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  Thursday, 03 Dec '20
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2020-10-29: Cont4-Auditor's Opinion

NTC(cont4):last drawn basic pay multiplied by number of service years as per the Company's policy. However, according to the Paragraph 67 of IAS 19: 'Employee benefits' "an entity shall use the projected unit credit method to determine the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost". The Company has not performed any actuarial valuation that is a noncompliance as per IAS 19. Furthermore, the Company transferred only Taka 20,100,598 to the recognized gratuity fund during the year considering the financial performance. So far, the accumulated balance at the funded gratuity fund stands at Taka 16,397,818 on the close of business as at 30 June 2020.(end)

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