Australian accounting standards.

Australian Accounting Standards

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CONTENTS

1 . Australian Accounting Standards .3

AASB 119 Employee Benefits .3

Raptis Group Limited .4

Conclusion .5

References .6

Australian Accounting Standards

These are the standards according to which listed companies function . All have to abide by and follow the standards applicable to them . These standards vary from income taxes to business combinations , from materiality to revenue . The standard in focus below

is related to employee benefits . Employees are a very important part of any business and accounting standard boards make sure that there are proper standards supporting the rights of employees

AASB 119 Employee Benefits

This standard basically requires a business entity to realize that when an employee has given service for employee benefits in future , it is a liability for that entity as they are entitled to pay it in future . And also , when an economy has given service in exchange of employee benefits then it is an expense for the firm

These benefits include short term benefits , long term benefits , post employment benefits and termination benefits . In all these include wages , sick leaves , health insurance , bonuses , social security contributions , paid leaves , and etc . It is worth mentioning at this point of time that employees also include management personnel and directors

This standard also explains that what kind of firms should follow this standard . This is done by every standard because unlike this standard , some are different and...