NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 (continued) 6.
pspf for peace of mind
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(k) Impairment of tangible and intangible assets (continued) The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of changes in net assets unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. (l) Cash and cash equivalents
Cash and cash equivalents in the statement of net assets available for benefits comprise cash at banks and on hand and short-term deposits with a maturity of three months or less. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts. Cash and cash equivalents are carried at amortised cost in the statement of net assets available for benefits.
(m) Employees benefits
Employee benefits include short-term benefits (for example, wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (for example, long service leave) and termination benefits. •
Short-term in service entitlements
Cost of providing employee wages, salaries and other allowances is recognised in the period in which the benefit is earned by the employee. The estimated monetary liability for employees accrued leave entitlement as at the date of the statement of net assets available for benefits is recognised as an expense accrual. Provision is made for the estimated liability in respect of annual leave accrued on reporting date.
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Post-employment benefits
As part of post-employment benefits to employees, the Fund makes retirement contribution to one of the mandatory pension schemes of an employee’s choice. All of the Fund’s employees are members of the Public Service Pensions Fund (PSPF), National Social Security Fund (NSSF), the PPF Pensions Fund (PPF), or Government Employees Provident Fund (GEPF). While GEPF operate under defined contribution arrangement, all other schemes are defined benefit plans. These plans are prescribed by Laws. PSPF annual REPORT FOR THE YEAR ENDED 30Th JUNE 2013
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