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EFRAG has finalised its due process and submitted to the IASB its comment letter on the Discussion Paper 'Preliminary Views on Amendments to IAS 19 Employee Benefits'.
EFRAG agrees that the value of the plan assets and post-employment benefit obligations should be recognised in full and immediately. No corridor approach should be used. However, EFRAG does not believe the existing requirements on the presentation of changes in the value of plan assets and of post-employment benefit obligations in the performance statement(s) should be changed through this short-term project. The issues involved are complex and are best dealt within the context of a comprehensive financial statement presentation project.
EFRAG does not agree with the inclusion of what are defined as contribution-based benefit promises in the scope of the project.
Given that this project is intended to address items which require improvement in the short term we think the objective should be to have a final standard in place before the end of 2010. If necessary to meet that target, work on the definition of contribution-based promises should be deferred until later.