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AS 15
ACCOUNTING EMPLOY BENEFITS
Objective: This
objective of this standard is to prescribe the accounting and
disclosure for employ benefits.
Scope: This
standard deals with the accounting treatment of the cost of the
retirement benefits in the financial statements of employers.
This
Standard does not deal with accounting and reporting by employee
benefit plans.
Definitions:
Employee benefits:
These are all forms of consideration given by an enterprise in
exchange for service rendered by employees.
Short-term employee benefits:
These are employee benefits (other than termination benefits)
which fall due wholly within twelve months after the end of the
period in which the employees render the related service.
Post-employment benefits:
These are employee benefits (other than termination benefits)
which are payable after the completion of employment.
Post-employment benefit plans:
These are formal or informal arrangements under which an
enterprise provides post-employment benefits for one or more
employees.
Treatment and disclosure requirements: The cost of
retirement benefits should be accounted for in the period during
which the employee renders services. There fore, accounting for
retirement benefit cost when the employee leaves (on cash basis)
is not appropriate.
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