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MFRS 119 Employee Benefit - Coggle Diagram
MFRS 119 Employee Benefit
Post- Employment Benefit
Defined Benefit Plans
A post-employment benefits other than defined contribution plans and the amounts to be paid as retirement benefits are determined by reference to a formula usually based on employee's earnings and/or years of service
Actuarial risk fall on entity
Defined Contribution Plans
A post-employment benefits plans under which an enterprise pays fixed contributions into a separate entity (fund). It will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods
Actuarial risk fall on employee
Short-term Employee Benefit
(a) wages, salaries and social security contributions;
(b) paid annual leave and paid sick leave;
(c) profit-sharing and bonuses; and
(d) non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees
Objective
The Standard requires an entity to recognized:
(a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future
(b) an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee
Termination Benefit
The entity shall recognize a liability and expense at the earlier of the following dates when the entity can no longer withdraw the offer of those benefits and when the entity recognises costs for a restructuring (within MFRS 137 scope) and involves the payment of termination benefits
Other long term employee benefit
(a) long-term paid 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; and
(e) deferred remuneration.