What is IAS 19?
IAS 19 is the International Accounting Standard governing employee benefits accounting requirements. Under IAS 19, long-term employee benefits, such as end of service gratuity benefits, require an actuarial valuation.
What We Do
For most companies IAS 19 or ASC 715 serves one purpose only – International Financial Reporting Standards (“IFRS”) or US GAAP compliance. Your auditor and perhaps the authorities require implementation – even if the year-to year impact on your financials is expected to be minimal. On this site you can learn more, and easily approach us to assist you.
We offer an IAS 19 or ASC 715 compliant valuation report, complete with necessary disclosures and entries – with minimum effort or demands on your time. For companies employing 100 staff, 5,000 staff or 100,000+ staff, we deliver results to you quickly, accurately and efficiently. M&A impact, Bulk Transfers, Mass Retrenchments – not a problem. We guide you as to exactly how to use our results.
How Does Lux's Process Work?
- Collect, analyse, reconcile and validate employee payroll data,
- Engage with the Finance/Management team to set the valuation basis,
- Calculate the actuarial cost of
- Conclude and make recommendations
to Senior Management,
- Present an extensive actuarial report within a few working days.
What Does The Report Show?
Our actuarial report, which is fully compliant with the Institute and Faculty of Actuaries’ professional standards (IFoA – London, UK) sets out the following:
easy-to-understand format, directly transferable to your financial statements
Want to know more?
For those who would like insight as to the extent of work required and to understand more about what the actuarial calculations entail, please explore our Knowledge Base.