Showing posts with label Actuary in Gurgaon. Show all posts
Showing posts with label Actuary in Gurgaon. Show all posts

Monday, February 14, 2011

IndAS 19 Actuarial Valuations Consultant






Actuary – M.L. Sodhi (Consulting Actuary)

M.L Sodhi is a Consulting Actuary. He is a Fellow Member of Institute of Actuaries of India (Membership Number – 00178). For more than 19 years he is actively involved in actuarial valuations for Employee Benefits of the Defined Benefit Nature for compliance of Accounting Standards of:-

·              INDIAN GAAP- AS-15 (Revised 2005)
·              Ind AS 19
·              International Accounting Standard (IAS-19 Revised 2011) of the IFRS
·              NAS 19 (NEPALI ACCOUTNING STANDARD 19)- NFRS
Generally valuations for compliance of Accounting Standards are as under:- 
·              Actuarial Valuation for Gratuity Plans.
·              Actuarial Valuation for Earned Leave Plan.
·              Actuarial Valuation for Sick Leave Plan.
·              Actuarial Valuation for Defined Benefit Pension Plans.
·              Actuarial Valuation for Post-Retirement Medical Benefit Plans.
·              Actuarial Valuation for Settlement Allowances on Retirement.
·              Actuarial Valuation for Long Service Award Plans/Incentive Plans.
·              Actuarial Valuation for Interest Rate Guarantee for Exempted Provident Funds.
·              Actuarial Valuation for other Defined Benefit.
Some of the main points about the brief of M.L. Sodhi, his work experience, his human resources & infrastructure, his clients and his terms and conditions etc. are:-
His Work Experience:- His work experience is spread over a span of more than five decades. He began his career with Life Insurance Corporation of India in various cadres. He retired from the LIC in the year 1997 in the cadre of Senior Divisional Manager. He was actively associated with the Group Insurance Departments of the LIC at Delhi, Ajmer and Lucknow. He also worked as Vice Principal of Zonal Training Centre of LIC at Gurgaon. After retirement from LIC he worked as Actuaryto CGU Life Insurance Company (a joint venture) for some period. He also worked as Visiting Faculty with some Institutes and Academies of repute.
His Human Resources & Infrastructure:- He is supported by a team of highly skilled personnel equipped with the expertise-statistical, actuarial and analytical essential to meet the changing needs of Accounting Standards. His human resources are his strength and asset. He has a office with adequate Infrastructure (Computer Hardware).
His Clients: - His clients are spread in all sectors of the Indian Economy, in the Public & Private Sectors which covers areas of Manufacturing, Software, Technology, Electricity, Electronics, Call Centers, Banks, Educational Institutes, Schools, Universities, IIT’s, Hotels, Hospitals, Hospitality Companies etc. etc. He also associated with Multinational Companies (MNC’s). 
His Terms & Conditions:- All services provided by him are subject to terms & conditions stated when a job is accepted.

Our Services

We specialize in providing Actuarial Valuation Services, which involve the evaluation of financial obligations to be discharged at a future date. The specific areas of application are:-

·              Actuarial Valuation for Gratuity Plans (as per Payment of Gratuity Act, 1972 - amended or as per company specific benefit structures).
·              Actuarial Valuation for Earned Leave Plan.
·              Actuarial Valuation for Sick Leave Plan.
·              Actuarial Valuation for Defined Benefit Pension Plans.
·              Actuarial Valuation for Post Retirement Medical Benefit Plans.
·              Actuarial Valuation for Settlement Allowances on Retirement.
·              Actuarial Valuation for Long Service Award Plans/Incentive Plans.
·              Actuarial Valuation for Interest Rate Guarantee for Exempted Provident Funds  as per the Guidance Note 29 issued by the Institute of Actuaries of India under Revised AS 15 (Revised 2005).
·              Any other Defined Benefits not covered above.

The important items which need disclosure for compliance of the above Accounting Standards for Employee Benefits are:

·              Projected Benefit Obligation at the Start of the Accounting Period
·              Current Service Cost
·              Past Service Cost
·              Curtailments/settlements
·              Interest Cost in Indian GAAP
·              Net Interest Cost (Income) in IAS -19 (Revised 2011) under IFRS
·              Other Comprehensive Income and Reimbursements in IAS -19 (Revised 2011) under IFRS
·              Actuarial Gain/Losses in Indian GAAP
·              Projected Benefit Obligation at the End of the Accounting Period
·              Current and Non- Current Obligations as required Revised Schedule III in Indian GAAP

We operate strictly within regulations & norms of the regulators while giving the actuarial services to our esteemed clients.


About Defined Benefit Plans
Defined Benefit Plans involve accounting for them which is very complex. It is so because actuarial assumptions are required to measure the obligation and expenses. There is also a possibility of actuarial gains and losses. Furthermore, actuarial gains and losses are split into the following categories:-

·              Actuarial (gains)/losses arising from experience adjustment
·              Actuarial (gains)/losses arising from changes in Financial Assumptions
·              Actuarial (gains)/losses arising from changes in Demographic  Assumptions

Furthermore, Defined Benefit Obligations are arrived at a discounted basis because these obligations are likely to be settled many years after the employees render the related service. The entire process to complete this exercise would normally require the services of a qualified actuary.

Actuarial Valuation Process
Actuarial Valuation process for Employee Benefits for Compliance of Accounting Standards for Plans such as Gratuity, Leave Encashment, Post Retirement Medical Benefits, Pension etc. etc. generally involves following steps:- 
·              Data preparation
·              Decision about assumptions both Financial and Demographic
·              Details of Fund Position if liability is funded
·              Method of Valuation (Projected Unit Credit - PUC Method)
·              Plan Provisions
·              Final Report and Disclosure Tables 

Relevant Accounting Standards
The Main Accounting Standards which involve Actuarial Inputs for Valuations of Employee Benefits are as under:- 
·              INDIAN GAAP- AS-15 (Revised 2005)
·              IndAS-19
·              International Accounting Standard (IAS-19 Revised 2011) of the IFRS

What is an Actuary?
Actuary is an expert in risk management. He uses his mathematical skills to help measure the probability and risk of future events. His skill is used for decision making in the fields including healthcare, pension, insurance, investments, employees benefits falling in category of defined benefits. Actuaries in India belong to the INSTITUTE OF ACTUARIES OF INDIA.

What an Actuary Does?
Actuary is an expert in assessing the financial impact of uncertain events happening in future. His skill is useful to make financial decisions with more confidence. He does this by:- 
·              Analyzing the past
·              Modeling the future
·              Assessing the risks involved, and
·              Communicating what the results mean in financial terms. 

If you wish to avail our services in compliance of IndAS 19, AS 15 (Revised 2005) and IAS 19 (Revised 2011) you may contact us at the following :-

Address:-
M.L.Sodhi
Fellow of the Institute of Actuaries of India
Fellow Membership Number: 00178
610, 6th Floor,  Shahpuri's Tirath Singh Tower,
C-58, Community Centre, Janak Puri, New Delhi-110058
Phone no: 011-45502548 (Office)
Mobile no: +919312723424, +919212381304, +919211637063