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23 Mar. 2018

New Australian Accounting Standard.

Amendments to AASB 119 Employee Benefits through AASB 2018-2 will affect entities with defined benefit plans that modify plan requirements, and will clarify how to measure the net defined benefit liability (asset) and related amounts, such as the current service cost, when the modification occurs during a reporting period.

The Board made AASB 2018-2 Amendments to Australian Accounting Standards – Plan Amendment, Curtailment or Settlement, effective for annual reporting periods beginning on or after 1 January 2019, at its meeting on 23 March 2018.