TIf an actuarial valuation has not been prepared at the date of the financial statements, the most recent valuation shall be used as a base and the date of the valuation disclosed. Paragraph 17
For the purposes of paragraph 17, the actuarial present value of promised retirement benefits shall be based on the benefits promised under the terms of the plan on service rendered to date using either current salary levels or projected salary levels with disclosure of the basis used. The effect of any changes in actuarial assumptions that have had a significant effect on the actuarial present value of promised retirement benefits shall also be disclosed.
Summary of IAS 26
Objective of IAS 26
The objective of IAS 26 is to specify measurement and disclosure principles for the reports of retirement benefit plans. All plans should include in their reports a statement of changes in net assets available for benefits, a summary of significant accounting policies and a description of the plan and the effect of any changes in the plan during the period.
Key definitions
Retirement benefit plan: An arrangement by which an entity provides benefits (annual income or lump sum) to employees after they terminate from service. [IAS 26.8]
Defined contribution plan: A retirement benefit plan by which benefits to employees are based on the amount of funds contributed to the plan plus investment earnings thereon. [IAS 26.8]
Defined benefit plan: A retirement benefit plan by which employees receive benefits based on a formula usually linked to employee earnings. [IAS 26.8]
Defined contribution plans
The report of a defined contribution plan should contain a statement of net assets available for benefits and a description of the funding policy. [IAS 26.13]
Defined benefit plans