International Accounting Standard 19 (IAS 19) on Employee Benefits is important for all entities who provide long term benefits. The International Accounting Standards Board have announced amendments which are mandatory from accounting years beginning from 1 January 2013, subject to any instructions issued by the SECP.

The amendment may have a significant impact on reporting for the costs of Defined Benefit Pension and Gratuity Schemes, Post Retirement Medical Benefits and other long term benefits. The Early Bird Seminar held on 20th December 2011 discussed these issues. The speaker of the seminar was Mr. Samee-ul-Hasan, FIA, FPSA, FCII, FLMI, ASA, CEO and consulting actuary of Akhtar & Hasan (Pvt) Ltd, Actuaries.

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