AS - 15 - Employee Benefits

Employee Benefits accounting: recognise liabilities and expenses for short term, long term and post employment plans under accounting standards.

This Standard requires an enterprise to recognise a liability when employees render service that creates future benefit obligations and to recognise an expense when those economic benefits are consumed. It covers short term benefits, defined contribution plans (recognise contributions as expense and liability for unpaid amounts), and defined benefit plans which must be measured using the Projected Unit Credit Method with actuarial assumptions, discounting by reference to government bond yields, and immediate recognition of actuarial gains and losses.