Mercer Select US - IASB proposes clarification of accounting for prepaid pension contributions

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IASB proposes clarification of accounting for prepaid pension contributions

The IASB has proposed changes to IFRIC 14, IAS 19--The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction, to clarify how much of an asset may be recognized for prepaid minimum required contributions to pension plans. As proposed, an employer reporting under IAS that sponsors a US qualified pension plan with ongoing accruals could apparently recognize an asset equal to the greater of the plan's surplus or its credit balance. Whether this was the intended result is unclear, so further revisions of the proposal are possible. The comment deadline is July 27, 2009. (Select News, 1 Jun 2009)

Full text of draft article (IASB, May 2009) (PDF)

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