Reporting Paper: Post-retirement Benefit Plans - Essay Example

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Reporting Paper: Post-retirement Benefit Plans

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). ...Show more

Summary

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…
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