Accounting of Social Security Scheme Fund Where Contribution to Fund is Uncertain Under Ind AS 19
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- Last Updated on 27 June, 2024
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Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.
Defined benefit plans are post-employment benefit plans other than defined contribution plans.
In case a company has formed a trust fund to carry out the activities of employee benefits which shall provide benefits only to the employees who die during the service period. The company believes that since the benefits are not provided after completion of employment therefore the fund is neither a defined contribution nor a defined benefit plan. However, the EAC of ICAI has a different view regarding it.
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