AASB 119 and Woolworths Group: Employee Benefits Project Report

This project report provides an analysis of Woolworths Group's employee benefits and their compliance with Australian Accounting Standards Board (AASB) 119. The report identifies various employee benefits offered by Woolworths, including short-term benefits such as wages and salaries, paid leaves, and non-monetary benefits; post-employment benefits like superannuation; other long-term benefits such as long service leave and long-term disability benefits; and termination benefits. The report also details the various forms these benefits take, such as the Woolworths Group Superannuation Plan, employee share purchase schemes, and defined contribution plans. Furthermore, the project examines the recognition and measurement of employee benefits under AASB 119, including actuarial valuation methods for defined benefit plans. The report concludes that Woolworths Group adheres to AASB 119, disclosing required information about defined contribution plans and the characteristics and risks associated with defined benefit plans, as evidenced in their 2018 Annual Report. The report references relevant accounting standards and the Woolworths Group's annual report to support its findings.

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>