[Illustrative Checklist] Disclosure Requirements under Ind AS 19 | Employee Benefits

Ind AS 19: Employee Benefits aims to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognize:

(a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and

(b) an expense when the entity consumes the economic benefit from an employee’s service in exchange for employee benefits.

As per the requirement of this Ind AS, an entity is required to follow the below-mentioned disclosure requirements:

– Whether the entity has given disclosure about short-term employee benefits for key management personnel in accordance with Ind AS 24 and disclosure of short-term employee benefits in accordance with Ind AS 1.

– An entity shall disclose the amount recognized as an expense for defined contribution plans.

– Whether the entity has disclosed the information about contributions to defined contribution plans for key management personnel, if applicable.

– An entity is allowed to offset an asset relating to one plan against a liability relating to another plan only when the following conditions are satisfied:

a. the entity has a legally enforceable right to use a surplus in one plan to settle obligations under the other plan; and

b. the entity intends either to settle the obligations on a net basis or to realize the surplus in one plan and settle its obligation under the other plan simultaneously

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