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
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
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
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
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