Which statement relating to employee benefits is incorrect?
A) Employee benefits are defined as all forms of consideration given by an entity in exchange for services rendered by employees.
B) If an employee benefit meets the Conceptual Framework's definition of a liability, it is recognised as a liability, if it meets the definition of an expense it is recognised as an expense.
C) Wages and salaries, annual leave and sick leave are recorded at their nominal amounts.
D) Long-term employee benefits are recorded at their recoverable amount.

Question

Quizplus · Accepted Answer

Long-term employee benefits are recorded at their present value, not their recoverable amount.

Which Statement Relating to Employee Benefits Is Incorrect