P Ramachandran
Hr & Administrative Manager
Narinder.rathore
Hrm, Admin, Ir
Mlsodhi
Actuarial Valuation Of Various Employee Benefit
Sachin_mandloi
Manager Hr & Personnel
+2 Others

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File Type: pdf Industrial Employment Standing Orders Act 1946.pdf (142.9 KB, 5452 views)
File Type: pdf Labour Laws _Exemption..._ Act 1988.pdf (98.7 KB, 1947 views)
File Type: pdf Labour Laws for IT Industries.pdf (2.55 MB, 1626 views)
File Type: pdf Maharashtra Maternity Benefit Rules 1965.pdf (89.0 KB, 1006 views)
File Type: pdf Maternity Benefit Act 1961.pdf (127.2 KB, 1601 views)

Deepak This is your wonderful efforts in the field of industrial relations. I hope that it will add value in the working of new aspirants in the field of IR. Keep it up.
Dear Deepak, Why dont you try to narrate the Shops and commercial establishment Act of various states? I hope it is highly helpful to many.
Mr.Deepak,
If an emplyee left from an organization,within how many days his account has to be settled? wat are all the componenets normally should settle? for PF settlement how many days normally will take?If this is not happening wat is the next course of action , from an emplyee side.
Rajesh

Dear Deepak Very good knoweldge of labour law, I think you are master of HR & Labour laws. Keepitup sachin mandloi
Accounting & Disclosure for Employee Benefits

in Compliance of Accounting Standard (AS) 15 (revised 2005)

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Accounting Standard (AS) 15 (revised 2005) is issued by the Institute of Chartered Accountants of India and is mandatory in nature (refer to the text of the standard for details).

The objective of the standard is to prescribed accounting and disclosure for employee benefits. The statement requires an enterprise to recognize:-

A liability when an employee has provided service in exchange for employee benefits to be paid in the future; and

An expense when the enterprise consumes the economic benefit arising from service provided by an employee in exchange for employee benefits.

Employee Benefits fall under 2 type of plans:- Defined Contribution Plans and Defined Benefit Plans.

Employee Benefits are further classified as:-

Short Term Employee Benefits

Post Employment Benefits such as Gratuity, Pension, Other Retirement Benefits, Post-Employment Life Insurance and Post-Employment Medial Care;

Other Long-Term Employee Benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are not payable wholly within twelve months after the end of the period, profit-sharing, bonuses and deferred compensation; and

Termination Benefits

Because each category identified above has different characteristics, this statement establishes separate requirements for each category.

Accounting and Disclosure requirements for Defined Benefit Plans need the skill of an Actuary.

Most common Defined Benefits relevant in the Indian context which need the services of an actuary for compliance of the accounting standard, whilst finalizing the financial statements are:-

Gratuity

Compensated Absences (Earned Leave)

Compensated Absences (Sick Leave)

Post Retirement Medical Benefits

Superannuation (Pension Benefits)

Frequent items to be conversant with the subject are:-

Projected Unit Credit Method (PUC)

Present Value of Obligation

Current Service Cost

Interest Cost

Actuarial Gains/Losses

Employer’s Expense

Experience Adjustment on Plan Liabilities

Experience Adjustment on Plan Assets

*We provide actuarial services for compliance of the standard. We have expertise, experience and in-depth knowledge in this field. We have a large clientele spread in almost all sectors of the economy in Public and Private Sectors including Multinational Companies, Limited Companies, Schools, Hospitals, Banks, Electricity/Power Companies etc. etc.

Our services are also available for compliance of :-

International Accounting Standard IAS (19) - IFRS

Under US GAAP

For more details log on to www.consulitngactuarymlsodhi.blogspot.com

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