Actuarial valuation of employee benefits under AS15 and IAS19

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1 Actuarial valuation of employee benefits under AS15 and IAS19 Our experts can help you and your clients: Estimate employee benefits expense and liability to be recognized in the financial statements Project employee benefit obligations in future years Analyze volatility of reported expenses and liabilities

2 For more than 60 years, Milliman has pioneered strategies, tools, and solutions worldwide. One of the largest consulting and actuarial firms in the world, we are globally recognized leaders who have helped shape significant changes in the industries we serve. We help clients make business sense of complex technical situations, with practical intelligence that yields practical results. Milliman consultants offer specialized services in employee benefits, Investments, healthcare, life insurance and financial services, and property and casualty insurance. Within these practices, we serve a wide range of current and emerging markets. Clients rely on us as industry experts, creative problemsolvers, and trusted advisors who deliver their services in a professional and completely confidential manner. As ongoing trends toward international business practices grow and corporations increasingly begin to cross borders to enter new markets, Milliman's global perspective becomes more important than ever in gaining the edge to compete effectively. At the same time, with offices in principal cities worldwide, Milliman combines its international expertise with on-the-ground knowledge of local conditions in the places where you and your clients most need it. 1

3 Do you require help in: IFRS convergence Preparation for IAS19 amendment Preparation of improved AS15 disclosure requirements Maintaining adequate funding Milliman can provide you solutions for these needs Milliman Employee Benefits Milliman is a pioneer in the retirement plan industry and has provided unparallel benefits consulting for more than half a century. Our dedicated actuarial team has been providing services in employee benefits to clients in the United States for several decades. Milliman's employee benefits practice is a member of Abelica Global, an international organization of independent consulting firms serving clients around the globe. With our extensive research and expertise, we have now entered the Indian market for gratuity and leave encashment valuations as per AS15 and IAS19. According to the new employee benefit accounting standard mandate (As15), gratuity funds must be actuarially valued. Having recently added pension valuation services to our service portfolio, we now sign off on gratuity and leave encashment for clients. We also conduct actuarial valuations for defined benefit pension plans. Milliman can provide you all necessary actuarial solutions for AS15 and IAS19 valuations. 2

4 Services offered We provide services for the following actuarial valuations of employee's benefits as per statutory requirement of Accounting Standard 15 (revised) issued by the Institute of Chartered Accountants of India. We provide actuarial valuation for the following: Gratuity liability Leave encashment liability Earned leave/leave benefits Sick leave benefits Long term service awards Post-retirement medical benefits Pension and other defined benefits plan We provide the following services for the actuarial valuations of employee benefits as per statutory requirement of International Accounting Standards 19: Post-employment benefits Other long term employee benefits Termination benefits Post retirement medical benefits Pension & other defined benefit plans 3

5 About Milliman Investment Practice Milliman's consultants are experts in all aspects of investment management analysis, portfolio development, and performance monitoring. Milliman offers unbiased guidance and advice for a wide array of investment programs to meet the needs of a variety of domestic and international clients. From discretionary services to performance reporting, Milliman's full menu of services helps investors create investment policy, identify investment managers, model liabilities, and manage risk. Milliman's investment consultants bring a wellrounded perspective that backs extensive industry expertise with highly regarded proprietary analytical and modeling tools. Healthcare Practice Milliman is the leader in providing actuarial and management consulting services to the health industry, helping clients balance the competing priorities in today's healthcare environment. Known for our technical expertise and business acumen, we provide a wide range of services to leading health insurers, providers, and federal, state, and other government agencies. Life Insurance and Financial Services Milliman serves most of the world's largest insurance companies and has played an active role in the evolution of the insurance industry. We offer focused advice on corporate strategy, risk management, product offerings, distribution, and other key areas. Clients depend on us for a clear understanding of political, economic, and demographic trends coupled with a rigorous analysis of markets, opportunities, and risk. Property and Casualty Practice Our sound risk-management strategies and keen understanding of the marketplace have made our P&C practice one of the largest in the world. Clients depend on us for expert analysis and insight into emerging trends in the context of their specific business dynamics. 4

6 Milliman India Pvt. Ltd. Plot No. 121, Second Floor, Institutional Area, Sector 44, Gurgaon, Haryana India Tel Fax For more information, please contact: Milliman is among the world's largest independent actuarial and consulting firms. With more than 2,500 employees and revenues of $676 million in 2010, the firm serves the full spectrum of business, governmental, and financial organizations. Milliman was founded in 1947 and today has 54 offices in principal cities worldwide, covering markets in North America, Latin America, Europe, Asia and the Pacific, and the Middle East. in.milliman.com

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