IAS 19 is an International Accounting Standard issued by IASB outlining the requirements for accounting & reporting employee benefits. We help companies calculate IAS 19 liabilities and expenses by performing actuarial valuations, collecting data and using actuarial techniques.
Why must provisions be calculated in accordance with IAS 19?
- Do you provide long-term benefits to your employees as part of your statutory obligations or beyond the scope of the law, such as long-term bonuses, life or work jubilees, pension plans, insurance?
- Does your company have a collective agreement?
- Does your company apply international accounting standards?
- Do you require an accurate overview of your liabilities to better plan future costs?
If you answered “yes” to any of these questions, and you don’t currently have an actuary in your team, contact our specialists who will assist you with calculating employee benefits in accordance with IAS 19.
Why should you choose PwC for calculation?
- Global trust: We are a recognized brand known for its quality and trustworthiness. Collaboration with us will increase the transparency and reliability of your company.
- Consultation leader: We are the largest consulting firm in Slovakia.
- First-rate team: We have the second largest team of actuaries at PwC offices in the CEE, and our experts are members of the Slovak Society of Actuaries.
- Expertise in regulations: We have a comprehensive understanding of regulatory requirements and obligations under IAS 19 and IFRS.
- Extensive experience: We have long-term experience with calculations in audits and for numerous clients.
- European coverage: We also provide our services regarding the calculation of employee benefits and pensions in other European countries.
- Comprehensive support: Our methods are based on audit procedures, and we provide comprehensive tailored advice.
- Reliable results: We guarantee accurate and reliable presentation of the liabilities in your financial statements.
IAS 19 is a standard issued by the International Accounting Standards Board (IASB) that outlines the requirements for accounting and reporting of employee benefits. IAS 19 requires companies to recognize the cost of providing employee benefits, such as pensions, post-employment healthcare, and other long-term employee benefits in their financial statements.
The standard requires companies to use actuarial methods to calculate the cost of these benefits (actuarial valuation). We help companies calculate their IAS 19 liabilities and expenses by performing an actuarial valuation. This typically involves the following steps:
- Reviewing the company's employee benefit plans and determining the key assumptions to be used in the actuarial valuation, such as discount rates, mortality rates, and salary growth rates.
- Collecting data on the company's employees, such as age, service, compensation, and benefit entitlements.
- Using actuarial techniques to calculate the present value of expected future benefit payments to employees, taking into account key assumptions.
- Determining the impact of plan amendments, curtailments, or settlements that may have occurred during the period.
- Preparing a report summarizing the results of the actuarial valuation, including IAS 19 liabilities and expenses to be recognized in the company's financial statements.
By providing these services, we help companies comply with the requirements of IAS 19 and ensure that their financial statements accurately reflect the cost of providing employee benefits.
