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of <h1>AS 15 Details Accounting Rules for Employee Benefits: Liability Recognition, Expense, and Disclosure Requirements Explained</h1> The Accounting Standard (AS) 15 outlines the accounting and disclosure requirements for employee benefits. It mandates recognizing a liability when an employee provides services in exchange for future benefits and an expense when the economic benefit from the service is consumed. The standard applies to various employee benefits, including short-term, post-employment, long-term, and termination benefits. It distinguishes between defined contribution and defined benefit plans, requiring different accounting treatments. For defined benefit plans, actuarial assumptions are necessary to measure obligations and expenses. The standard also specifies disclosure requirements to ensure transparency in financial statements regarding employee benefits.
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