Financial Daily from THE HINDU group of publications
Wednesday, Sep 08, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 08, 2004 |
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Corporate
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Accounting Standards ICAI revises accounting standard on employee benefits Our Bureau
New Delhi , Sept. 7 THE Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued an exposure draft of revised Accounting Standard-AS 15, Employee Benefits. While the existing accounting standard (AS 15), which was issued in 1995, deals only with retirement benefits, the proposed revised standard would be applicable to accounting for all employee benefits except employee share-based payments. The employee benefits to which the revised standard is to be applied include short-term employee benefits such as wages, salaries, etc; post-employment benefits such as pensions, gratuity, other retirement benefits, post-employment life insurance and post-employment medical care; other long-term employee benefits, including long-service leave or sabbatical leave, and termination benefits (including VRS expenditure). The disclosure requirements of the exposure draft of revised AS 15 are significantly elaborate as compared to the existing AS 15.
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