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.