Page 262 - Group Insurance and Retirement Benefit IC 83 E- Book

Employee Benefits 211

(a) related party transactionswith post-employment benefit plans; and

(b) post-employment benefits for key management personnel.

125. Where required by AS 29 Provisions, Contingent Liabilities and
Contingent Assets an enterprise discloses information about contingent
liabilities arising from post-employment benefit obligations.

Illustrative Disclosures

126. Illustration II attached to the Standard contains illustrative
disclosures.

Provided that a Small and Medium-sized Company, as defined in
the Notification, may not apply the disclosure requirements laid down
in paragraphs 119 to 123 of the Standard in respect of accounting for
defined benefit plans. However, such a company should disclose
actuarial assumptions as per paragraph 120(l) of the Standard.

Other Long-term Employee Benefits

127. Other long-term employee benefitsinclude,for example:
(a) long-term compensated absences such as long-service or sabbatical
leave;

(b) jubilee or other long-service benefits;
(c) long-term disability benefits;

(d) profit-sharing and bonuses payable twelve months or more after
the end of the period in which the employees render the related
service; and

(e) deferred compensation paid twelve months or more after the end
of the period in which it is earned.

128. In case of other long-term employee benefits, the introduction of, or
changes to, other long-term employee benefits rarely causes a material
amount of past service cost. For this reason, this Standard requires a
simplified method of accounting for other long-term employee benefits.
This method differs from the accounting required for post-employment
benefits insofar as that all past service cost is recognised immediately.