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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.  The PSL can be paid in full or in amortized amount over a 3-year, 5-year, etc. but not to exceed the remaining working life of the employee...

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 requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave),...
The Philippine Retirement Pay Law (RA 7641)

The Philippine Retirement Pay Law (RA 7641)

Republic Act No. 7641 (RA 7641), also known as the Retirement Pay Law, came into effect in January 7, 1993 and was made to amend Article 287 of the Labor Code of the Philippines. This law prescribes minimum retirement benefit that companies must pay eligible retiring...
Tax Advantages of a Retirement Plan

Tax Advantages of a Retirement Plan

Since Republic Act (RA) 7641, also known as the Retirement Pay Law, does not require companies to set up formal retirement plans, why, then, should the consider doing so? The answer is very practical in nature: to enable both the company and the employee to avail of...