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Thread: Accounting Standard (AS) 15 - Employee Benefits

  1. #1
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    Thumbs up Accounting Standard (AS) 15 - Employee Benefits

    Accounting Standard (AS) 15
    (revised 2005)
    Employee Benefits
    (This Accounting Standard includes paragraphs set in
    bold italic type and
    plain type, which have equal authority. Paragraphs in bold italic type
    indicate the main principles. This Accounting Standard should be read in
    the context of its objective and the Preface to the Statements of Accounting
    Standards
    1 .)

    Accounting Standard (AS) 15,
    Employee Benefits (revised 2005), issued
    by the Council of the Institute of Chartered Accountants of India, comes
    into effect in respect of accounting periods commencing on or after April
    1,
    2006 and is mandatory in nature
    2 from that date:
    (a) in its entirety, for the enterprises which fall in any one or more of
    the following categories, at any time during the accounting period:
    (i) Enterprises whose equity or debt securities are listed whether in
    India or outside India.

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    Thumbs up Accounting Standard (AS) 15 - Accounting forRetirementBenefits in the Financial Statements of Employers

    Accounting Standard (AS) 15
    (issued 1995)
    Accounting forRetirementBenefits in
    the Financial Statements of Employers
    (This Accounting Standard includes paragraphs 27-31 set in
    bold italic

    type and paragraphs 1-26 set in plain type, which have equal authority.
    Paragraphs in bold italic type indicate the main principles. This
    Accounting Standard should be read in the context of the Preface to the
    Statements of Accounting Standards
    1.)

    The following is the text ofAccounting Standard (AS) 15,
    ‘Accounting

    for Retirement Benefits in the Financial Statements of
    Employers’, issued
    by the Council of the Institute of Chartered Accountants of India.
    The Standard will come into effect in respect of accounting periods
    commencing on or after 1.4.1995 and will be mandatory in nature.
    2 The

    Statement on the Treatment of Retirement Gratuity in Accountsissued by
    the Institute will stand withdrawn from the aforesaid date.

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    Thumbs up Guidance on Implementing AS 15, Employee Benefits

    ASB Guidance on Implementing
    AS 15, Employee Benefits (revised 2005)
    This Guidance on Implementing Accounting Standard (AS) 15, Employee Benefits
    (revised 2005), issued by the Accounting Standards Board of the Institute of Chartered
    Accountants of India, does not form part of the Standard. The purpose of this
    Guidance is to illustrate and to assist in clarifying the application of the Standard.
    1. What are the kinds of employees covered in the revised AS 15 and whether a
    formal employer-employee relationship is necessary or not, for benefits to be
    covered under the Standard?
    The Standard does not define the term “employee”. Paragraph 6 of the Standard
    states that ‘an employee may provide services to an enterprise on a full
    -time, parttime,
    permanent, casual or temporary basis and the term would also include the
    whole-time directors and other management personnel. The Standard is applicable
    to all forms of employer-employee relationships. There is no requirement for a
    formal employer-employee relationship. Several factors need to be considered to
    determine the nature of relationship.

    Generally ‘outsourcing contracts’ may not meet the definition of employer
    employee
    relationship. However, such contracts need to be carefully examined to
    distinguish betw
    een a “contract of service” and a “contract for services”. A
    ‘contract for services’ implies a contract for rendering services, e.g., professional

    or technical services which is subject to limited direction and control whereas a
    ‘contract of service’ impl
    ies a relationship of an employer and employee and the
    person is obliged to obey orders in the work to be performed and as to its mode
    and manner of performance.

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    Default Limited Revision to- Accounting Standard (AS) 15, Employee Benefits

    ANNOUNCEMENT
    Limited Revision to
    Accounting Standard (AS) 15,
    Employee Benefits (revised 2005)

    The Council of the Institute of Chartered Accountants of India has decided to make limited
    revision to Accounting Standard (AS) 15,
    Employee Benefits (revised 2005), with a view to
    provide the following:
    (i) Under the Transitional Provisions, an option has been given to charge
    additional liability arising upon the first application of the Standard as an
    expense over a period upto 5 years. On the lines of IAS 19, the Transitional
    Provisions of revised AS 15 require disclosure of un-recognised amount.
    (ii) An entity may disclose the amounts required by paragraph 120(n) as the
    amount determined for each accounting period prospectively from the
    transitional date.
    The modifications in the Standard are indicated in track-changes mode (the additions are
    shown as under-lined and deletions are shown in strike-through form) as below:
    1. The following paragraph has been inserted after paragraph 92:

    “92A.
    Paragraph 145(b)(iii) explains the need to consider any unrecognised part of

    the transitional liability in accounting for subsequent actuarial gains.”
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    Thumbs up Deferment of Applicability of Accounting Standard (AS) 15, Employee benefits (revised 2005)

    Deferment of Applicability of Accounting Standard (AS) 15, Employee benefits (revised 2005)
    The Council of the Institute of Chartered Accountants of India (ICAI), at its 265th meeting held on February 3-4, 2007, decided to defer the date of applicability of Accounting Standard (AS) 15, Employee Benefits (revised 2005), issued by the ICAI, keeping in view the practical difficulties and general hardship being faced by industry. As per the decision, AS 15 comes into effect in respect of accounting periods commencing on or after December 7, 2006 (instead of April 1, 2006, as stated in the said Standard) and is mandatory in nature from that date. Earlier application of the Standard is encouraged.

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    Thumbs up Option to an entity to adopt alternative treatment allowed by way of amendment to the Transitional Provisions of Accounting Standard (AS) 15

    Option to an entity to adopt alternative treatment allowed by way of amendment to the Transitional Provisions of Accounting Standard (AS) 15, Employee Benefits (revised 2005)
    An amendment by way of limited revision to Accounting Standard (AS) 15, Employee Benefits (revised 2005), has been made with a view to provide, inter alia, an option to an enterprise to charge additional liability arising upon the first application of the Standard as an expense over a period upto five years with a disclosure of un-recognised amount.
    The Council of the Institute of Chartered Accountants of India has decided to give a one time option to the enterprises which have followed the treatment prescribed under the Transitional Provisions prior to the above-stated amendment to adopt the alternative treatment, allowed by way of the said amendment, from the date the Transitional Provision was so applied. An enterprise is, however, allowed to exercise this option only during the first accounting year commencing on or after 7th December, 2006. In case an enterprise chooses to adopt the option, the earlier accounting treatment followed in this respect should be reversed.

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