Interfront 2024 Annual Report
A B C D FINANCIAL INFORMATION International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 1.10 Employee benefits (continued) Classification of plans Defined contribution plans are post‑employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee services in the current and prior periods. Short‑term employee benefits Recognition and measurement All short‑term employee benefits When an employee has rendered service to the entity during a reporting period, the entity recognises the undiscounted amount of short‑term employee benefits expected to be paid in exchange for that service: • As a liability (accrued expense), after deducting any amount already paid. If the amount already paid exceeds the undiscounted amount of the benefits, the entity recognises that excess as an asset (prepaid expense) to the extent that the prepayment will lead to, for example, a reduction in future payments or a cash refund. • As an expense, unless another Standard of GRAP requires or permits the inclusion of the benefits in the cost of an asset. Short‑term paid absences The entity recognises the expected cost of short‑term employee benefits in the form of paid absences as follows: • in the case of accumulating paid absences, when the employees render service that increases their entitlement to future paid absences; and • in the case of non‑accumulating paid absences, when the absences occur. The entity measures the expected cost of accumulating paid absences as the additional amount that the entity expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period. Bonus, incentive and performance related payments The entity recognises the expected cost of bonus, incentive and performance related payments when, and only when: • the entity has a present legal or constructive obligation to make such payments as a result of past events; and • a reliable estimate of the obligation can be made. A present obligation exists when, and only when, the entity has no realistic alternative but to make the payments.
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