Regulatory Alerts2014-04-09
Added
Adoption of the Accounting Rule Regarding Employee Rights in the United States
The Supervisor of Banks amends public reporting requirements for banking institutions and credit card companies to align with US Generally Accepted Accounting Principles (US GAAP) regarding employee benefits. The amendments mandate the use of US GAAP standards (ASC 710, 712, 715, 718, 420) for recognizing and measuring employee benefit liabilities, require discount rates based on high-quality corporate bond yields in Israel, and establish implementation deadlines of January 1, 2015, with retrospective application of certain rules from January 1, 2013. Institutions must disclose the expected impact of these changes on their financial statements and internal controls, including engaging qualified actuaries for calculations.
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