Employee Benefit Actuarial Valuation
Demand for employee benefits actuarial valuation in accordance with TAS19/IAS19/FASB ASC715/TFRS2 has been increasing in Thailand. Not only large sized companies, but SMEs, are now seeing an importance of the valuation which helps companies gain awareness of how much obligations and costs they may need to be responsible for over their long-term employee benefits.
We deliver employee benefit actuarial valuation reports in accordance with various accounting standards…
- Thai Accounting Standards no.19 (TAS19)
- International Accounting Standards no.19 (IAS19)
- US GAAP - FASB Accounting standards Codification 715 Compensation (FASB ASC715)
- Thai Financial Reporting Standards for SMEs (TFRS for SMEs)
Learn more about employee benefits valuation TFRS for SMEs…click here
- Thai Financial Reporting Standard No. 2 – Share Based Payment (TFRS2)
At Team Excellence Consulting, we are committed to provide clients with highest quality deliverablein compliance with both accounting standards and actuarial professional practice.
Data is always a foundation of any valuation. Same here for our actuarial valuation, we have data validation as our very first stage in order to identify any questionable data and ensure that your employee data is complete.
Taking into account external economic and industry information as well as company’s historical experience analysis, actuarial assumptions will be recommended by our qualified actuary.
Our comprehensive actuarial report is prepared to meet accounting standard for employee benefits as well as actuarial professional practice. As a value added, our experienced actuary and consultants are always here willing to provide advice and after-service support.
Why choose us
- We are honored to serve our actuarial valuation service to more than 500 clients from various industries with diverse employee benefit plans, from simple to extensive complicated plans.
- With a decade of experience in an employee benefit actuarial valuation industry, we support company of all sized conducting the valuation, ranging from very small to large/group company.
- Our employee benefit actuarial valuation report is in compliance with both accounting standards as well as International Standard of Actuarial Practice (ISAP) and will be certified by our qualified Thai actuary who has obtained FSA designation (FSA-Fellow of Society of Actuaries, USA).
In order to assess the actuarial valuation, apart from benefit scheme details, employee information such as employee ID, gender, date of birth, date of hire, cost center code and plan salary are required as minimum.We will provide templates of required data to help facilitate the collection of the data necessary for the valuation.
Though the accounting standard does not describe how frequent the valuation has to be revisited, in practical, once every three years is a usual frequency applied given that there is no special events occurred throughout this three-year period.However, to revisit the valuation every year is recommended as it will reflect the best estimation to your financial statement especially for any company that has a lot of movements during the years.
The period for completion could vary from few weeks to few months depending on quality of data as well as complexity of benefit plans. However, less completion period could also be possible, please contact us for more information.
Even though the accounting standard does not require company to involve qualified actuary in the measurement of employee benefit obligation, but encourages doing so.As actuaries will use financial and statistical techniques to examine future events including event of employee benefits to be paid by company and the likelihood of them happening. Aside from these techniques and skills, actuaries will also bring their comprehensive experiences and market practice information to their recommendations for the measurement.