Advanced Corporate Accounting

The detailed requirement is in attachment.

Advanced Corporate
Accounting

Introduction
This project report states about Woolworth Group regarding compliance of
AASB 119 employee benefits and also various benefits that had been
provided to employees.

Employee benefits as per AASB 119
The employee benefits that had been provided by AASB 119 are as follows:
Short-term
• Wages, Salaries, etc.
• Paid annual and sick leaves
• Non – Monetary benefits for current employees which includes medical care, housing etc.
Post Employment Benefits: Pensions etc.
Other Long Term Benefits
• Includes Long Service Leave
• Long term disability benefits etc.
All termination benefits that had been provided by them.

Various forms in which these benefits had been provided by Woolworths
They have provided Woolworths Group Superannuation Plan (WGSP) which provides
superannuation benefits to employees on retirement and are also closed for new employees
(Annual Report of Woolworth Group, 2018).
• Employee Share Purchase schemes (SPP)
• Non executive directors Equity plan (NEDP)
• Defined Contribution Plans

The Recognition and measurement of employee Benefits had been
provided under AASB 119
In context of defined benefit and contribution plan, present value of post employee
benefits can be determined by using following methods as per AASB 119:
• Actuarial Valuation Method
• Attribution of benefits to period of service served

Compliance with AASB 119 by Woolworths
Woolworth Group had been following AASB 119 as all the disclosure requirements had
been provided by this standard are followed by them which includes-:
• Woolworth had disclosed the amount that if recognised as expense for any defined
contribution plan (Annual Report of Woolworth Group, 2018).
• They had also explains all the characteristics and risk associated with defined benefit
plans and are also shown on present value.

Conclusion
This project concludes that Woolworth is following all the requirements that
are provided by AASB 119 Employee benefits and will also continue to
follow as it is an going concern.

REFERENCES
Books and Journals
Leung, A. P. (2015). The Fisher Hypothesis and Its Implications for Defined Benefits.
Asia-Pacific Journal of Risk and Insurance. 9(1). 107-124
Online
AASB 119 Employee Benefits. 2018. [Online]. Available through:
<https://www.aasb.gov.au/admin/file/content105/c9/AASB119_09-11.pdf>
Annual Report of Woolworth Group. 2018. 2018. [Online]. Available through:
<https://www.woolworthsgroup.com.au/icms_docs/195396_annual-report-2018.pdf>