Employee Benefits and Discounting under AASB 119

Running head: ADVANCED CORPORATE ACCOUNTING
Name of the Student:
Name of the University:
Author’s Note:

1ADVANCED CORPORATE ACCOUNTING
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
The Employee Benefits Mentioned Under the AASB 119..........................................................2
Accounting or Employee Benefits and Discounting under AASB 119.......................................3
Compliance with the AASB 119.................................................................................................3
Conclusion.......................................................................................................................................4
Reference.........................................................................................................................................5

2ADVANCED CORPORATE ACCOUNTING
Introduction
The various types of employee benefits and the various forms of these benefits provided by the
company is an important aspect for the employees of the company. The company selected for the
analysis is the Woolworths Group and the financial report for the year 2017, is considered for the
analysis of the employee benefits it gives to its employees. Various aspects of compliance with
the company in accordance with the AASB 119 is important for the company.
Discussion
The Employee Benefits Mentioned Under the AASB 119.
The Employee Benefits is well briefed in accordance with the Australian Accounting Standards
(AASB 119). The various types of employee benefits discussed and which should be in
accordance with the AASB 119 under the short-term employee benefits are:
 Salary, Wages and Other Security Social Contributions.
 Annual Paid Leave and other medical leave
 Sharing Of Profits in the form of bonus
The post-employment benefits and others benefits that are there in the AASB 119 are:
 Retirement and other benefits like pensions arrangement
 Term Insurance and other long-term medical care benefits.
Long-term benefits to the existing and old employees are:
 Paid leave
 Disability benefits in the long term.