Division Multi-employer plansF1

United Kingdom Repealed

1. 32Division 32
2. 33If an entity participates in a multi-employer defined benefit plan, unless paragraph 34 applies, it shall:
3. 34When sufficient information is not available to use defined benefit accounting for a multi-employer defined benefit plan, an entity shall:
4. 35One example of a multi-employer defined benefit plan is one where:
5. 36Where sufficient information is available about a multi-employer defined benefit plan, an entity accounts for its proportionate share of the defined benefit obligation, plan assets and post-employment cost associated with the plan in the same way as for any other defined benefit plan. However, an entity may not be able to identify its share of the underlying financial position and performance of the plan with sufficient reliability for accounting purposes. This may occur if:
6. 37There may be a contractual agreement between the multi-employer plan and its participants that determines how the surplus in the plan will be distributed to the participants (or the deficit funded). A participant in a multi-employer plan with such an agreement that accounts for the plan as a defined contribution plan in accordance with paragraph 34 shall recognise the asset or liability that arises from the contractual agreement and the resulting income or expense in profit or loss.
7. 38Division 38
8. 39Division 39