What is IAS 26?
IAS 26 – Accounting and Reporting for Retirement benefit Plans (detailed review) Objective. This standard prescribes the guidelines to deal with the accounting and reporting requirements of the retirement benefit plans (often referred to as retirement benefit schemes) which are established for the provision of retirement benefits to employees.
What does fair value mean in IAS 26?
[IAS 26.19] Retirement benefit plan investments should be carried at fair value. For marketable securities, fair value means market value. If fair values cannot be estimated for certain retirement benefit plan investments, disclosure should be made of the reason why fair value is not used. [IAS 26.32]
Are the requirements of IAS 19 applicable to retirement benefit plans?
The requirements of this standard are applicable in the preparation of financial statements of retirement benefit plans. This standard is not applicable to account for the employee benefits which are provided to employees in exchange for their services and are covered under IAS 19.