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ESSENTIALS OF FINANCIAL ACCOUNTING BY ASISH K BHATTACHARYYA

Second Edition Chapter 12

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Definition
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A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. The entity has no realistic alternative to settling the obligation.

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Present Obligation
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The obligation should exist at the balance sheet date.


In most situations, it is quite clear whether an obligation exists at the balance sheet date. Only in certain situations, for example, in case of a law suit, the entity has to develop a perspective of the situation to formulate a view on whether an obligation exists at the balance sheet date.

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Past Events
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Balance sheet presents the financial position of the entity at the balance sheet date.
It does not present the possible financial position in future. Therefore, obligations that might arise in future from likely future events are not recognised in the balance sheet.

A past event that leads to the present obligation is called obligating event.

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Outflow of Resources
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A present obligation is recognised as a liability in the balance sheet only if it is probable that economic resources embodying economic benefits will flow out of the entity in settling the obligation and the management can estimate the amount of that outflow. If it is less than probable that economic resources embodying economic benefits will flow out of the entity, the obligation is disclosed under the heading Contingent Liability, unless the possibility of an outflow of resources embodying economic benefits is remote.

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Classification of Liabilities
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General classification

Obligations

Legal obligations

Constructive obligations

Contractual

Derived from legislation

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Legal Obligations
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Legal obligations are derived from contracts or from legislation or from other operation of law.
Examples of legal obligation derived from contracts are loan obtained by the entity and trade payables. Examples of obligations derived from legislation are income tax payable and sales tax payable. Example of obligation derived from other operation of law is deferred tax liability.

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Constructive Obligation
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A constructive obligation is an obligation that derives from an entitys actions where:


(a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities; and (b) as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities.

All constructive obligations ultimately become contractual obligations.


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Constructive Obligation: Examples


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An obligation from specific current statement of the entity to restore the environment polluted by use of its product even if not required by law. The obligation arising from the past practice of paying ex-gratia payment to retiring employees and the obligation arising from past practice of the entity to replace defective products even after the expiry of the warranty period.

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Financial Liabilities
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Principles for the measurement of financial liabilities differ from those for the measurement of other liabilities. A financial liability is a contractual obligation to deliver cash or other financial asset to another entity.

Therefore, an obligation that does not arise from a contractual arrangement is not a financial liability. Similarly, a liability to deliver goods or services is not a financial liability.

A constructive obligation is not a financial liability.


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Financial Liabilities (cont.)


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Examples of financial liability are loan obtained from another entity or from public by issuing debt instruments, trade payables and security deposits received from contractors. Advance received from customers, deferred revenue, obligations to dismantle and site restoration arising from the installation of an item of PP&E and obligations arising from product warranty are not financial liabilities. Income tax liability and similar other liabilities are not financial liabilities.

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MEASUREMENT OF FINANCIAL LIABILITIES


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Initial Measurement
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A financial liability is initially measured at fair value, adjusted for transaction costs, which are directly attributable to the acquisition of the liability.

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Fair Value
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Fair value is the exit price.

In other words, fair value is the price at which the entity can exit the liability.

In absence of active markets for financial liabilities, there is no observable exit price for a liability.

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Fair Value (cont.)


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Usually, fair value is the present value calculated using market perception about the interest rate at which the entity could borrow the amount from the market for the same term and with similar conditions.

Therefore, if the entity assumes the financial liability at market terms and conditions, the fair value of a financial liability is the transaction price. The interest rate at which the entity could borrow is called incremental borrowing rate.

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Fair Value (cont.)


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If the liability is assumed with terms and conditions which are different from market terms and conditions, the fair value will be different from the transaction price. For example, if an entity receives security deposits from contractors, which execute long-term projects, and under the terms and conditions that do not require the entity to pay any interest on the same, the fair value should be lower than the transaction price.

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Incremental Borrowing Rate


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Incremental borrowing rate is the rate at which the entity would be able to borrow the funds received by it over a similar term, and with a similar security. Incremental borrowing rate might be different from the average borrowing rate of the entity. Incremental borrowing rate depends on the credit rating of the entitys bond at the time of issue or the credit risk of the liability assessed by the lender or the creditor at the time of assumption of the liability by the entity.

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Fair Value Lower Than The Transaction Price


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If the fair value is lower than the transaction price, the difference between the two is recognised as income and is presented in the profit and loss account under the appropriate line item. The nature of the income should be disclosed.

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Short-term Liabilities
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Trade payables and other short-term liabilities are measured at the transaction price. However, if the time value of money is material, those are measured at PV calculated by discounting cash flows associated with the liability by the rate of interest at which the entity could borrow the amount from the market. The PV is considered to be the fair value of the liability. Usually, if the liability is expected to be settled after six months from the date of the transaction, it is measured at its present value.

