Usgaap Ifrs

U.S. GAAP: Accounting for Pensions | IFRS: Accounting for Pensions |

Defined benefit plans; use of projected unit credit method required to match expense to periods of service; smoothing is accomplished by deferred recognition of actuarial gains and losses, amortization of prior service costs, et al. | Methodology very similar to that under U.S. GAAP, with deferred recognition of actuarial gains or losses. However, past service costs are recognized immediately, not deferred |

Past service costs amortized over service period or life expectancy of workers | Past service costs expensed immediately  |

Actuarial gains and losses cannot be recognized in equity; are to be deferred and amortized to pension expense over expected term of plan participants to the extent that defined corridor is exceeded | Actuarial gains and losses can be recognized in equity rather than earnings under amendment to IAS 19 effective in 2006; if in earnings, either immediate recognition or amortization similar to U.S. GAAP is permissible  |

Recognition of a minimum liability on the statement of financial position to at least the unfunded accumulated pension benefit obligation  | No minimum liability to be reported in the statement of financial position |

No limitation on recognition of pension asset | Limitation on recognition of pension assets |

Curtailment gains recognized only when employees terminate or plan suspension is adopted, computed differently than under IFRS | Curtailment gains or losses recognized when announced; computed differently than U.S. GAAP |

Anticipating changes in the law that would affect variables such as state medical or social security benefits expressly prohibited | Anticipate changes in future postemployment benefits based on its expectations in the law |

Termination benefits expensed when employees accept and amount can be estimated, recognize contractual benefits when it is probable that employees will accept | Termination benefits expensed when...