The International Financial Reporting Standards is a prevalent global framework that has changed the landscape of finances worldwide. The Indian alignment of this standard goes by the name of Indian Accounting Standards or the IND AS. The IND AS 19
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For businesses in India, accounting for employee benefits is a crucial aspect. These benefits, such as gratuity and pensions, come at a cost, impacting your company’s profitability. But how are these expenses recognized in your financial statements? Here, we explore
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Gratuity Valuation is a crucial aspect of financial planning for businesses. It represents the future liability a company incurs towards its employees for their service over the years. Now, enter IND AS 19. This accounting standard, in line with the
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Section 129 of the Companies Act 2013 requires companies to prepare Financial Statements each year. The objective of the Indian Accounting Standards IND AS 19 is to enhance transparency in financial transactions, aligning with accounting standards. It aims to establish
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In the ever-evolving landscape of accounting standards, IND AS 19 emerges as a significant player, especially when it comes to the realm of employee benefits accounting. This standard, formulated by the Institute of Chartered Accountants of India (ICAI), focuses on
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Leave Encashment Valuation Every salaried person, as per labor law, is entitled to a minimum number of paid leave every year, however, it is not necessary that an individual employee utilize leave balance at the time of retirement or resignation
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The Actuarial Valuation of Gratuity is a method of valuing the value of an employee’s pension liability. It is used to determine how much money employers will have to pay out in pensions. The Actuary determines how much an employer
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What is IND AS 19? The Goal of the Indian Accounting Standard Ind AS 19 is to establish accounting and disclosure requirements for employee Benefits. Accounting according to Ind AS 19 criteria comprises both recognition and measurement. Furthermore, the accounting
Continue ReadingIAS19 – The Indian accounting standard IAS19 prescribes accounting and is closer to employment benefit which requires recognition of liability by an entity when an employee provides service for employee benefit to be paid in the future and recognition of
Continue ReadingWhat is a Warranty? A Warranty is a form of guarantee given by a manufacturer or other similar entity on the condition of their product. It also refers to the conditions and circumstances under which repairs or exchanges will be
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