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Subsequent Measurement
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Liabilities, other than those held for trading and derivative instruments, are measured at amortised cost using the effective interest rate method. Liabilities held for trading (e.g. borrowing of shares by a short-seller) and derivative instruments are measured at fair value. The gain or loss arising from the change in the fair value is recognised as profit or loss for the period.

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Illustration 1
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On 31 December, 2009, Naina Limited (NL) borrowed Rs. 100 million from the State Bank of India at the market rate of interest, which is 12% per annum. Other terms and conditions of the loan are similar to those which are normally imposed by financial institutions.

The loan is repayable in five equal yearly instalments. Each instalment is payable at the end of the each year starting from 31 December, 2010. Interest is payable at the end of each year starting from 31 December, 2010. NL had paid 0.2% of the loan amount to the bank towards processing charges. NL closes its financial year on 31 December.
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Illustration 1: Solution
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Effective interest is the rate which equates the present value of cash outflows to the amount (Rs. 99.8 million) at which the loan was measured initially. Effective interest rate comes to 12.086%.

The transaction cost is subsumed in the effective interest. Therefore, no separate accounting is required for the same.

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Illustration 1: Solution (cont.)


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Table showing calculations

Year (1)

Opening balance (Rs. m) (2) 99.800 79.862 59.914 39.956 19.985

2010 2011 2012 2013 2014 Total

Effective interest (Rs. m) (2 .1209) (3) 12.062 9.652 7.241 4.829 2.415 36.200

Cash outflow Principal (Rs. m) (4) 20.000 20.000 20.000 20.000 20.000 100.000

Cash outflow Interest (Rs. m) (5) 12.000 9.600 7.200 4.800 2.400 36.000

Closing balance (Rs. m) (24+35) (6) 79.862 59.914 39.956 19.985 0

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Illustration 2
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Contractors, who are awarded long-term contract by Lahar Limited (LL), are required to deposit with the company 10% of the project value as security deposit.

The company does not pay interest on the security deposit. On 1 January, 2010, it has obtained security deposit of Rs. 10 million from Julia Limited (JL). It is expected to refund the deposit on 1 January, 2012. LL closes its financial year on 31 December. As per the market perception, the incremental borrowing rate of LL is 12%. The deposit was initially recognised at Rs. 7.972 million, which is the PV of Rs. 10 million, discounted at 12% p.a.
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Illustration 2: Solution
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The effective interest is 12%. In the year 2010, interest expense is to be recognised in the profit and loss account at Rs. 0.957 million (7.972 0.12). The security deposit would be carried in the balance sheet as at 31 December, 2010 at Rs. 8.929 million (7.972 + 0.957). In the year 2011, interest expense is to be recognised in the profit and loss account at Rs. 1.071 million (8.929 0.12). The security deposit would be carried in the balance sheet as at 31 December, 2010 at Rs. 10.000 million (8.929 + 1.071).

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Illustration 3
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On 1 January, 2010, a public sector enterprise received a loan of Rs. 1,000 million from the government at an interest rate of 6% per annum.
Interest is payable at the end of each year beginning from 31 December, 2010. The loan is to be repaid in five equal annual instalments. Each instalment is to be paid at the end of each year beginning from 31 December, 2010. The entity could borrow the amount from the market at an interest of 12% per annum with similar terms and conditions. The entity initially recognised the loan at Rs. 860.478 million, which is the PV of the loan amount discounted at 12% per annum.

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Illustration 3: Solution
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Effective interest rate is 12% per annum. The difference between the fair value and the amount of loan is recognised as government grant.

Year (1) Opening balance Effective interest (Rs. m=million) (Rs. m) (2) (2 .12) (3) 860.478 103.257 703.735 84.448 540.184 64.882 369.006 44.281 189.286 22.714 319.523 Cash outflow Principal (Rs. m) (4) 200.000 200.000 200.000 200.000 200.000 1000.000 Cash outflow Interest (Rs. m) (5) 60.000 48.000 36.000 24.000 12.000 180.000 Closing balance (Rs. m) (2-4+3-5) (6) 703.735 540.184 369.006 189.286 0

2010 2011 2012 2013 2014 Total

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PROVISION
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Definition
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A provision is a liability of uncertain timing or amount. Examples of provision are:


Provision for income tax liability provision for product warranty provision for dismantling of assets and environment restoration Provision for post-retirement employee benefits and provision for disputed claim by customers Provision for disputed claim by the revenue department of the government.
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In India, the term provision is also used to refer to valuation allowance.


Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Provisions and Other Liabilities


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Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement.
Trade payables are liabilities to pay for goods or services that have been received or supplied, and have been invoiced or formally agreed with the supplier. Accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees. It is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for provisions. Accruals are often reported as part of trade and other payables, whereas provisions are reported separately.

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Use of Provision
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A provision should be used only for expenditure for which it was originally recognised.

For example, a provision for product warranty should be used only to meet expenses related to product warranty.

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Provision: Measurement
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A provision is measured at the best estimate of the expenditure required to settle the obligation as on the balance sheet date.
The best estimate is the amount that the entity would rationally pay to settle the obligation at the balance sheet date or to transfer to a third party at that time. The entity estimates the financial effects of the liability based on experience and by evaluating available evidence and expert opinion.

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Provision: Measurement (cont.)


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The risk and uncertainties that surround many events and circumstances should be taken into account in reaching the best estimate of a provision. Similarly, future events that may affect the amount required to settle an obligation should be considered in estimating the expenditure that will be required to settle the obligation, provided that there is sufficient objective evidence that those events will occur.

Gains on expected disposal of assets are not taken into account in measuring a provision, even if the expected disposal is closely linked to the event giving rise to the provision.
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Provision: Measurement (cont.)


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The estimates of outcome and financial effects are determined by the judgement of the management of the entity. Where the provision being measured involves a large population, the liability is measured at the expected value, calculated using subjective probabilities. Where a single obligation is being measured, the most likely individual outcome may be the best estimate of the liability.

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Onerous Contracts
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As a general principle, a liability is recognised only if the obligation arises from one or more past events. No provision should be recognised for future operating losses. An exception to this rule is the provision for onerous contracts.

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Onerous Contracts (cont.)


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Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent. An executory contract is onerous if the unavoidable costs of meeting the obligations under the contract exceed the expected economic benefits. An entity should provide for estimated loss from an onerous contract.

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Restructuring
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IAS-37 defines restructuring as a programme that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity or changes the manner in which the business is conducted. Restructuring may involve:

(a) Sale or closer of a line of business (b) Closer of a location or relocation of business activities (c) Changes in management structure (d) Changes the nature or focus of an existing business

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Restructuring: Constructive Obligation


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IAS-37 stipulates that a constructive obligation for restructuring arises when the entity
(a) has drawn a detailed formal plan for the restructuring; and (b) has raised a valid expectation among the people or entity affected by the plan that the plan will be carried out.

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Restructuring: Constructive Obligation (cont.)


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The standard stipulates that the detailed formal plan for restructuring should identify at least:
(a) The business or part of the business concerned; (b) The principal location affected; (c) The location, function and approximate number of employees who will be compensated for terminating their services; (d) The expenditure that will be undertaken; and (e) When the plan will be implemented.

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Restructuring: Constructive Obligation (cont.)


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A restructuring plan gives rise to a constructive obligation when it is communicated to those who will be affected by it, and its implementation is to start as soon as possible and to be completed in a timeframe that makes significant changes to the plan unlikely. A restructuring provision includes only the direct expenditure arising from the restructuring.

These should arise necessarily from restructuring and should not be associated with the ongoing activities of the entity.
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Reimbursement
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An entity should recognise reimbursement as a separate asset, if and only if, it is virtually certain that the reimbursement will be received. The amount recognised for the reimbursement should not exceed the amount of the provision. In the profit and loss account, expense relating to a provision may be presented net of the amount recognised for a reimbursement.

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Effect of Time Value of Money


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IAS-37 stipulates that where the effect of time value of money is material, the amount of a provision should be the PV of the estimated expenditure that will be required to settle the obligation. The same principle should be applied for measuring liabilities other than financial liabilities. The discount rate should be a pre-tax rate that reflects the current market assessments of the time value of money and the risk specific to the liability.

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OTHER ISSUES
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Contingent Liabilities
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In a general sense, all provisions are contingent because they are uncertain in timing or amount. However, in contingent liability, the term contingent is used for liabilities that are not recognised because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The term contingent liability is also used for liabilities that do not meet the recognition criteria.

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Contingent Liabilities (cont.)


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Contingent liabilities are not recognised as liabilities because they are either:
(a) possible obligations, as it has yet to be confirmed whether the entity has a present obligation that could lead to an outflow of resources embodying economic benefits; or (b) present obligations that do not meet the recognition criteria (because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or a sufficiently reliable estimate of the amount of the obligation cannot be made).

In contrast, provisions are recognised as liabilities (assuming that a reliable estimate can be made) because they are present obligations and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations.
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Contingent Liabilities (cont.)


