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Summary IAS 19 Employee Benefits
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This document provides a short and efficient summary of the content covered in IAS 19 as well as the class examples done in lectures.
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IAS 19 Employee BenefitsGeneral:
Employee benefits include: par (5)
short term employee benefits (wages, salaries, paid annual
leave and sick leave)
post-employment benefits (retirement benefits, life insurance)
termination benefits
other long term employee benefits (long service leave,
disability benefits) [not dealt with in FRK300]
Employee benefits are provided to either employees/ their
dependents/ their beneficiaries. (par6)
Employee benefits related to service on full time, part time,
permanent, casual or temporary basis. (par7)
Definitions: par 8
Employee Benefits: Forms of consideration given by an entity in
exchange for service rendered by employees or for the termination
of employment.
Short term employee benefits: EB (other than termination benefits)
that are expected to be settled wholly before 12 months after the
end of the annual reporting period in which the employees render
the related services.
Long-term employee benefits: All employee benefits other than
short term, post-employment, and termination benefits. [not dealt
with in FRK300]
Post-employment benefits: employee benefits that are payable after
completion of employment
Termination benefits: EB provided in exchange for the termination
of employees employment as a result of either:
, a.)employer’s decision to terminate employee’s employment
before normal retirement date or
b.)employee’s decision to accept offer of benefits in exchange for
termination of employment
Short-term employee benefits
Classification
Must be settled WHOLLY (amount fully paid) before 12 months after
reporting in which the services were rendered.
If the expected settlement date (date which payment is made)
changes permanently, then there must be a reclassification of the
short-term EM (does not meet the requirements anymore).
Recognition and measurement:
All short term employee benefits:
undiscounted amount as
a.)liability
b.)expense (unless another requirement in place from different
IFRS)
Short-term paid absences
Accumulating paid absence Non-accumulating paid
absence
Definition Can be carried over to the next Cannot be carried over to
leave cycle next leave cycle e.g
Vesting Non-vesting maternity and sick leave
Can be taken Can only be
or paid in cash taken
Recognized Expensed when service is Expensed when leave is taken
rendered (par 13) (par 13)
Measurement Measured at additional No expense is recognized as
amount that entity expects to this leave is included in
pay based on unused leave normal salary amount.
days on RP (par 16)
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