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31 Jul 09

IASB Agenda - Fair Value Measurement

IASB history on Fair Value

www.iasplus.com/...fairvalue.htm - Preview

accounting Benefits IASB Pensions Retiree

- FASB issues SFAS 157 Fair Value Measurements on 15 September 2006
- Discussed at March 2009 IASB Meeting
- Discussed at March 2009 IASB-FASB Joint Meeting
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- 8 May 2009 IASB publishes Exposure Draft Fair Value Measurement
  
  Comment deadline 28 September 2009.

IASB Past Meetings - March 2009 Meeting

See Wednesday 18 March 2009 for some post-employment benefits as to discount rate (don't like unobservable ones) and plans with risk sharing

www.iasplus.com/0903.htm - Preview

accounting Benefits IASB Pensions Retiree

defined benefit
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- split up the change into employment, financing, and remeasurement components;
- considerable amount of confusion and discussion amongst Board
- proposed four further approaches
- constituents requested more guidance on determining the discount rate, particularly when bonds can be considered high quality and when a market is considered deep.
- general feeling that addressing the discount rate could only be done if the Board was to address measurement of defined benefit obligations – which is not in the scope
- Not to amend IAS 19 to allow use of an unobservable rate
- The chairman asked the staff to seek input from constituents (in particular, actuaries) on the appropriate discount rate that could be used when the Board in the future revisits measurement of defined benefit obligations.
- whether expected future salary increases should be taken into account
- Plans with risk sharing
  
  The staff asked the Board whether to clarify the accounting requirements for plans with risk sharing or conditional indexation features.
  
  Staff recommended that the wording in IAS 19 is amended to make clear that such features should be reflected in the measurement of the obligation.
- Definition of short- and long-term
  
  The Board confirmed its view that the distinguishing feature between long- and short-term benefit is the entity's expectation when a benefit becomes due to be settled

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