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IAS 19: actuarial assistance

There are issues which need some special actuarial attention to get an adequate assessment in accordance with IFR Standards. It may involve the following:

  • actuarial assumptions in population and financial forecasts, which are used for obligations assessing;
  • analyzing conditions and terms of social benefits such as pension plans;
  • classifying long term obligations correctly according to international standards;
  • analyzing information about employees and finding the group which is entitled to get benefits;
  • finding method to calculate actuarial discounted value of the future payments;
  • creating mathematical model which helps to assess payments varying because of financial and population factors of country’s economy;
  • assessing company’s future obligations, forming a part of report on finances;
  • making a report including discounted value of obligations, profit or loss and other indicators;
  • sensitivity analyzing.

IAS 19 standard essence

IAS 19 Employee Benefits is a standard outlining the accounting requirements towards the employee benefits. These requirements include as follows:

  • short-term benefits such as weekly and monthly payments (wages and salary), annual leave, bonuses, etc.;
  • long-term benefits (leaves provided for long service);
  • post-employment benefits (pension).

The standard is aimed at establishing the principle for recognizing the cost of providing employee benefits. It deals with the period when an employee earns the benefit and outlines the criteria of measuring each group of employee benefits. Especially detailed guidance is provided for post-employment benefits.

The most important part of IAS 19 is retirement benefits plans, i.e. pension plan so the document mainly describes and proscribes the principles of defining pension plan based upon the particular situations.

The first issue of IAS 19 dates back to February 1999 and was applicable since January 1999. The standard was revised in June 1999 and the revisions are legally enforced since January 2013. The professional actuary will assist in implementation of the standard in accordance with the latest revision.


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