IAS 19 Employee Benefits (Module 4) with Complete Solutions.

What is the main objective of IAS 19? correct answers To prescribe the accounting and disclosure for employee benefits When does IAS 19 requires an entity to recognize a liability? correct answers When an employee has provided service in exchange for employee benefits. When does IAS 19 requires an entity to recognize an expense? correct answers When the entity consumes the economic benefit arising from service provided by an employee The IAS 19 standard sets out to provides what correct answers Information to the users of the accounts that is useful for decision making purposes The IAS 19 standard must be applied by an employer in accounting for all employee benefits with the exception of which of the following? correct answers Share-based payments such as share options The corridor approach is NO longer allowed correct answers True The corridor approach is allowed correct answers False What is the scope of IAS 19 correct answers Employee benefits provided to either employees or their dependents and may be settled by payments made either directly to the employee or their spouse, children or other Who does the IAS 19 scope applies to correct answers Full-time, part-time, permanent, casual or temporary, directors and other management personnel IAS 19 does NOT deal with reporting by employee benefit plans correct answers True IAS 19 deal with reporting by employee benefit plans correct answers False What are the four main categories that IAS 19 classifies employee benefits? correct answers Short-term benefits; Post employment benefits; Long-term benefits and Termination benefits Short-Term Benefits correct answers Employee benefits that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employee render the related service What are considered short-term employee benefits correct answers Wages, salaries, social security contributions; paid annual & sick leave; profit-sharing & bonuses; non-monetary benefits