the accounting issues you highlighted and offered the following advice. Issue 1: Calculation of long service leave According to IAS 19 employee Benefits (amended 2011), it outlines the accounting requirement for employee benefits fits and long term benefits such as service leave. The standard establishes the principle that the cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee rather than when it is paid or payable. The Australian accounting standard AASB 119 sets out long service leave entitlements should be recognized and measured in employee’s financial statements. AASB 119 requires the identification of these items in the financial statements: • Current and non-current liability • Service cost • Interest cost • Re-measurement/ actuarial gains and losses Current and non-current liability …show more content…
• Employee turnover • Discount rate • Salary increase and how and when leave is actually taken (leave taking pattern) Service cost – It is the value of the long service entitlements, accursed during a financial year is identified in the income statement for the financial year. The service cost is calculated by determining the present value of new accruals. Net interest on the liability The interest cost is the interest accrued on the long service leave liability over the financial year. The interest cost calculation identification of long service leave liability at the start of the financial year, the benefits paid during the financial year and the service cost it’s recognized in the income statement. Re-measurement of the liability These arise due to changes in actuarial assumptions or due to experience during the by the employee rather than when it is paid. It should be identified in the financial statements whether a current and non-current liability or interest or service cost in the income
[4] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 3, Cost Assignment, p. 54-59
In the year 1944, US Legislation passed the Servicemen’s Readjustment act, commonly known as the GI Bill of Rights. It is one of the most significant pieces of legislation ever produced by the federal government; one that impacted the United States socially, economically and politically. The GI Bill offers a comprehensive package of benefits, including financial assistance for higher education for veterans of U.S. military service. The benefits of the GI Bill are intended to help veterans readjust to civilian life following service to their country and to encourage bright, motivated men and women to volunteer for military duty. Many factors and contributions have gone into the development of the GI Bill, and it has changed over the years. This research paper will introduce the reader to a brief history of the formation and evolution of the GI Bill, discuss the current benefits that it offers to student populations in response to their specific needs, and introduce current implications that the GI Bill has placed on student veterans and institutions across the nation.
I would like to participate in the SEAP program because I am passionate about engineering. I am completely absorbed with learning everything and anything related to STEM studies. My love of engineering and science intensified during my high school years due to my favorite classes like AP Chemistry and Principles of Engineering. Chemistry is undoubtedly the most challenging class my school has to offer. Nevertheless, every topic peaks my interest.
Being a military member in the armed forces across all branches will have a positive and negative impact in both personal and professional areas of life. All military members take the oath of enlistment before they join it is a requirement before attending basic training. What most service members do not realize is that they are completely oblivious to the road that lies ahead of them. Most people join the military for a number a personal reason such as money, education, and a sense of stability. Others may join the military in hopes of being a part of something greater than themselves, they may see it as a chance to serve their country. No matter what drives one to join the armed forces it is safe to say that they will encounter both good
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
The structure the Employment Insurance program is administered by two main parts of law. The Employment Insurance Act being one, it is a federal legislation, passed by Parliament that sets out the program’s basic structure. The Employment Insurance Act includes administration, benefits, eligi...
Overhead based on direct labor includes the cost of the Product Development Support Center, interest expenses, and general and administrative expenses. The Product Development Support Center failed to account for hours spent on each product, which will not only complicate the product cost calculations, but also the calculation of capitalization expenses later on. The Development Support Center will be most used during the peak (i.e. most hours) time of development for each product, and hours worked will probably be the best way to divvy up the costs of the support center. The money invested in the company is being used on developing each product right now. I figured interest would best be divvied up by hours to attribute the interest expense to the product using the most of the investment. Similar to the reasons stated before general and administrative costs are going to be associated with the most prominent product, and that is best seen through hours. (Figure A)
conditions. During this leave the employee's benefits, position, health benefits and pay are protected as
The content of this paper is a condensation (compacted by >70%) of current knowledge regarding the administration of employee benefits as published by McGraw-Hill 2011 in “The Handbook of Employee Benefits: Health and Group Benefits, 7th Edition. Jerry S. Rosenbloom, editor”. This is the reference textbook for the International Foundation of Employee Benefits Plans (IFEBP), and Wharton (University of Pennsylvania), for those looking to certify as “Certified Employee Benefits Specialists” (CEBS).
From a tax perspective, amounts paid into the pension fund by BTH and employees are tax-deductible on corporate and personal income tax returns. Em...
The military affected my trust in people and my health, but the only positive thing that came out of it is the job that I do now.
Unfortunately, throughout history freedom has come at a price for those who believe in a free-world. According to “Free World.” Collins English Dictionary, the definition of free world is defined as such: Countries of the world that have democratic and capitalistic or moderately socialistic systems, rather than communistic or totalitarian system (“Free World,” def. 1). England, France and the United States all adopted conscription, (mandatory military service) in order to remain free from control by other countries. The United States has used conscription in several wars to fight the enemy. However, after the Vietnam War, selective service became a voluntary, and the draft was no longer used as a means to defend
Schliwen, A., Earle, A., Hayes, J. and Heymann, S., 2011. The administration and financing of paid sick leave. International Labour Review, 150 (1-2), pp. 43-62.
Before I describe to you some of the “routine” and specific situations, investigations, and actual cases and dispositions I encountered I feel I should outline some of the training that that I received starting with the Military Police and Basic Training. Looking back I see the importance of the initial Army training that centered on physical conditioning and the discipline necessary to obey and follow orders to become part of a team. We learned that what was good for one was good for all and of course the reverse. Each morning we stood inspection outside of the barracks with our field packs on. Part of our required equipment during the inspections was a razor. We found out why one morning at the beginning of our training cycle when one of
According to “Facts About A Gap Year,” the definition of a gap year is “a break typically taken between high school and college that might include travel, work, study, volunteering, or research.” Several colleges encourage their admitted students to take a gap year before starting their freshman year. Done the right way, a gap year can help students excel, while if a student completely puts aside their responsibilities, it can plummet their success in college. Students who take a gap year after high school not only mature, but also are prepared for college and the rest of their lives.