13RU-016 Implementing the revised AASB 119

13RU-016 Implementing the revised AASB 119

This Reporting Update provides information regarding application of the revised AASB 119 Employee Benefits in preparing 31 December 2013 financial statements.

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Key insights

  • Revised AASB 119 Employee Benefitsis applicable for reporting periods commencing on or after 1 January 2013.
  • Most significant impacts are to defined benefit superannuation obligations and annual leave liabilities.
  • Comparative periods need to be restated.

Australian Reporting Updates

Reporting Updates are KPMG's way of communicating changes occurring within the Australian financial reporting environment to our clients.

 
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Financial Reporting & Accounting Standards

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