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AASB 119 - Employee Benefits - September 2011
Post-employment benefits: defined contriPost-employment benefits: defined contribution plans
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Post-employment benefits: defined contribution plans
50 Accounting for defined contribution plans is straightforward because the reporting entity’s obligation for each period is determined by the amounts to be contributed for that period. Consequently, no actuarial assumptions are required to measure the obligation or the expense and there is no possibility of any actuarial gain or loss. Moreover, the obligations are measured on an undiscounted basis, except where they are not expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service.