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IAS 19 is an international accounting standard that explains how to account for wages, pensions, life insurance and other perquisites. It covers topics such as actuarial valuation, funding, assumptions, surplus, settlement and curtailment of employee benefit plans.
Employee benefits are non-wage compensation provided to employees in addition to their normal wages or salaries. They can be mandated by regulation or discretionary, and include housing, insurance, retirement, tuition, leave, and other benefits.
Learn about the concept, types and accounting treatment of accumulated other comprehensive income (AOCI), a subsection of equity that encompasses certain gains and losses not recognized in the income statement. AOCI is also known as other comprehensive income (OCI) and is sometimes reclassified to profit or loss.
Phantom stock and SAR accounting is straightforward. These plans are treated in the same way as deferred cash compensation. As the amount of the liability changes each year, an entry is made for the amount accrued. A decline in value would create a negative entry. These entries are not contingent on vesting.
Fund accounting is an accounting system for recording resources with specific limitations or purposes. It is used by nonprofits and governments to show how money is spent and reported. Learn about the types, categories and standards of fund accounting.
Special journals are lists of financial transaction records that accountants use to record transactions of a specific type, such as sales or purchases. Learn about the four types of special journals (sales, cash receipts, purchases, and cash payments) and their formats, source documents, and folio numbers.
Employee stock option (ESO) is a compensation contract between an employer and an employee that gives the employee the right to buy the employer's stock at a certain price. ESOs are used to reward, retain, and attract employees, and have different features and tax implications depending on the company and the market.
It's crucial to provide employees in finance and accounting roles “an experience that feels modern," Zabel told me last week during Workday Rising in Las Vegas. (Workday is a CFO Daily sponsor).
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