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Here we give basic information. We give greater depth and examples to regular searches and questions in our Blog.
IAS 19 pdf (requires registration on the site). We do not keep the pdf on this site as the copyright issues are unclear. This document consists of 52 pages containing some 178 paragraphs.
What is IAS 19?
What is an IAS 19 actuarial valuation?
An IAS19 actuarial valuation requires skilled personnel, both in qualification and in specific experience and application, to meet the stringent reporting requirements. It is necessary to employ professionally qualified actuaries to perform this task.
Why conduct an IAS 19 valuation?
Does IAS 19 apply to all countries and companies?
How does our Lux process work?
Engage with your team to set the valuation basis,
Calculate the actuarial cost of liabilities,
Conclude and make recommendations to Senior Management,
Present an extensive actuarial report within five to ten working days
What does the report show?
1. Data: summary statistics
2. Assumptions: we set out the impact and materiality or significance of each of our assumptions (demographic and financial)
3. Methodology: we detail our approach in reaching the results, in accordance with IAS 19
4. Results: we set out the figures you should use in the year-end financials, in an easy-to-understand format, directly transferable to your financials
5. Future year expected cost, for budgeting and planning purposes
6. Projections: we roll forward the results and provide a projection of estimated benefits versus expected future cash flows over the remaining lifespan of the benefits scheme, for use in your longer-term budgeting process.
7. Member level cost and liability, as per agreed scope
How does Lux make your work as HR or Finance Director easier?
What are the advantages of conducting an IAS 19 actuarial valuation?
By commissioning an IAS 19 actuarial valuation it helps your Company to understand, with certainty, your employee benefit obligations. Such an exercise also serves to identify intrinsic risks and associated mitigating actions which, if necessary, can be implemented without undue delay.
What other employee benefits services does Lux offer?
– Validation of internal accounting calculations and reporting
– Advice on scheme design, to match employee benefits liabilities, and/or reward employees via contributory savings
– Guidance on scheme governance and how to mitigate the risks – associated with employee benefit liabilities, including funding solutions
– Cost/Benefit analysis of introducing an employee benefits scheme, based on different scenarios
– Advice on asset/liability matching and risk-reducing strategies
– Employee payroll data audits, to verify accuracy and completeness
– Employee communications, including scheme booklets and total reward statements
How do I find out more?
Susan Turner, BSC, FPMI
Head of Employee Benefits Services
+971 52 851 4075