Pension Contributions – NBC Institute

CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)

Discuss pension contributions under IAS 19 and the principles and content of CSR reporting.

Question

a. DOVE-TAIL (Nigeria) Limited is into production of Cashew Nuts for global consumption. The entity has 3,000 employees on the payroll who are qualified for an approved defined contribution plan being operated. The company makes an annual pension contribution of N28,000 per employee. In 2016, the company paid a total contribution amounting to N150 million, as well as N119 million and N54 million in 2017 and 2018, respectively.

Required:
In accordance with IAS 19, how should the pension contribution be treated and accounted for in the financial statements of the company?
(10 Marks)

b. There are no international standards on Corporate Social Responsibility (CSR) reporting. However, there is a strong trend toward the provision of more information on a statutory or voluntary basis, and this trend in corporate reporting is likely to continue in the future. Therefore, companies are encouraged to provide disclosures and report on environmental, social, and corporate governance issues. To this effect, voluntary guidelines for the content of and principles to be applied for social and environmental reports are given.

Required:
i. Explain the principles of corporate social responsibility. (5 Marks)
ii. Discuss the suggested contents of social and environmental reports. (5 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: CSR Reporting, IAS 19, Pension Contributions, Social and Environmental Reports
Level: Level 3

Topic: Employee Benefits (IAS 19)
Series: NOV 2022

PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities

Computation of chargeable income for a physically challenged employee with various benefits and allowances.

Question

Mr. Antitom (physically challenged) was employed as a Chief Accountant of Nangode Ltd on 1 April 2020 on an annual basic salary of GH¢60,000 x 10,000 – GH¢100,000. He was entitled to the following monthly allowances and benefits:

Allowances & Benefits Monthly Amount (GH¢)
Responsibility Allowance 4,400
Professional Allowance 6,600
House Help Allowance 8,200
Utilities 4,200
Overtime Allowance 6,000
Provision of furnished accommodation by the employer for which he paid 5% of his basic salary.
Provision of vehicle and fuel by the employer for both official and private use.
Bonus payment amounting to 25% of his basic salary.
He contributed 5.5% of his basic salary to the Mandatory Pension Scheme and an additional 10% to a Voluntary Pension Scheme approved by the National Pension Regulatory Authority.
Married with 3 children, 2 in approved Senior High Schools in Ghana, 1 at the University of South Africa.
Earned interest of GH¢4,000 on a savings account with Kilma Bank.
Received a net dividend of GH¢20,480 from an investment with Enoga Securities.
Required:
Compute the chargeable income of Mr. Antitom for the 2022 year of assessment.
(20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Benefits, chargeable income, Employment Income, Pension Contributions, Taxation of Allowances
Level: Level 2

Topic: Taxation of Employment Income
Series: NOV 2023

CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)

Discuss pension contributions under IAS 19 and the principles and content of CSR reporting.

Question

Required:
In accordance with IAS 19, how should the pension contribution be treated and accounted for in the financial statements of the company?
(10 Marks)

Required:
i. Explain the principles of corporate social responsibility. (5 Marks)
ii. Discuss the suggested contents of social and environmental reports. (5 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: CSR Reporting, IAS 19, Pension Contributions, Social and Environmental Reports
Level: Level 3

Topic: Employee Benefits (IAS 19)
Series: NOV 2022

PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities

Computation of chargeable income for a physically challenged employee with various benefits and allowances.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Benefits, chargeable income, Employment Income, Pension Contributions, Taxation of Allowances
Level: Level 2

Topic: Taxation of Employment Income
Series: NOV 2023

Question Tag: Pension Contributions

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)

Discuss pension contributions under IAS 19 and the principles and content of CSR reporting.

PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities

Computation of chargeable income for a physically challenged employee with various benefits and allowances.

CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)

Discuss pension contributions under IAS 19 and the principles and content of CSR reporting.

PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities

Computation of chargeable income for a physically challenged employee with various benefits and allowances.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Pension Contributions

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)

Discuss pension contributions under IAS 19 and the principles and content of CSR reporting.

You're reporting an error for "CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)"

PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities

Computation of chargeable income for a physically challenged employee with various benefits and allowances.

You're reporting an error for "PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities"

CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)

Discuss pension contributions under IAS 19 and the principles and content of CSR reporting.

You're reporting an error for "CR – Nov 2022 – L3 – Q4 – Employee Benefits (IAS 19)"

PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities

Computation of chargeable income for a physically challenged employee with various benefits and allowances.

You're reporting an error for "PT – Nov 2023 – L2 – Q3a – Income Tax Liabilities"

Our offerings

Contact Info

Customer

Get In Touch

admin