UK - A draft proposal released by The International Financial Reporting Interpretations Committee (IFRIC) aims to clarify the murky relationship between "statutory or contractual minimum funding requirements and the requirements of the pensions standard, IAS19 Employee Benefits."
IFRIC claimed the 21-page proposal document clarified "how to determine in normal circumstances the limit on the asset that an employer's balance sheet may contain in respect of its pension plan as well as how the pensions asset or liability may be affected when there is a statutory or contractual minimum funding requirement."
Robert Granett, IFRIC chairman and member of the International Accounting Standards Board (IASB) stated: "The proposed Interpretation will provide useful guidance on the application of IAS19 at a time when minimum funding requirements are becoming increasingly common in many jurisdictions."
The draft, available on the IASB's web site, is open for public comment until the end of October.
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