Employee benefits are forms of counter performance given by the company in exchange for services rendered by employees.These benefits include:
- employees' short-term benefits;
- benefits for employment contract termination;
- post-employment benefits (such as pension plans);
- other long-term employee benefits.
The cost of short-term employee benefits are recognized as a liability after deducting amounts that were paid to employees during the period in which they provided services.The amounts recognized are measured at undiscounted amount of the benefits expected to be paid in exchange for services.