AUSTRALIA - Revising the AASB 119 - the Australian accounting standard covering employee benefits - in line with the amendments made by the IASB to the IAS 19 standard last month, the Australian Accounting Standards Board has introduced options of the "corridor approach" and immediate recognition in retained earnings through a separate statement.
AASB chairman David Boymal said: “The most significant change in the revised AASB 119 has been the introduction of two additional options to account for actuarial gains and losses associated with defined...
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