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IFRS employee benefits standards for international financial documentation

Nowadays a number of Ukrainian companies try to integrate the international society and issue their financial reports in complete accordance with international standards and regulations, such as IAS employee benefits. There are many reasons why it is important for companies to adjust to international regulations, e.g.:

  • Company has a plan of entering the international markets, therefore it will need an international audit (to have international partners or to for IPO);
  • Company is in search for international investor, therefore all financial reports shall be made completely transparent for potential investors to perform their analysis;
  • There is a need to perform comparison of financial information of several companies, therefore it shall all be brought to a standard format;

IFRS employee benefits

As for international standards concern, the IFRS is the one that is required for applications for loans in international banks, going for IPO, dealing with potential investors, etc. IFRS employee benefits is one of the important aspects of IFRS. This aspect of IFRS is regulated by such standard as “IAS 19 Employee Benefits” stipulates both short-term as salary, wages and annual leave and termination post-employment such as pension. IFRS employee benefits establish the general principles rather than actual sums which makes it applicable for all companies. It will be useful for many purposes such as:

  • Establishing a unified approach to the issue of social and pension security and analyze the way it is evaluated in various businesses and countries;
  • Improving management;
  • Necessity to get a stable revenue for social security;

“IAS employee benefits” (19) is applied in international accounting practices. A professional actuary will assist in implementation of IFR Standards, e.g.: IAS "Accounting and reporting by retirement benefit plans\” (26) and IAS "Employee Benefits" (19). The Ukrainian version of IAS 19 is P(S)BU 26 "Employee Benefits".


Быстрый переход: IAS 19
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