Accounting Standard
This query is : Open
Manjay Jha
(Querist)
15 June 2009
My company's retirement benefits funds are handled by LIC for Gratuity and Superannuation. Based on tle actuaral valuation, premiums are charegd by LIC every Year. They provide us actuary ciertificate in this manner and the bases of calculating premium.
My question is , since LIC does autural valuation every eayr, whether, company must do actural valuation on its own for compliance of AS 15
My question is , since LIC does autural valuation every eayr, whether, company must do actural valuation on its own for compliance of AS 15
Aditya Maheshwari
(Expert)
16 June 2009
If LIC is doing acturial valution every year then that would be sufficient compliance of AS - 15
Manjay Jha
(Querist)
16 June 2009
Even though LIC does acturial valuation but the report of LIC specifically says that it is not a certificate under AS 15.
Whether under AS 15, obtaining acturial certificate is mandatory in case of a company having a seperate fund with LIC of India.
Since company's liability will be limited to the amt of premium being charged by LIC of India.
Pls reply....
Whether under AS 15, obtaining acturial certificate is mandatory in case of a company having a seperate fund with LIC of India.
Since company's liability will be limited to the amt of premium being charged by LIC of India.
Pls reply....
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