The liability for employee benefit obligations relates to the Employees’ end of service benefits which is a defined benefit plan. The liability recognized in the statement of financial position is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. Past service costs are recognized immediately as an expense. Actuarial gains or losses are recognized in profit or loss. Gains or losses on the curtailment or settlement of a defined benefit plan are recognized in profit or loss when the company is demonstrably committed to curtailment or settlement. When it is virtually certain that another party will reimburse some or all of the expenditure required to settle a defined benefit obligation, the right to reimbursement is recognized as a separate asset. The asset is measured at fair value. In all other respects, the asset is treated in the same way as plan assets. In the statement of income and retained earnings, the expense relating to a defined benefit plan is presented of the amount recognized for a reimbursement.
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