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Retirement Pension Accounting Process

  • 1. Present value of defined benefit obligation
    • Present value of expected future payments required to settle the obligation resulting from employee service in the current and prior periods.
    • Projected unit credit method is used to measure the obligation, and this requires actuarial assumptions.
    • Actuarial assumptions include discount rate, salary increase rate, and withdrawal rate.
      • Discount rate : determined by reference to market yields at the end of the reporting period on high quality corporate bonds.
      • Salary increase rate: estimates of future salary increase take account of inflation, seniority, promotion and other relevant factors.
      • Withdrawal rate : generally determined based on historical experience.
  • 2. Fair value of asset
    • The fair value of plan asset is deducted from the present value of the defined benefit obligation in determining the deficit or surplus.
    • An entity shall disaggregate the fair value of plan assets into classes that distinguish the nature and risks of those assets, subdividing each class of plan asset into those that have a quoted market price and those that do not.