Exam 10: Employee Benefits

Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid when the leave is taken. At 1 July 2013 the balance in the provision for annual leave account was $20 303. Details of each employees leave entitlement at 30 June 2014 are as follows: There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year. Annual leave payments made during the year were debited against the provision account. The total debit against the annual leave account during the year in relation to leave taken was:

The key steps involved in accounting by the employer for a defined benefit post-employment fund in accordance with IAS 19 include:

IAS 19 does NOT prescribe the accounting treatment for:

Which of the following types of employee benefits are required to be measured at the present value of expected future cash flows?

IAS 19 defines employee benefits as:

Salary sacrificing refers to:

Employee benefits can arise from which of the following? I workplace agreements between an entity and its employees II enterprise bargaining agreements between an entity and the relevant employee union III government legislation IV specific industry arrangements

The nominal value of an accumulated benefit for long service leave is calculated as (Years of employment/Years required for LSL) x (weeks of paid leave/52) x ………..?

Benefits paid to members of a defined benefit post-employment fund are based on: I the level of employer contributions made to the fund II remuneration levels while employed III number of years service IV investment returns generated by the fund