements which are changed from U.S. GAAP to the IFRS standards. Financial Statement Presentation First‚ on the 2011 Annual Report of Dick’s Sporting Goods page 51‚ the title Balance Sheet will need to be converted to Statement of Financial position (IAS 1.60). Also the presentation of the Balance Sheet/Statement of Financial Position will need to be changed. Both the Balance Sheet and Statement of Financial Position serve the same ultimate purpose of listing assets‚ liabilities‚ and shareholder’s equity
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these financial reporting treatments. b. Consider IAS 39 in responding to this question. An entity controls a portfolio of loans. The entity seeks to remove (derecognize) the portfolio from its financial statements. IAS 39 includes a derecognition application chart in the application guidance. Propose to the entity’s management how a transaction could be arranged to achieve derecognition of the portfolio in compliance with IAS 39. Leases IAS 17 Joint FASB/IASB Exposure Draft ED/2010/9 - Leases
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IFRIC Interpretation 14 IAS 19—The Limit on a Defined Benefit Asset‚ Minimum Funding Requirements and their Interaction In July 2007 the International Accounting Standards Board issued IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset‚ Minimum Funding Requirements and their Interaction. It was developed by the Interpretations Committee. In November 2009‚ IFRIC 14 was amended to address prepayments of future minimum funding requirement contributions. IAS 1 Presentation of Financial Statements
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service. These are the following: DBM Budget Circular No. 2004-4 Guidelines on the Organization and Staffing of Internal Audit Units (IAUs) issued on March 22‚ 2004; CSC Memorandum Circular No. 12 Qualification Standards for Internal Audit Service (IAS) Positions issued on June 22‚ 2006; DBM Circular Letter No. 2008-8 National Guidelines in Internal Control Systems (NGICS) issued on October 23‚ 2008; and DBM Circular Letter
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circuits. 2. Given the circuit below‚ calculate the values listed below. IT: _64mA__ IA: __18.18mA____ IB: __45.45mA__ VR1: _3.99V___ VR2: __5.99V__ VR3: _5.45V___ VR4: __4.54V___ Ra= R1+R2= 220Ω+330Ω= 550Ω Rb=R3+R4= 120Ω+100Ω= 220Ω Ia= Vs/Ra= 10V/550Ω= 0.01818 x 10^-3= 18.18mA Ib= Vs/Rb= 10V/220Ω= 0.04545 x 10^-3= 45.45mA It= Ia+Ib= 18.18mA+45.45mA= 0.06363 x 10^-3= 63.63mA Vr1= Ia(R1)= 18.18mA(220Ω)= 3.99V Vr2= Ia(R2)= 18.18mA(330Ω)= 5.99V Vr3= Ib(R3)= 45.45mA(120Ω)= 5.45V Vr4= Ib(R4)= 45.45mA(100Ω)=
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terms of their “substance” or economic reality rather than their legal form. This principle is included in the IASBs “Framework for the Preparation and Presentation of Financial Statements”‚ and is also used in many standards‚ in particular IAS 17 “Leases” and IAS 18 “Revenue”. Required: (a) Describe why it is important that substance rather than legal form is used to account for transactions‚ and describe how financial statements can be adversely affected if the substance of transactions is
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IAS 19 – EMPLOYEE BENEFITS The Standard prescribes the accounting and disclosure by employers for employee benefits. It replaces IAS 19 Retirement Benefit Costs which was approved in 1993. The Standard identifies four categories of employee benefits: (a)shortterm employee benefits‚ such as wages‚ salaries and social security contributions‚ paid annual leave and paid sick leave‚ profitsharing and bonuses (if payable within twelve months of the end of the period) and nonmonetary benefits (such
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