The article discusses the significant differences on the accounting requirements for employee benefits under MPSAS 25, MFRS 119 and Section 28 of MPERS.
Lets understand how entities account for defined benefit plans given to employees as part of their post-employment benefits.
Understand how entities should account for their employee benefits. The accounting for short-term benefits are rather straight-forward. Entities should focus on the accounting for the tricker part – post-employment benefits.