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Advise the accountant on whether this approach is acceptable

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Reference no: EM132566117

Question 1 - Orixy limited is a newly formed private company. The accountant of Orixy believes that provision for long service leave is not essential as it will take seven years before the employees are entitled to the long service leave.

Required - Advise the accountant on whether this approach is acceptable. Explain your answer.

Question 2 - The Global pandemic in year 2020 has caused a decline in the prices of equity and credit securities. Many superannuation funds are expected to generate negative returns on investments during this period.

Required - Discuss how negative returns would affect employees and employers if the superannuation funds is a:

i. defined benefit plan

ii. defined contribution plan

Reference no: EM132566117

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