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Reporting Paper: Post-retirement Benefit Plans - Essay Example
Finance & Accounting
Pages 4 (1004 words)
Reporting Paper Name University Reporting Paper To; The Chief Executive Officer; Organizations around the globe report their operations in order to keep their stakeholders informed. The most important stakeholders include the shareholders, customers, suppliers, employees and other potential investors…
The most famous global accounting body is the Financial Accounting Standards Board (FASB) which is responsible for establishing generally accepted accounting principles for public, private and not-for-profit organizations. The company acquired in this scenario tends to follow the accounting standards issued by the FASB and both the issues relating to the different post-retirement benefit plans and the elimination of segments are described below. Post-Retirement Benefit Plans The defined contribution, defined benefit and other post-retirement plans are terminologies used within International Accounting Standard 19 (IAS-19). IAS-19 lays down the accounting and disclosure requirements for employee benefits. IAS-19 is only used in firms where the company provides its employees with facilities such as gratuity, pensions, termination and many more post retirement benefits. Defined contribution is a post employment benefit plan in which the employer and the employee pay a specific amount into a separate fund (usually in insurance companies which invest that amount o behalf of the employees and the returns are handed back to the employee after he/she retires). ...
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