Employee benefits standard drafted

News Article - 23 May 2012
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A draft for a new standard aiming to help governments account for employee benefits has been issued by the International Federation of Accountants.

The draft standard, drawn up by the International Public Sector Accounting Standards Board is entitled Employee Benefits and is based upon International Accounting Standard Number 19, Accountancy Age reports.

According to the website, the new exposure draft looks at benefits of short and long-term employees as well as termination and post-employment benefits.

Earlier this year, a new standard on auditing was proposed to deal with "special considerations in the audit of group financial statements".

Commenting on the latest auditing standard proposal, the redrafted International Standard on Auditing 600, the Chartered Institute of Public Finance and Accountancy welcomed the suggested improvements.

The Institute commended "its risk-based approach, the elimination of the distinction between sole and divided responsibility and the elimination of the distinction between related and unrelated auditors".

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