Pension Accounting

Pension Accounting - University of Rhode Island BUS 402...

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Unformatted text preview: University of Rhode Island BUS 402 Advanced Accounting 2010 - 2011 Joseph M. DAdamo Course Outline #9: Accounting for Employee Benefits Page 1 of 38 I. Employee Benefits: Background Information A. Objectives 1. Compensation for Services used by Employer 2. Incentives Attract new employees Retain current employees Motivate employees Reward employees for achievements/performance 3. Corporate Responsibility to major stakeholder group B. Types of Employee Benefits 1. Current Employment Period Benefits Some Examples a. Employee Compensation Salaries and Wages Commissions and Bonuses Stock-Related Stock Options, Stock Appreciation Rights, ESOP b. Fringe Benefits Government Mandated Contributions FICA, Medicare, Unemployment Insurance Coverage Health, Life, Disability, etc. Course Outline #9: Accounting for Employee Benefits Page 2 of 38 Dependent Care Assistance Moving Costs Reimbursements Transportation/Commuting Benefits Education Tuition Reimbursement, Training, CPE, etc. Required Reading: Employee Benefits Excerpts Adapted from IRS Publication (Circular E) Employers Tax Guide 2009 E With employees come responsibilities that employers must fulfill to succeed. Employee-related responsibilities cover a wide-range of issues and may exist as a matter of law or as practical considerations subject to management discretion. Many employer responsibilities are established by federal or state laws and regulations. For example, employers have responsibilities that require compliance with laws and regulations such as the anti-discrimination and accommodation provisions of the Americans with Disabilities Act (ADA); the workplace health and safety requirements of the Occupational Health and Safety Act (OSHA); or the unpaid leave entitlements in the Family and Medical Leave Act (FMLA). Employers also have responsibilities to their employees that were established by management discretion as part of their strategies to achieve the goals and objectives for their enterprises. When these responsibilities result from formal rules and guidelines that employers choose to implement to hire, train, assess, and reward employees, they are generally considered legally binding under employment contract law. Employer responsibilities to train and develop employees, enrich their lives, enhance their work experience, or increase their job satisfaction are frequently articulated as goals, objectives or critical success factors in a vision statement, strategic planning document, or balanced scorecard. Despite their significance to employers, they are not formal policies and therefore are not legally enforceable. formal policies and therefore are not legally enforceable....
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This note was uploaded on 04/03/2012 for the course BUS 402 taught by Professor Joshephd'adamo during the Fall '09 term at Rhode Island.

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Pension Accounting - University of Rhode Island BUS 402...

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