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AS15
Accountancy
Under AS 15 "employee benefits" what all are the items to be recorded in P&L a/c and balance sheet each year?
Answers (2)
As per AS-15, the following items need to be disclosed in the Profit and Loss Statement: Current Service Cost: The cost for services provided by employees during the current period. Interest Cost: Interest accrued on the defined benefit obligation. Expected Return on Plan Assets: The expected earnings from plan assets. Net Actuarial Gains or Losses: Recognized actuarial gains or losses for the period. Past Service Cost: The cost associated with employee service in prior periods. Gains or Losses on Settlements or Curtailments: Recognized gains or losses from curtailment or settlement of a defined benefit plan. Expense Recognized in the Statement of Profit and Loss: The total expense recognized, which includes current service cost, interest cost, expected return on plan assets, actuarial gains/losses, and past service cost.
CA Suraj Lakhotia Admin
As per AS-15, the following items need to be disclosed in the Profit and Loss Statement: Current Service Cost: The cost for services provided by employees during the current period. Interest Cost: Interest accrued on the defined benefit obligation. Expected Return on Plan Assets: The expected earnings from plan assets. Net Actuarial Gains or Losses: Recognized actuarial gains or losses for the period. Past Service Cost: The cost associated with employee service in prior periods. Gains or Losses on Settlements or Curtailments: Recognized gains or losses from curtailment or settlement of a defined benefit plan. Expense Recognized in the Statement of Profit and Loss: The total expense recognized, which includes current service cost, interest cost, expected return on plan assets, actuarial gains/losses, and past service cost.
The following items need to be disclosed in the Balance Sheet: Defined Benefit Obligation: The present value of the defined benefit obligation. Fair Value of Plan Assets: The fair value of plan assets at the balance sheet date. Net Defined Benefit Liability or Asset: The net total of the defined benefit obligation and the fair value of plan assets. Unrecognized Past Service Cost: Past service cost that has not yet been recognized. Actuarial Gains and Losses Not Recognized: Actuarial gains and losses not recognized in the balance sheet but disclosed in the notes.