MFRS 119 Employee Benefits
MFRS 119 define employee benefits as to prescribe the accounting and disclosure by employers for employee benefits. Thus, it replaces MASB Approved Accounting Standard IAS 19 Accounting for Retirement Benefits in the Financial Statements of Employees. The major changes from old IAS 19 are set out in the Basis for Conclusions. The Standard does not deal with reporting by employee benefit plans (see FRS 126 Accounting and Reporting by Retirement Benefit Plans ).
From MFRS 119, there are four categories of employee benefits to be identified which are:
(a) short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses (if payable within twelve months of the end of the period) and non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees;
(b) post-employment benefits such as pensions, other retirement benefits, post-employment life insurance and post-employment medical care;
(c) other long-term employee benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are payable twelve months or more after the end of the period, profit-sharing, bonuses and deferred compensation; and
(d) termination benefits.

3.1 Accounting Policy Used on MFRS 119 Employee Benefits for AZRB
AZRB act or implement the employee benefits based on their Human Resource Policy and also the “Performance Management”. In the AZRB’s Annual Report it has been stated that, a Human Resource Policy approved by the Establishment Committee that has sets the tone of compliance with the Group’s rules and regulations and employee conduct. Besides, the Group has also in place a Performance Management System, which is linked to and guided by