Which of the following statements is true of IAS 19?
A) It establishes guidance for measuring onerous contract.
B) It requires all past service costs to be recognized in net income in a subsequent period in which the benefit plan is changed.
C) Its revised version became effective in the year 2013.
D) It covers all employee benefits including share-based compensation.

Question

Quizplus · Accepted Answer

IAS 19 was revised in the year 2013 and the revised version became effective on January 1, 2013. Option A is incorrect as IAS 37 establishes guidance for measuring onerous contracts. Option B is incorrect as IAS 19 requires past service costs to be recognized immediately in net income when the benefit plan is changed. Option D is incorrect as IFRS 2 covers share-based payments.

Which of the Following Statements Is True of IAS 19