Accounting and Reporting by Retirement Benefit Plans

IAS 26 sets out the form and content of the general‐purpose financial reports of retirement benefit plans. The standard applies to defined contribution plans where benefits are determined by contributions to the plan together with investment earnings thereon; and defined benefit plans where benefits are determined by a formula based on employees' earnings and/or years of service. IAS 26 regards a retirement benefit plan as a separate entity, distinct from the employer of the plan's participants IAS 26 requires that the reports of a retirement benefit plan, should also contain the following information: 1. A statement of changes in net assets available for benefits; 2. A summary of significant accounting policies; and 3. A description of the plan and the effect of any changes in the plan during the period.