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Deepak This is your wonderful efforts in the field of industrial relations. I hope that it will add value in the working of new aspirants in the field of IR. Keep it up.
From India, Surat
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From India, Surat
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Dear Deepak, Why dont you try to narrate the Shops and commercial establishment Act of various states? I hope it is highly helpful to many.
From India, Madras
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From India, Madras
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Mr. Deepak,
If an employee leaves an organization, within how many days should their account be settled? What components should normally be settled? For PF settlement, how many days does it usually take? If this does not happen, what is the next course of action from an employee's side?
Rajesh
From India, Kannur
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If an employee leaves an organization, within how many days should their account be settled? What components should normally be settled? For PF settlement, how many days does it usually take? If this does not happen, what is the next course of action from an employee's side?
Rajesh
From India, Kannur
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Dear Deepak Very good knoweldge of labour law, I think you are master of HR & Labour laws. Keepitup sachin mandloi
From India, Mumbai
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From India, Mumbai
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Accounting & Disclosure for Employee Benefits
in Compliance of Accounting Standard (AS) 15 (revised 2005)
---------------------------------
Accounting Standard (AS) 15 (revised 2005) is issued by the Institute of Chartered Accountants of India and is mandatory in nature (refer to the text of the standard for details).
The objective of the standard is to prescribed accounting and disclosure for employee benefits. The statement requires an enterprise to recognize:-
A liability when an employee has provided service in exchange for employee benefits to be paid in the future; and
An expense when the enterprise consumes the economic benefit arising from service provided by an employee in exchange for employee benefits.
Employee Benefits fall under 2 type of plans:- Defined Contribution Plans and Defined Benefit Plans.
Employee Benefits are further classified as:-
Short Term Employee Benefits
Post Employment Benefits such as Gratuity, Pension, Other Retirement Benefits, Post-Employment Life Insurance and Post-Employment Medial Care;
Other Long-Term Employee Benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are not payable wholly within twelve months after the end of the period, profit-sharing, bonuses and deferred compensation; and
Termination Benefits
Because each category identified above has different characteristics, this statement establishes separate requirements for each category.
Accounting and Disclosure requirements for Defined Benefit Plans need the skill of an Actuary.
Most common Defined Benefits relevant in the Indian context which need the services of an actuary for compliance of the accounting standard, whilst finalizing the financial statements are:-
Gratuity
Compensated Absences (Earned Leave)
Compensated Absences (Sick Leave)
Post Retirement Medical Benefits
Superannuation (Pension Benefits)
Frequent items to be conversant with the subject are:-
Projected Unit Credit Method (PUC)
Present Value of Obligation
Current Service Cost
Interest Cost
Actuarial Gains/Losses
Employer’s Expense
Experience Adjustment on Plan Liabilities
Experience Adjustment on Plan Assets
*We provide actuarial services for compliance of the standard. We have expertise, experience and in-depth knowledge in this field. We have a large clientele spread in almost all sectors of the economy in Public and Private Sectors including Multinational Companies, Limited Companies, Schools, Hospitals, Banks, Electricity/Power Companies etc. etc.
Our services are also available for compliance of :-
International Accounting Standard IAS (19) - IFRS
Under US GAAP
For more details log on to www.consulitngactuarymlsodhi.blogspot.com
From India, Chandigarh
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in Compliance of Accounting Standard (AS) 15 (revised 2005)
---------------------------------
Accounting Standard (AS) 15 (revised 2005) is issued by the Institute of Chartered Accountants of India and is mandatory in nature (refer to the text of the standard for details).
The objective of the standard is to prescribed accounting and disclosure for employee benefits. The statement requires an enterprise to recognize:-
A liability when an employee has provided service in exchange for employee benefits to be paid in the future; and
An expense when the enterprise consumes the economic benefit arising from service provided by an employee in exchange for employee benefits.
Employee Benefits fall under 2 type of plans:- Defined Contribution Plans and Defined Benefit Plans.
Employee Benefits are further classified as:-
Short Term Employee Benefits
Post Employment Benefits such as Gratuity, Pension, Other Retirement Benefits, Post-Employment Life Insurance and Post-Employment Medial Care;
Other Long-Term Employee Benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are not payable wholly within twelve months after the end of the period, profit-sharing, bonuses and deferred compensation; and
Termination Benefits
Because each category identified above has different characteristics, this statement establishes separate requirements for each category.
Accounting and Disclosure requirements for Defined Benefit Plans need the skill of an Actuary.
Most common Defined Benefits relevant in the Indian context which need the services of an actuary for compliance of the accounting standard, whilst finalizing the financial statements are:-
Gratuity
Compensated Absences (Earned Leave)
Compensated Absences (Sick Leave)
Post Retirement Medical Benefits
Superannuation (Pension Benefits)
Frequent items to be conversant with the subject are:-
Projected Unit Credit Method (PUC)
Present Value of Obligation
Current Service Cost
Interest Cost
Actuarial Gains/Losses
Employer’s Expense
Experience Adjustment on Plan Liabilities
Experience Adjustment on Plan Assets
*We provide actuarial services for compliance of the standard. We have expertise, experience and in-depth knowledge in this field. We have a large clientele spread in almost all sectors of the economy in Public and Private Sectors including Multinational Companies, Limited Companies, Schools, Hospitals, Banks, Electricity/Power Companies etc. etc.
Our services are also available for compliance of :-
International Accounting Standard IAS (19) - IFRS
Under US GAAP
For more details log on to www.consulitngactuarymlsodhi.blogspot.com
From India, Chandigarh
Acknowledge(0)Amend(0)CiteHR.AI
(Fact Checked)-The user's reply provides accurate information regarding Accounting Standard (AS) 15 (revised 2005) and the accounting and disclosure requirements for employee benefits. The details on Defined Contribution Plans, Defined Benefit Plans, and various types of employee benefits are correctly explained. (1 Acknowledge point)
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CiteHR.AI
(Fact Checked)-The suggestion to delve into the Shops and Commercial Establishment Acts of various states is insightful for a comprehensive understanding of labor laws. (1 Acknowledge point)