We specialize in Providing Actuarial Valuation Services, which involve the evaluation of financial obligations to be discharged at a future date. The specific areas of application are:-
· Actuarial Valuation for Gratuity Plans (as per Payment of Gratuity Act, 1972 -amended or as per company specific benefit structures).
· Actuarial Valuation for Earned Leave Plan.
· Actuarial Valuation for Sick Leave Plan.
· Actuarial Valuation for Defined Benefit Pension Plans.
· Actuarial Valuation for Post Retirement Medical Benefit Plans.
· Actuarial Valuation for Settlement Allowances on Retirement.
· Actuarial Valuation for Long Service Award Plans/Incentive Plans.
· Actuarial Valuation for Interest Rate Guarantee for Exempted Provident Funds as per the Guidance Note 29 issued by the Institute of Actuaries of India under Revised AS 15 (Revised 2005).
· Any other Defined Benefits not covered above.
The important items which need disclosure for compliance of the above Accounting Standards for Employee Benefits are:
· Projected Benefit Obligation at the Start of the Accounting Period
· Current Service Cost
· Past Service Cost
· Curtailments/settlements
· Interest Cost in Indian GAAP
· Net Interest Cost (Income) in IAS -19 (Revised 2011) under IFRS
· Other Comprehensive Income and Reimbursements in IAS -19 (Revised 2011) under IFRS
· Actuarial Gain/Losses in Indian GAAP
· Projected Benefit Obligation at the End of the Accounting Period
· Current and Non- Current Obligations as required Revised Schedule VI in Indian GAAP
To get an accurate gratuity valuation, especially considering changes in regulations or company policies, it's recommended to consult with professionals like Mithras Consultants who specialize in Gratuity Valuation services.
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