IASB agrees DB pensions disclosures package

first_imgThe International Accounting Standards Board (IASB) has tentatively agreed a package of both mandatory and recommended defined-benefit (DB) pensions disclosures that it hopes will provide both investors and users of financial statements with more relevant information.Aishat Akinwale, project manager at IASB, said: “The board decided to take a blank page approach to explore whether new or different information about employee benefits would more effectively meet the needs of stakeholders.”The decision means that the board has now reached preliminary agreement on five of the specific areas of disclosure it identified during its July meeting round.Those five disclosures, which are set out in the IASB official November meeting summary, IASB Update, cover information about: – the amounts in the primary financial statements (paragraphs 11-17);- the nature and risks of the plans (paragraphs 18-23);- the time period over which payments to closed plans will continue to be made (paragraphs 38-41);- the significant actuarial assumptions (paragraphs 42-48); and- the drivers of change in the net defined benefit liability or asset (paragraphs 49-55).The board was unable, however, to reach an agreement on a sixth disclosure proposals, which staff had drawn up to address “the expected future cash flows resulting from the defined benefit obligation” (paragraphs 24-37).Staff agreed to put in further work on the drafting and bring it back to a future meeting for the board to consider.The basis for the board’s work on DB disclosures is the draft guidance it developed last year to assist it in developing and drafting disclosure requirements.This guidance is currently based around the premise of using specific disclosure objectives to elicit relevant information supported by a catch-all or high-level disclosure.Disclosures under International Financial Reporting Standards (IFRSs) have developed in a haphazard and standard-specific fashion over several decades.This means that although a disclosure in one standard might have influenced the board when it updated existing or developed new disclosures in particular areas of accounting, there was no over-arching principle or roadmap for it to follow.\This new approach, however, is intended to prompt preparers to step back and consider whether, as a whole, the disclosures they are making provide users with the information they need to allocate capital.Earlier during the meeting, IASB members also approved a staff proposal to set a framework for the wording of the draft disclosure requirements (see paragraph 7, Agenda Paper 11A).The staff told the meeting that the board should use:- prescriptive ‘shall’ language when an item of information would always be essential to satisfy a specific disclosure objective, and- less prescriptive language such as ‘shall consider’ or ‘will normally disclose’ when referring to specific items of information that could be used to meet those objectives.This decision essentially reconfirmed that board’s 24 July decision about the use of the same wording.IASB vice-chair Sue Lloyd said: “I tried to make people aware it’s not a checklist, but also in the same sort of phrase, reminding them they need to meet the objective, which I think is going to be the key for success.”“I think it does give us the best opportunity to explore this approach and to see whether it would make a change,” she added.Refining standardsIn terms of the next steps on the project, project manager Aishat Akinwale said: “[W]e will bring to a future meeting a paper that compares the board’s tentative decisions so far with the existing requirements in IAS 19 and analyse whether further refinements are necessary to those decisions.”Separately, the IASB also agreed on a tentative package of four disclosures under International Financial Reporting Standard 13, Fair Value measurement.Pension scheme sponsors could be required to refer to IFRS 13 where they hold assets such as quoted equity instruments that must be measured at fair value.The standard, which deals with the mechanics of measured assets at fair value, is also relevant where an entity is required to disclose a fair value for an asset – even if the asset is not held at fair value.According to the official IASB workplan, the board plans to issue an exposure draft on the proposals for public comment during the second half of next year.last_img read more

Tipp gunning for the Lilywhites

first_imgTipperary take on Kildare this afternoon to see who will get to play Kerry in  the All Ireland final.Tipp have so far beaten Clare, Waterford and Galway en route and will come up against a formidable Kildare team.Tipp FM analyst and former Tipp and Kildare footballer Brian Lacey says this is a great oppurtunity for Tipp to get back to another All Ireland final Throw in is at 1.30  and the game will be broadcast live here on Tipp FM in association with John Corbett Motor Village, Thurles.last_img

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first_imgDid we miss something? Add it to the comments below. Follow @northend.waterfront on Instagram and tag #northend or #bostonwaterfront to have your photo featured!While you’re here …we have a small favor to ask. More people than ever are reading NorthEndWaterfront.com but we need your help making ends meet. Advertising doesn’t bring in enough to pay for reporting or editorial work. Keeping this website going takes a lot of time, money and hard work. But we do it because we believe community news is important – and we think you do too. If everyone who reads this site, who likes it, puts in a bit to pay for it, then our future would be much more secure. Checks can be made out to North End Boston LLC, 343 Commercial St. #508, Boston 02109 or contribute online using the following links:*Make a One-Time Contribution* or *Become a Patron* Currently Plan your events with the Community Calendar: Friday, November 168:00AM Turkey Trot. Stop by the center for a tour of the renovated second floor and receive a free turkey, see additional details here.12:30PM ABCD NE/WE NSC Thanksgiving Party. The North End/West End Neighborhood Service Center is hard at work on meal preparations for you and the seniors in your life. Stop by the Thanksgiving party for a special meal.1:00PM Friday Films at the North End Library: Pre-Code Hollywood. Join the North End Library at 25 Parmenter Street for their November film series: Pre-Code Hollywood. This week’s film is Gabriel Over the Whitehouse, see additional details here.6:00PM Third Annual North End Basketball Bonanza. Join North End Against Drugs (NEAD) and State Rep. Aaron Michlewitz for this annual event at the Nazzaro Center, see additional details here.6:30PM Beverly Toast at Assaggio. Beverly Knight’s going away party will be at Assaggio on Prince Street. Stop by the party to say farewell and toast to Beverly.7:30PM NEMPAC Concert: “Composers of Boston” Program. Stop by Bijou de la Vida Private Gallery at 390 Commercial Street for an evening of food, wine and music. The music program is dedicated to the works of composers living in or influenced by Boston, see additional details here.Saturday, November 178:00AM Turkey Trot. Stop by the center for a tour of the renovated second floor and receive a free turkey, see additional details here.10:00AM Veterans Plaque Unveiling at Old North Church. Two new plaques have been installed at the Iraq-Afghanistan Memorial behind the Old North Church, courtesy of The Soldiers Fund. The plaques will formally be unveiled at Old North Church on Saturday.Need to submit a post? Great, start here!Keep up with what’s happening on the Events Calendar.Weather Forecast: Currently Currently Things to know for Thursday Today is Thursday, November 15 and Amazon has officially announced that their new HQ2 will not be located in Boston…let us know what you think in our poll! Here’s everything you need to know for today…8:00AM Turkey Trot. Stop by the North End Rehabilitation & Healthcare center for a tour of the renovated second floor and receive a free turkey, see additional details here.*Advertisement* 10:30AM Seniors Connect at the North End Library. Stop by the North End Library for creative activities and resource sharing with Boston-area seniors, see additional details here.Notable News:Climate Art on the GreenwayA bold, beautiful art installation that brings together art and science on the East Boston Greenway is shedding light on climate change, similar to the “High Tide” art installation on the Rose Kennedy Greenway a couple of years ago, read more on EastBostonGreenway.com.Bakery Windows:last_img read more