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Contingent liabilities are disclosed by way of notes below the balance sheet. An entity discloses for each class of contingent liability at the end of the reporting period a brief description of the nature of the contingent liability and, where practicable:

(a) an estimate of its financial effect; (b) an indication of the uncertainties relating to the amount or timing of any outflow; and (c) the possibility of any reimbursement.

Capital commitment, although not a contingent liability, is disclosed under the heading Contingent Liabilities.
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Contingent Liabilities: Analysts View


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Analysts are required to examine contingent liabilities with care. An analyst has to form a judgement on whether the entity has disclosed liabilities for which provisions should have been recognised in the balance sheet. He/She should examine the relative size of a contingent liability and its nature to understand whether the contingent liability is consistent with the nature of business of the entity and also to assess the risk associated with the contingent liability. An analyst should carefully go through the notes to account and should collect information, to the extent possible from other sources.
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Post-employment Benefit Plans


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Post-employment benefits include:


(a) Retirement benefits, e.g. gratuity and pension (b) Other benefits, e.g. post-employment life insurance and post-employment medical care

Post-employment benefit plans are deferred payment plans. An employee earns entitlement to those benefits when he/she renders service. Entitlement increases with additional service.

However after a certain length of service, additional service does not result in increase in the amount of post-retirement benefits.
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Post-employment Benefit Plans (cont.)


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Post-employment benefit plans are classified into:


(a) Defined contribution plans (b) Defined benefit plans

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Defined Contribution Plan


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A defined contribution plan is one in which the employer pays a fixed contribution (e.g. 10% of salary) into a separate entity or fund and its obligation is limited to that contribution. The employer is not required to contribute further if the fund does not hold sufficient assets to pay all the employee benefits relating to employee service on the current and prior periods. In defined contribution plan, the financial risks are borne by the employee.

The amount of benefit depends on the performance of plan assets.


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Defined Benefit Plan


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A defined benefit plan is a post-employment benefit plans other than defined contribution plans. As the name implies, under a defined benefit plan, the benefit to employees is defined. Therefore, under such a plan, the employer has the obligation to provide the agreed benefits to current and former employees.

An example of defined benefit plans is the gratuity scheme under which the amount of gratuity payable to an employee is determined based on the period of service and last pay drawn.

It is not linked to the contributions by the employer over the period of employment or on the plan assets performance.
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Defined Contribution Plan: Measurement of Liabilities


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An enterprise recognises contributions payable as an expense in the profit and loss account for the period in which the employee has rendered the service.
If the amount of contribution paid is less than the amount payable, the difference is recognised as a liability (accrued expense) in the balance sheet as at the end of the period. Similarly, any amount paid in excess of the amount due is recognised as an asset (prepaid expense) in the balance sheet as at the end of the period.

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Defined Benefit Plan: Measurement of Liabilities


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Defined benefit plans may be:


(a) Unfunded (b) Wholly or partly funded by contributions by an enterprise, and sometimes its employees

When a defined benefit plan is funded, the enterprise contributes to an entity or fund that is legally separate from the reporting enterprise.

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Defined Benefit Plan: Measurement of Liabilities (cont.)


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Employee benefits are paid by that entity or from that fund. However, the amount payable does not depend on the financial position and the performance of the entity or fund.

Employee benefits are defined in the plan.

The enterprise, in substance, underwrites the actuarial and investment risks associated with the plan.

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Defined Benefit Plan: Measurement of Liabilities (cont.)


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An enterprise uses actuarial valuation to determine the present value of defined benefit obligations at the balance sheet date. Enterprises use the projected unit credit method to determine the present value of the defined benefit obligations of an enterprise.

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Projected Unit Credit Method


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The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. In short, projected unit cost method estimates obligations for services already rendered by employees up to the valuation date. However, in estimating the obligations it makes many assumption including the assumption about the rate at which benefits will be payable to the employee.

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Defined Benefit Plan: Measurement of Liabilities Set Off


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An enterprise recognises the liability at the present value of the defined benefit obligation at the balance sheet date minus the fair value at balance sheet date of plan assets (if any), out of which the obligations are to be settled directly.

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Uncovered Pension Liability: Analysts Perspective


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In analysing financial statements, uncovered pension liability is considered as a non-operating liability. In restructuring financial statements, the amount is included in debt and the amount of imputed borrowing cost is added to the borrowing cost recognised in the profit and loss account. The logic is that had the entity decided to top up the plan asset to match it with the liability, it would have to borrow the amount. Similarly, if the amount of plan assets exceeds the amount of the liability, the excess amount is considered as a non-operating asset.

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