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Advise the accountant on approach is acceptable

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Assume that you work as an auditor in a local accounting firm and your manager asks you to review employee-related expenses and liability recorded by Nu Space Ltd. The accountant of Nu Space Ltd believes that long service leave (LSL) should not be considered a liability in the accounts until employees commence their tenth year of service, given this leave entitlement only applies to Nu Space Ltd's employees after ten years of continuous service.

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Question 1: Advise the accountant on whether this approach is acceptable under AASB 119. Discuss what needs to be estimated to report a liability regarding long service leave.

Reference no: EM132573502

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