International Financial Reporting Standard (IFRS) for Pension Fund

Summaries

IFRS is the same as the old US GAAP standard => funded status adjusted for unrecognized events are reported in the balance sheet

Defined-contribution and defined benefits are defined differently

Actuarial gains and losses are amortized through out the service life of the employee (instead of life expectancy of the employee as in US GAAP)

No minimum liability required even ABO > FV of asset

Prior service costs vested in the period incurred, rather than deferred and amortized