This accounting standard prescribes the accounting and disclosure for employee benefits. The standard requires an entity to recognise a liability when an employee has provided service in exchange for employee benefits to be paid in the future, and an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. An entity shall apply this standard for annual periods beginning on or after 1 January 2016. Earlier application is permitted for periods beginning on or after 1 January 2014 but before 1 January 2016. If an entity applies this standard for an earlier period, it shall disclose that fact.
Sunsetting
Most legislative instruments will sunset 10 years after commencement under Chapter 3, Part 4 of the of the Legislation Act 2003.
Australian Government
This accounting standard prescribes the accounting and disclosure for employee benefits. The standard requires an entity to recognise a liability when an employee has provided service in exchange for employee benefits to be paid in the future, and an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. An entity shall apply this standard for annual periods beginning on or after 1 January 2016. Earlier application is permitted for periods beginning on or after 1 January 2014 but before 1 January 2016. If an entity applies this standard for an earlier period, it shall disclose that fact.