What is the Annual Normal Cost (ANC)?
The ANC is the required current contribution of the Company for the service to be rendered by the employees for this year.
Month: February 2017
What is the Past Service Liability (PSL)?
The PSL is the liability of the company for the services rendered by their employees from date of hire to valuation date. […]
International Accounting Standards (IAS) 19 Explained
Below is an excerpt about International Accounting Standards (IAS) 19 taken from Deloitte. IAS 19 Employee Benefits (amended 2011) outlines the accounting […]
The Philippine Retirement Pay Law (RA 7641)
RA 7641 prescribes minimum retirement benefit that companies must pay eligible retiring employees.
Tax Advantages of a Retirement Plan
Since RA 7641 does not require companies to set up formal retirement plans, why, then, should the consider doing so?
Steps to Make your Retirement Plan a Tax-Qualified Plan
We outline the process of creating a retirement plan and securing a tax qualification with this plan.
What is the difference between PAS 19 and ASC 715 (US GAAP)?
Here are some highlights on the comparison between the Amended PAS 19R and the ASC 715 (US GAAP) reporting of employee benefits: […]
More About The Philippine Retirement Pay Law (RA 7641)
The Philippines has Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law.
International Accounting Standards (IAS) 19 Explained
Learn about International Accounting Standards (IAS) 19 as taken from Deloitte.
Tax exemptions on retirement plans: Revalidated and clarified
Learn about Republic Act (RA) 4197 as published by The Philippine Star.