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Please provide summary on Ind AS 19 - Employee Benefits

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Please provide summary on Ind AS 19 - Employee Benefits

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. This Standard shall be applied by an employer in accounting for all employee benefits, except those to which Ind AS 102, Share-based Payment, applies. This Standard does not deal with reporting by employee benefit plans. The employee benefits to which this Standard applies include those provided: (a) under formal plans or other formal agreements between an entity and individual employees, groups of employees or their representatives; (b) under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans

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Open uri20170510 32134 1ue0f38?1494421710 answered

Please provide summary on Ind AS 19 - Employee Benefits The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. This Standard shall be applied by an employer in accounting for all employee benefits, except those to which Ind AS 102, Share-based Payment, applies. This Standard does not deal with reporting by employee benefit plans. The employee benefits to which this Standard applies include those provided: (a) under formal plans or other formal agreements between an entity and individual employees, groups of employees or their representatives; (b) under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans; or (c) by those informal practices that give rise to a constructive obligation. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity’s informal practices would cause unacceptable damage to its relationship with employees.

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Data?1494421730 answered

Dear Friend > Ind AS 19 - Employee Benefits Employee benefits are all forms of consideration given or promised by an entity in exchange for services rendered by its employees. These benefits include salary-related benefits (such as wages, profit-sharing, bonuses and compensated absences, such as paid holiday and long-service leave), termination benefits (such as severance and redundancy pay) and post- employment benefits (such as retirement benefit plans). Ind AS 19 is relevant for all employee benefits except for those to which Ind AS 102, share-based payments, applies. Post-employment benefits include pensions, post-employment life insurance and medical care. Pensions are provided to employees either through defined contribution plans or defined benefit plans. Recognition and measurement for short-term benefits are relatively straightforward, because actuarial assumptions are not required and the obligations are not discounted. However, long- term benefits, particularly post-employment benefits, give rise to more complicated measurement issues. Appendix B, ‘Ind AS 19–The limit on a defined benefit asset, minimum funding requirements and their interaction’, provides guidance on assessing the amount that can be recognised as an asset when plan assets exceed the defined benefit obligation, creating a net surplus. It also explains how the pension asset or liability may be affected by a statutory or contractual minimum funding requirement.

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