Accounting standards board approves changes to DB reporting methods

first_imgFull details of the staff’s updated description of those disclosures are set out in the July 2019 edition of IASB Update.The detailed wording of the requirements remain subject to further staff input and drafting.However, the IASB rejected three further proposed disclosures about alternative plan valuations, sensitivities, and forecasting future DB obligations.The IASB’s work on pensions disclosures forms part of its overall Disclosure Initiative project. This could eventually result in a series of changes to the disclosure requirements of International Accounting Standard 19, Employee Benefits (IAS19).‘Catch-all’ disclosureThe basis for the board’s work on pensions accounting was its work last year on draft guidance for use when developing and drafting disclosure requirements. The 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.Staff explained in their 24 July meeting paper that this catch-all disclosure was supposed to “prompt entities to consider as a whole the disclosure relating to a topic and whether the information provided meets overall user information needs for that topic”.Regarding the draft catch-all disclosure for pensions, staff agreed to redraft their proposed wording in the light of board member comments during the meeting. Project manager Kathryn Donkersley told the meeting it was “clear that the language is not satisfying everyone at the moment and that is perhaps something that we should think about in a bit more detail”.Accordingly, the vote in favour of the disclosure requirement was based on the board wanting “to include a high-level disclosure objective that captures both aggregation and desegregation and for the staff to go away and develop more precise wording around that instruction from the board”.Also troubling for board members – despite approving the broad thrust of the disclosure – was the requirement for preparers to evaluate and disclose the impact of DB obligations on a company’s future cash flows.In response to the concerns, staff said they had landed on the words “reasonably known” in order to avoid forcing sponsors to predict the future.Donkersley said: “That is definitely a drafting challenge that we are working on, and I think all of your comments are reiterating the importance of continuing to do that.”IASB members also approved separate staff proposals for specific and catch-all disclosures dealing with both defined contribution plans and multi-employer plans. The International Accounting Standards Board (IASB) has tentatively approved a series of proposed pensions accounting disclosures in a bid to address complaints that existing rules do not meet their needs.Staff told a board meeting on 24 July that users of financial statements had been reporting that “today’s disclosures often do not meet their primary objectives”.Accounts preparers had argued that “many of those same disclosures are onerous to prepare”, IASB staff said, and they also questioned whether the disclosures passed the cost-benefit test.In total, the board tentatively approved a package of six specific disclosures related to the reporting of defined benefit (DB) obligations, as well as a high-level catch-all disclosure.last_img read more

Joy Sports half year sporting review: Jan-June 2015

first_imgCricket Cricket was big on the news agenda in the first quarter. This time the attention was not on its spiritual home, Lords, but in New Zealand and Australia who co-hosted the World Cup. All of Cricket’s royalty was there from defending champions India to originators of the game England.  The surprise package for the tournament was Afghanistan who recorded their first ever World Cup victory over Scotland.  –Follow #JoySports on Twitter: @Joy997FM The first six months of the year have been very eventful in the world of sports. A number of tournaments took place and champions were crowned.In this report, Joy Sports’ Kwasi Gyamfi has highlighted the major sporting events in the first half of 2015.BoxingBoxing’s most anticipated bout finally came off on May 2nd at the MGM Grand in Las Vegas. The match billed as the “Fight of the Century” saw America’s Floyd Mayweather Jr., beat his fiercest rival Manny Pacquiao from the Philippines by unanimous decision. After the match, Pac Man revealed that he went into the game with a shoulder injury, a claim Floyd has dismissed. Mayweather has since been stripped off that title.  FootballFootball saw some exciting results on the various leagues, continental tournaments and world cups. The spotlight was not only on the pitch but in its administrative board rooms.In Europe, Chelsea, Celtic, Barcelona, Juventus, PSG, Bayern Munich and Benfica were the big winners in the domestic leagues. Barcelona went on to win the UEFA Champions league final in a thrilling 3-1 against Juventus while Sevilla got a historic fourth Europa League title.Tiny Equatorial Guinea proved that it could indeed stage an entire tournament given less than three months after Morocco pull out because of fears about ebola. Apart from the disturbing fan violence at the semi-final between the host and Ghana, everything seemed to have gone well. The final between Ghana and Ivory Coast was destined to be one for the history books as neither said had not won a title in over 20 years. The Stars failed to shine that day as the Elephants trampled their way to victory in penalty shoot outs. Once again, Ghana lost a big game on penalties.FIFA was busy on and off the pitch. In Zurich, the FBI displayed a carefully choreographed Hollywood-style arrest of 8 prominent football stakeholders just a few days ahead of the FIFA Congress.The Americans have indicted FIFA, its head Sepp Blatter and other officials in a corruption investigation. Little did we know South Africa 2010 could potentially have been secured on the back of a $ 10 million bribe which found its way into the accounts of Jack Warner; FIFA’s former Vice President.Days after winning the congress, Blatter announced that he would resign. It doesn’t look like this drama will end in the first half of 2015. In my unsolicited opinion, you don’t need to pay a bribe when you have Mandela as part of your bid against Gadhafi. The various world cups were hosted two countries on the opposite side of the global. New Zealand hosted the U-20 World Cup while in Canada, the Women’s World Cup kicked off in mid-June.TennisThe world of tennis also proved it could capture imaginations. The first major grand slam got off in the Australian summer where Serena Williams and Novak Djokovic emerged victorious.At Roland Garros, Williams once again proved she has got all it takes at 33 to be champion while Stan Wawrinka stunned world number one Djokovic in the men’s finals. The various masters events also went in Rome, Monte Carlo and Miami which were all won by Djokovic. The prestigious Wimbledon championships kicked off in late June and will continue through to mid-July.BasketballThe NBA is never lacks action. The Cleveland Cavaliers faced the Golden State Warriors in the NBA finals. The fairytale reunion of LeBron James with the Cavaliers did not have a happy ending as the Steph Curry-led Warrior snatched the title home to San Francisco Bay. The thrilling 6 game final saw the Western Conference emerge winners beating the Cavs 4 games to 2.last_img read more