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IAS 19 Employee Benefits replaced IAS 19 Accounting for Retirement Benefits in the Financial Statements of Employers (issued in January 1983). IAS 19 was further amended in 1993 and renamed as IAS 19 Retirement Benefit Costs. The Board amended the accounting for multi-employer plans and group plans in December 2004.
IAS 19 outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits.
IAS 19 prescribes the accounting for all types of employee benefits except share-based payment, to which IFRS 2 applies. Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment.
The benefits can be paid either in cash or in kind and may extend to an employee’s family members as well (IAS 19.4-7). According to IAS 19.5, employee benefits are categorised into four main types: Short-term employee benefits. Post-employment benefits. Other long-term employee benefits.
IAS 19 uses the principle that the cost of providing employee benefits should be recognised in the period in which the benefit is earned by the employee, rather than when it is paid or payable. The standard identifies several categories of employee benefit including:
IAS 19 requires extensive disclosures in respect of DBP, including narrative descriptions of: the regulatory framework; funding arrangements; potential (non-) financial risks; and/or asset ceiling tests.
IAS 19 classifies employee benefits into 4 main categories: Short-term employee benefits = employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service.
IAS 19 Employee Benefits prescribes the accounting and disclosure by employers for all employee benefits, including wages and salaries, bonuses, paid annual leave, pensions and termination benefits. This page provides information on the standard, alongside ICAEW factsheets and guides.
IAS 19 Employee Benefits (amended 2011) outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits.
The IFRIC noted that IAS 19 indicates that employee benefit plans include a wide range of formal and informal arrangements. It is therefore clear that the exclusion of employee benefit plans from IAS 32 includes all employee benefits covered by IAS 19.