PAS 26

• PAS 19

  Applied by an employer in (among others) determining the cost of providing retirement benefits.
• PAS 26

  Applied by, for example, a trustee, when preparing the financial statements of a retirement benefit plan. PAS 26 complements PAS 19
• Financial Statements of a Defined Contribution Plan

  1. A statement of net assets available for benefits;
  2. A statement of changes in net assets available for benefits; and
  3. Accompanying notes to the financial statements
• Financial Statements of a Defined Benefit Plan

  A statement that shows:

  1. The net assets available for benefits;
  2. The actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits; and
  3. The resulting excess of deficit
• Financial Statements of a Defined Benefit Plan

  A statement of net assets available for benefits including either

  1. A note disclosing the actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits; or
  2. A reference to this information in an accompanying actuarial report.
• The present value of retirement benefits may be calculated using either

  1. Current salary levels
  2. Projected salary levels at the retirement dates
• Actuarial valuations are prepared every three years. If not prepared on time, the latest actuarial valuation is used as the basis. The valuation date is disclosed.
• Plan assets are measured at fair value or market value
• Securities with fixed redemption values may be measured at their final redemption values. If an estimate of fair value is not possible, the reason is disclosed.