Employee benefits accounting: recognise liabilities when service is rendered and measure defined benefit obligations using actuarial valuation. The Standard requires recognising a liability when employees render service and an expense when the enterprise consumes the resulting economic benefit. It distinguishes short-term, post-employment (defined contribution and defined benefit), other long-term and termination benefits; measures short-term and defined-contribution obligations on an undiscounted basis (unless payments fall after twelve months) and requires actuarial valuation using the Projected Unit Credit Method, discounting defined benefit obligations by reference to government bond yields. Actuarial gains and losses are recognised immediately and detailed disclosures on plan measurements, assets, assumptions and sensitivities are required.