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Recalculation of the provision for employee benefits: key steps towards year-end

With the new year comes the preparation of the financial statements and therefore the need to recalculate the provision for employee benefits (e.g. jubilees, retirements, etc.).

Changes in the number of employees, in their salaries or in collective agreements and internal guidelines can have a significant impact on the amount of the provision. It is therefore recommended that these figures and the assumptions used in the actuarial estimates of the provision are carefully reviewed and updated. A timely restatement and adequate documentation will help ensure the accuracy of the financial statements and streamline the statutory audit process.

The provision for employee benefits is particularly material for companies with a larger number of employees or with benefits linked to the level of monthly salary (e.g. payment of several monthly salaries upon retirement).

If you have any questions, please contact the authors of this article or the EY tax team you regularly work with.

Authors:

Monika Šťástková

Adam Pelinka