• Document: Sri Lanka Accounting Standard-LKAS 19. Employee Benefits
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Sri Lanka Accounting Standard-LKAS 19 Employee Benefits LKAS 19 CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 19 EMPLOYEE BENEFITS OBJECTIVE SCOPE 1–6 DEFINITIONS 7 SHORT-TERM EMPLOYEE BENEFITS 8–23 Recognition and measurement 10–22 All short-term employee benefits 10 Short-term compensated absences 11–16 Profit-sharing and bonus plans 17–22 Disclosure 23 POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT PLANS 24–42 Multi-employer plans 29–33 Defined benefit plans that share risks between various entities under common control 34–34B State plans 36–38 Insured benefits 39–42 POST-EMPLOYMENT BENEFITS: DEFINED CONTRIBUTION PLANS 43–47 Recognition and measurement 44–45 Disclosure 46–47 POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS 48–119 Recognition and measurement 49–62 Accounting for the constructive obligation 52–53 540 LKAS 19 Statement of financial position 54–60 Profit or loss 61–62 Recognition and measurement: present value of defined benefit obligations and current service cost 63–101 Actuarial valuation method 64–66 Attributing benefit to periods of service 67–71 Actuarial assumptions 72–77 Actuarial assumptions: discount rate 78–82 Actuarial assumptions: salaries, benefits and medical costs 83–91 Actuarial gains and losses 92–95 Past service cost 96–101 Recognition and measurement: plan assets 102–107 Fair value of plan assets 102–104 Reimbursements 104A–104D Return on plan assets 105–107 Business combinations 108 Curtailments and settlements 109–115 Presentation 116–119 Offset 116–117 Current/non-current distinction 118 Financial components of post-employment benefit costs 119 Disclosure 120–125 OTHER LONG-TERM EMPLOYEE BENEFITS 126–131 Recognition and measurement 128–130 Disclosure 131 TERMINATION BENEFITS 132–143 541 LKAS 19 Recognition 133–138 Measurement 139–140 Disclosure 141–143 TRANSITIONAL PROVISIONS 153–156 EFFECTIVE DATE 157 APPENDICES Appendix A Illustrative example Appendix B Illustrative disclosures Appendix C Illustration of the application of paragraph 58A Appendix D Appendix E Formula on gratuity 542 LKAS 19 Sri Lanka Accounting Standard-LKAS 19 Employee Benefits Sri Lanka Accounting Standard LKAS 19 Employee Benefits is set out in paragraphs 1–157 and Appendices A-E. All the paragraphs have equal authority. LKAS 19 should be read in the context of its objective, the Preface to Sri Lanka Accounting Standards and the Framework for the Preparation and Presentation of Financial Statements. LKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. Objective 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

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