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AASB 119 - Employee Benefits
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Developments 
    AASB Developments
       
    • December 2007 
      AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
      •  
       
    • July 2008 
      AASB 2008-5 Amendments to Australian Accounting Standards arising from Annual Improvements Project was issued in July 2008 and amends paragraphs 7, 8(b), 32B, 97, 98 and 111, adds paragraphs 111A, 159D and 160, and deletes Aus160.1. The amendments revise certain definitions, including short-term employee benefits, other long-term employee benefits, past service costs and return on plan assets. It is applicable from 1 January 2009, with early application permitted.
     
    IASB Developments
       
    • There is a current IASB project on post-employment benefits, for which a Discussion Paper of the Board’s preliminary views on Amendments to IAS 19 is on issue, with comments to be received by 26 September 2008 (for the AASB, 29 August 2008).
Key Differences 
There are no key differences available for this standard. 
 
History
  • July 2004: AASB 119 was issued. 
     
  • December 2004: Revised AASB 119 issued to incorporate IASB amendments and is applicable from 1 January 2006, with early adoption from 1 July 2005 permitted. 
     
  • June 2005: AASB 2005-3 deletes paragraphs Aus55.1 and Aus55.2 and adds paragraph AG20 and is applicable for reporting periods ending on or after 31 December 2005. 
     
  • April 2006: All guidance accompanying AASB 119 is deleted. 
     
  • February 2007: AASB 2007-3 was issued makes amendments as a result of the issuance of AASB 8 Operating Segments and is applicable from 1 January 2009. 
     
  • April 2007: AASB 2007-4 amends and deletes certain paragraphs and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005. 
     
  • September 2007: AASB 2007-8 was issued and makes amendments arising from the issuance of the revised AASB 101. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided the revised AASB 101 is also early adopted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.