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Financial Disclosure Guidelines

This document discusses disclosure requirements for termination benefits and retirement benefit plans. It notes that while IAS 19 does not require specific disclosures about short-term employee benefits, other standards may require them. It states that if there is uncertainty about how many employees will accept termination benefits, a contingent liability exists that must be disclosed according to IAS 37 unless the possibility of payment is remote. Material expenses from termination benefits also must be disclosed under IAS 1. Key management termination benefits must be disclosed as related party transactions under IAS 24. Financial statements for retirement benefit plans must include a statement of changes in net assets, accounting policies, and a description of any plan changes.

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54 views2 pages

Financial Disclosure Guidelines

This document discusses disclosure requirements for termination benefits and retirement benefit plans. It notes that while IAS 19 does not require specific disclosures about short-term employee benefits, other standards may require them. It states that if there is uncertainty about how many employees will accept termination benefits, a contingent liability exists that must be disclosed according to IAS 37 unless the possibility of payment is remote. Material expenses from termination benefits also must be disclosed under IAS 1. Key management termination benefits must be disclosed as related party transactions under IAS 24. Financial statements for retirement benefit plans must include a statement of changes in net assets, accounting policies, and a description of any plan changes.

Uploaded by

jaymark canaya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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IAS 19 26 NOTES TO FS YES N0 NA

Disclosure
23 Although this Standard does not
require specific disclosures about
short-term employee benefits, other
Standards may require disclosures.

141 Where there is uncertainty about


the number of employees who will
accept an offer of termination
benefits, a contingent liability exists.
As required by IAS 37 Provisions,
Contingent Liabilities and Contingent
Assets an entity discloses information
about the contingent liability unless
the possibility of an outflow in
settlement is remote.

142 As required by IAS 1, an entity


discloses the nature and amount of
an expense if it is material.
Termination benefits may result in an
expense needing disclosure
in order to comply with this
requirement.

143 Where required by IAS 24


Related Party Disclosures an entity
discloses information about
termination benefits for key
management personnel.

34 The financial statements of a


retirement benefit plan, whether
defined benefit or defined
contribution, shall also contain the
following information:
(a) a statement of changes in net
assets available for benefits;
(b) a summary of significant
accounting policies; and
(c) a description of the plan and the
effect of any changes in the plan
during the period.

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