Employee Benefits in Woolworths Group

This presentation discusses the importance of employee benefits in advanced corporate accounting, specifically focusing on Woolworths Group. It explores the different forms of employee benefits provided by the company and their significance in maintaining employee loyalty and trust. The presentation also highlights the need to discount these benefits in accordance with AASB119 and the compliance of Woolworths Group with the accounting standard.

Advanced Corporate Accounting

INTRODUCTION
 Advanced corporate accounting is branch which is implied general accounting
principle which helps company in managing stability in business functions.
 Employee benefits is part of advanced corporate accounting and therefore the
presentation will outline benefits of providing advantages to workers of
Woolworths group.

Employee Benefits And Various Forms In
Which These Benefits Are Applicable In
Woolworth Group
 Employees benefits are crucial part of business where the focus of management is on
providing advantages in kind which comprise compensation, medical aid, pension,
transportation services, gratuity, sick leaves, life insurance, etc.
 Corporate social responsibility enables strict structure to business for setting employee
benefits with the help of which the management is able to segregate welfare plans
comprise short and long term benefits and post-employment plans

Cont..
 The welfare plans help the workers in developing trust over organisational changes and
functions.
 It is management by firm for employee retention and building long term relationship
with staff.
 This assist firm in gaining employees loyalty and increasing their working experience
with organisation. Woolworths is focused on welfare of its workforce which is denoted
by its current and non-current provision.

Employee benefits which needs to
discounted in accordance with AASB119
 As per Australian accounting standard board, it is the liability of firm to launch benefits
to employees for the services which the individuals are giving to firm.
 The board states about welfare where it is the responsibility of an enterprise to pay
workforce a charge which is consumed by entity from economic benefit that is
generated from services provided workers.

Cont..
 Discounts rate refers to time value of money but not investment risk and actuarial.
 In accordance with Australian accounting standard board two employee benefits are
given discount that is post-employment and long term like, dividend, gratuity, pension,
etc.
 The rate used to discount post-employment advantage obligations (both funded and
unfunded) shall be implied with regard to market yields at the end of reporting period.

Compliance with AASB119
 Structure of corporate social responsibility of Woolworths denotes its responsibility for
compliance with AASB 119.
 CSR structure of company is focused on providing employee welfare and therefore the
retailer has complied with Australian accounting standard board which helps the
business in managing balance between earnings benefits to employee
 Woolworth has complied with AASB119 because it assists the firm in gaining
employees trust towards welfare plans and schemes.

Cont..
 On the basis of discounted rate of board, the retailer sets welfare plans for workers
where post-employment and long term welfare schemes are offered according to
current market and economic conditions.
 The firm has complied with standard board because it helps the accounting
management in balancing current earning and employee’s welfare.

Conclusion
 The presentation summarized about employees benefits which are provided by organisation to
protect workers interest with firm.
 Some benefits which are encouraged woolsworth, the second largest supermarket chain of
Australia are annual leaves, long service leave, medical aid, pension, etc.
 It outlined welfare schemes which needs to be discounted according to Australian accounting
standard board that is long term and post-employment benefits.
 It concluded by deriving compliance of retailer with standards of aasb119.

References
Books and journals
Islam, J. & et.al., (2017). Politicisation of the accounting standard-setting process and the influence of
key-players: an investigation into the withdrawal of the mandatory status of the statement of accounting
concepts no. 4 (SAC 4) in Australia. Accounting history, 1032373217733811.
Online
Woolworths group: annual report. (2018). [Online]. Available through: <
file:///C:/users/user/appdata/local/temp/rar$dia0.764/woolworthreport1539482080.Pdf>.

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